Stewart-Peterson Market Commentary

Closing Commentary - February 24, 2017

Top Farmer Opening Calls 2-24-17

CORN:Corn futures opened steady. USDA Weekly Export Sales were below trade estimates for old crop; 743,100 tons (29 mil bu) were reported for 2016-17 corn; 264,500 tons (10.4 mil bu) for 2017-18. Crude and the dollar are moderately lower.

SOYBEANS:Soybean futures opened 2 cents higher in the May contract to 10.28-1/2; Nov flat at 10.04-1/2. Weekly Export Sales came out below trade estimates at 413,500 tons (15.2 mil bu) for 2016-17 marketing year beans; 28,700 tons (1 mil bu) for 2017-18.

WHEAT:Wheat futures opened flat/weak with May CBOT contracts down 2-1/2 cents to 4.51. May KC wheat is down 2-1/2 cents to 4.69. Both contracts are about even for the week, though underpinned by forecasts for fewer wheat acres this year and lower production estimates. Weekly Export Sales were within trade guesses at 451,300 tons (16.6 mil bu) for 2016-17; 256,500 tons (9.4 mil bu) for 2017-18.

CATTLE:Cattle futures opened mixed ahead of this afternoon’s Cattle on Feed report. Trade estimates show cattle on feed at 100.7%; placements 111.1%, and; marketings 109.8%. April live cattle are steady at 116.525; April feeders down .025 to 125.475.

HOGS:Hog futures opened narrowly mixed with a weak tone. A strong break in retail values and technical action should spell additional weakness, or at best, consolidation today. June hogs are steady at 76.625.

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