Stewart-Peterson Market Commentary

Closing Commentary - November 22, 2017

Top Farmer Midday Update 11-22-17

CORN: Corn futures are unchanged with nearby Dec at 3.45, and Dec 2018 at 3.88. Today’s Weekly Ethanol Stats showed an uptick in last week’s corn usage for ethanol at 111.77 mil bu, trimming the weekly bushel total to 104.231 mil needed to meet USDA’s annual target of 5.475 bil bu. After today’s normal close, trade will not resume until Friday morning due to the Thanksgiving holiday. Dec options expire on Friday, and we will also be approaching First Notice Day for the December futures at the end of next week. In outside markets, the dollar is down 48 points, offering support to exportable commodities; Crude is down 67 cents.

SOYBEANS:Soybean futures are higher going into the Thanksgiving holiday. Jan beans are up 9 cents to 9.98 after stalling just shy of 10.00 while now trading in the upper half of the contract’s recent trading range between 10.13, the intra-day high scored on October 13, and the 9.63-1/4 low from October 3. Support today stems from buying interest tied to dryer forecasts for Argentina, and Chinese buying. Weekly Export Sales will be delayed until Friday.

WHEAT:Wheat futures are firm with Mar CBOT contracts up fractionally to 4.41-1/2, Mar KC up a penny to 4.38-3/4, and Mar MPLS wheat up 1-1/4 cents to 6.42-1/2. With adequate global supplies and lackluster demand for U.S. wheat, winter wheat contracts remain subdued while trending sideways above contract low support. Funds were buyers on Tuesday and look to be doing so again today, though they’re seen short an estimated 109,000 SRW wheat contracts.

CATTLE:Cattle futures are posting triple digit gains at mid-session following stronger box beef values and cash. Today’s online Fed Cattle Exchange was uneventful with no sales posted. We’ll get the latest Cold Storage report after the markets close today. Dec live cattle gapped higher and are up 1.600 to 119.575. Feb is at 125.625 on gains of 1.575. Mar feeders are up 1.250 to 151.075.

HOGS:Hog futures are higher and cash is generally steady. Dec hogs are up .650 to 61.350, though off their early session highs, and about mid-range of this week’s trade. Feb and Apr hogs are up .300 to 67.250 and 71.675, respectively.




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