Stewart-Peterson Market Commentary
Closing Commentary - January 26, 2015
Stewart-Peterson Mid-Day Update 1-26-15
CORN: Corn futures are trading 2 to 3 cents lower within a 6 cent trading range. March corn was recently down 2-3/4 cents to 3.84 in light trading. USDA weekly export inspections came in at 86,825 tons versus 747,634 tons a week ago. Outside markets have stabilized for the moment with the dollar trading 10 points higher following a rise to new highs overnight. Crude oil is steady with Friday's closing prices.
SOYBEANS: Soybean futures started lower but were recently up 4 cents after pressing into a new low for the move overnight. March beans are trading mid-range of their 21 cent trading range, recently up 4 cents to 9.76-3/4. USDA weekly export inspections were supportive, coming in at 1.522 mil tons, in line with last week's 1.521 mil tons. Downward pressure remains in place over this market due to good crop conditions in South America.
WHEAT: Wheat futures are down 5 cents and within a test of last week's fresh 10-week lows. March CBOT futures are near their session low of 5.23-1/2. The wheat market opened steady, supported by renewed unrest in the Ukraine, but the news failed to attract buying interest amid a technical meltdown. USDA weekly export inspections were 263,035 tons, down from last week's 314,272 ton figure.
CATTLE: Cattle futures are sharply lower in expanded trading limits. Feb live cattle were recently down 1.725 to 148.625. March feeders are down 5.200 to 196.250 while testing the new expanded limit of 6.750. Today's steep declines comes on the heels of last week's break through key support levels. In addition, the cattle complex is lower despite a friendly USDA Cattle-on-Feed report last Friday.
HOGS: Hog futures are .750 to 1.200 higher. The hog market is experiencing a modest technical recovery following successive sessions of new contract lows over the past two weeks. April hogs are leading the contracts higher, up 1.200 to 71.850. All contracts are trading within Friday's trading range.
Market Commentary provided by: Stewart-Peterson 137 South Main Street, West Bend, WI 53095