Stewart-Peterson Market Commentary
Closing Commentary - October 23, 2014
Stewart-Peterson Opening Calls 10-23-14
CORN: Corn futures opened 1-1/2 cents higher. This morning's 1.03 mil ton weekly export sales figure was above trade estimates.
SOYBEANS: Soybeans opened 4 cents higher. USDA weekly export sales were above trade estimates with 2.17 mil tons reported for the 2014-15 marketing year. 3,300 tons were reported for the 2015-16 crop. Soymeal weekly export sales were 23,000 tons, below trade estimates. USDA also announced a morning export sale of 118,000 tons to China.
WHEAT: Wheat futures opened firm. USDA weekly export sales of 299,400 tons were below trade estimates. Resistance for Dec Chi wheat is at 529, and then at 542.
CATTLE: Cattle futures are higher this morning with prices consolidating below new contract highs. Nov feeders are up 1.150, Dec live cattle are up .450. Steady beef prices and demand is supportive.
HOGS: Hog futures are trading with a weak tone in electronic trading. The near-term trend outlook remains weak after last week's downside breakout from a multi-week neutral range.
Market Commentary provided by: Stewart-Peterson 137 South Main Street, West Bend, WI 53095