Corn
Corn futures finished higher, closing above resistance. Corn
production is up along with ending stocks on slowly
declining livestock numbers. Exports and ethanol are picking
up the slack left by the decreasing demand from livestock
numbers. The current soybean/corn ratio is at 2.38, so the
price of corn may need to rally to buy more acres for the
upcoming season. Although, there is still corn in the field,
farmers will be turning to next year's crop plans soon. The
Large Spec decreased their longs and increased their shorts
for the week as of Tuesday the CFTC reporting period.
December grain contracts expire Monday. December corn
futures at $3.89 ¼, up 12 cents March corn futures at $4.04
½, up 11 ½ cents
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Soybeans
The Soybean complex finished slightly higher on the day.
Today's high price hit against the underside of the head and
shoulders neckline on the daily soybean chart. Demand for
U.S. soybeans remains strong, however, with private
exporters announcing the sale of another 232,000 MT of
soybeans for 2009/10 delivery to China this morning. The
U.S. has shipped a record 9,649,443 MT to China so far this
year. The U.S. is supplying most of the world soybeans until
the South American crops come available in late March/April.
Large Specs sold more than they bought this past week as of
Tuesday the CFTC reporting period. December soybean meal and
oil contracts expire Monday. January soybean futures are at
$10.35, up 8 cents December soymeal futures are at $314.50,
up 1.40 points December soy oil futures are at 39.22 cents,
up 0.13 points
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Wheat
Wheat prices were mixed on the close. MGEX wheat was down
and the CBOT and KCBT wheat were slightly higher. Wheat
ending stocks for 2009/10 are projected 15 million bushels
higher than last month because of expected decline in food
usage. Higher flour yields per bushel accounted for the
reduction. Cash wheat prices for lower protein wheat are
competing with corn for livestock feed when considering 60
versus 56 pounds of grain per bushel. Global wheat supplies
for 2009/10 are projected a million MT higher with increased
production in Canada and the European Union. U.S. exports
remain dismal because of adequate wheat in other parts of
the world. The Large Spec decreased their net position by
1654 contracts as of Tuesday the reporting period. December
grain contracts expire Monday. December CBOT wheat futures
are at $5.19 ¼, up 1 ½ cents December KCBT wheat futures
are at $5.17 ¼, up 2 ¼ cents December MGEX wheat futures
are at $5.27 ½, down 2 ½ cents
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Cattle
Cattle futures rebounded on profit taking from the weekly
sell off in prices to close higher. Boxed beef prices
climbed with the futures with Choice beef at $136.55, up
1.76 and Select at $129.70, up 0.75 cents this afternoon.
Fairly good numbers traded in the Five Area Direct Cattle on
lower money than last week. Steers sold for $78.95 and
Heifers for $79.13 on average for all grades on the live.
Steers sold for $127.13 and Heifers for $127.07 on average
for all grades on the dressed. The January Cattle crush
closed at 122 and the March at 114. The Large Spec had added
to their net short position for the week as of Tuesday the
CFTC reporting period. December cattle expire Monday.
December live cattle futures are at $80.15, up 105 cents
February live cattle futures are at $83.27, up 110 cents
January feeder cattle futures are at $91.72, up 100 cents
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Hogs
December Lean Hogs finished the week higher and will go off
the board Monday. Iowa/Minnesota direct hogs had a range of
$54.00 to $64.75, with a weighted average price of $63.33
yesterday. Pork trading is slow, with light to moderate
demand and offerings. Pork production for 2010 is forecast
to increase but third quarter production is forecast to drop
268 million pounds from the third quarter of 2009. That
could be why June Lean Hogs are trading above $77.00. Pork
prices were mostly higher on the cutout this afternoon with
Carcass values at $70.09, up $1.97, Loins at $82.57, up
5.37, Butts at $68.77, down 0.62, Picnics at $49.40, up
$3.18, Ribs at $100.35, up $1.71, Hams at $73.47, down 0.28,
and Bellies at $73.49, up $1.95. Large Spec Traders
decreased their net short positions this past week as of
Tuesday's CFTC reporting date. December lean hog futures are
at $64.00, up 37 cents February lean hog futures are at
$65.42, unchanged
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Cotton
Cotton prices finished the day higher. Cotton production
increased by 96,000 bales from last month on yesterday's
supply/demand report and higher foreign demand for cotton
raised export projections by 500,000 bales. World ending
stocks are forecast to decline 3.6% to 51.8 million bales
from the last report. China plans to import 9 million bales
of cotton from around the world. Stock Indices are up and
gold is down. The U.S. Dollar Index broke to the top side of
the six month downward channel confirming a break out to the
top side on the weekly chart. The Large Specs increased
their net longs by 518 contracts as of Tuesday the reporting
period March cotton futures are at 74.31 cents, up 59 points
May cotton futures are at 75.51 cents, up 65 points
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