Stewart-Peterson Market Commentary
Closing Commentary - July 02, 2015
Stewart-Peterson Mid-Day Update 7-2-15
CORN: Corn futures have traded two-sided with a firm tone throughout the morning. Dec corn was recently up 3 cents to 4.34-3/4 with a session high of 4.37. Trade volume is light ahead of the 3-day holiday weekend with market participants targeting the Dec 29 high of 4.40 on the upside. Wet conditions continue to prevail in Missouri, Arkansas and Ohio, but July forecasts call for less precipitation at this time. USDA weekly export sales were within trade estimates today, and outside markets are supportive with crude oil up .78 and the dollar down 31 points.
SOYBEANS: Soybean futures are trading narrowly mixed. Nov beans were recently steady with Wednesday's settlement price of 10.29-1/2. Early profit taking pressure was noted, spurred in part by poor weekly export sales. USDA reported a reduction in Chinese purchases of old and new crop, putting the old crop figure at -10,300 tons. The new crop figure was 127,000 tons.
WHEAT: Wheat futures shrugged off a lower start while moving into positive territory momentarily at mid-session. Sept wheat was recently down 1 cent to 5.87-1/2 as the market stabilizes at the end of a short, volatile week of trading. USDA weekly export sales were within trade estimates. Forecasts for drier weather in the eastern Midwest over the weekend, combined with lingering pressure from larger-than-expected quarterly stockpiles and 2015 seedings outlined by the USDA this week, is keeping a lid on buying interest today. Grain futures markets will close early today at noon CST.
CATTLE: Cattle futures are trading narrowly mixed with Oct live cattle up .075 to 153.775. Aug feeders are down .800 to 217.700. US cash markets continue to strengthen today following brisk business on Wednesday at higher prices. Profit-taking pressure is noted in futures after a higher start to today's trading pushed prices to near-term resistance levels before stalling.HOGS: Hog futures are seeing bull spreading again today. July hogs are up .950 to 78.050. Oct futures are down .125 to 65.200. Cash hog markets are seeing steady to slightly lower ahead of the holiday weekend, during which time many plants are expected to close. Profit-taking pressure is noted in futures after most contracts rose to two-week highs in the past 2 days.
Market Commentary provided by: Stewart-Peterson 137 South Main Street, West Bend, WI 53095