After the Bell: Winter Wheat Posts Fresh Contract Lows

Posted on 11/24/2017 12:55 PM

Corn: Corn futures ended the abbreviated trading session 1 to 3 cents lower on spillover from wheat futures. Futures failed to find spillover from Wednesday's higher close, but managed to finish well off session lows. This morning's weekly export sales data came within expectations, therefore lacking a bullish surprise. Additionally, the International Grain Council (IGC) raised its 2017-18 global corn crop projection by 6 MMT to 1.04 billion MT.

Soybeans: Soybean futures ended the day 2 3/4 to 4 cents lower, which was low-range for the day. Futures were pressured by mild profit-taking following Wednesday's gains as well as this morning's weekly export sales data, as sales came in lighter than expected. Improving weather forecasts for Argentina added to pressure to end the week.

Wheat: Winter wheat futures posted fresh contract lows and ended the day most around 6 cents lower, with spring wheat mostly 2 to 3 cents lower. Futures were pressured by the weekly export sales tally that came in well below expectations. Additionally, the IGC raised its global 2017-18 wheat production forecast by 1 MMT to 749 MMT.

Cotton: Cotton futures were firmer today, with support coming from a strong showing in the weekly export sales report. Sales of 357,000 bales impressed traders and the weaker tone in the dollar index added to price support. Bulls have the upper hand as traders return on Monday after this week's impressive price performance.

Cattle: December through August live cattle futures ended the day under light to moderate pressure, while far-deferreds were firmer. Feeder futures were supported by a weaker tone in the corn market. As traders return next week, they will be monitoring the cash and beef markets. Traders are hopeful that retailer buying will be strong as they prepare for holiday features.

Hogs: Lean hog futures ended the day 25 to 52 1/2 cents higher to finish the week with solid gains. December hogs are now trading in line with the cash index. Bulls have momentum heading into next week, as they are hopeful that packer demand will strengthen.

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