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Stewart-Peterson Market Commentary

Closing Commentary - November 09, 2018

Top Farmer Midday Update 11-9-18

 

 

Corn: Corn futures are down moderately today, with the December contract 2-1/2 cents lower at 3.71 and March down 3-1/4 cents to 3.82. Prices briefly tested their 10 and 20-day moving average support levels, but ultimately found buyers below and have since traded back above. With today's pressure, corn futures are essentially steady on the week. With technical support levels holding strong so far today, markets appear to have digested yesterday's supply and demand data relatively quickly.

Soybeans: Soybean futures are finding a surge of buying interest during the late morning today. The November contract is up 5 cents 8.73, and January is up 5-1/2 cents to 8-3/4. Much of today's strength is likely due to traders covering short positions ahead of yesterday's USDA Supply and Demand report. The soybean market had essentially priced in the new data set before the report and lost less than a penny in yesterday's session. So far today, futures have retested their 100-day moving average support levels and are now trading sharply above.

Wheat: Wheat markets are lower this morning after bearish global supply and demand data continues to pressure prices. December Chicago wheat is down 4 cents to 5-1/4, December Kansas City wheat is down 7-1/4 cents to 4.90 and December Minneapolis wheat is down a penny to 5.79. Global ending stocks increased due to rebalancing in China, similar to the corn data. China now holds 53.8% of the world's stocks versus 52.3% last month. However, major exporter ending stocks were essentially unchanged at 45.069 metric tons, which could be supportive longer-term.

Cattle: Cattle markets are down sharply this morning, with December live cattle down 2.25 to 114.30 and February live cattle down 1.52 to 118.35. November feeder are down 1.20 to 8.90 and January feeder are down 2.27 to 143.97. Retail beef values made a sharp break yesterday afternoon, and given the seasonal tendency for retail beef demand to taper off, more pressure could be on the way. Cash trade so far this week has been very quiet. December lives have retested their 200-day moving average but are currently trading back above.

Hogs: Hog markets are trading in a quiet session today, down just slightly for the session. December hogs are trading 37 cents lower to 55.25, and February hogs are trading 17 cents lower to 59.95. Pork values are at their lowest levels since Mid-September, and record short term supply looks poised to hit the market just as pork demand picks up on a seasonal basis. This could mute the Thanksgiving ham rally. Summer month hogs have done a good job attracting buyers on breaks due to continued ASF fears.

 

 

 

 

 

 

 

Tama-Benton Cooperative Locations and Office Hours 

 

Dysart- 319-476-3666

Office Hours

Monday-Friday 8:00-4:30

 

Vinton 319-472-4791

Office Hours

Monday-Friday 8:00-4:30pm

 

Clutier 319-479-2242

Office Hours

Monday-Friday 8:00am-4:30pm 

 

All Grain Settlements are now completed at the Dysart Office. For your convenience Grain Checks and Contracts may be printed at the Vinton or Clutier locations. 


 

CR PROCESSOR HOURS   

Thursday Nov 12th

ADM  5am-8pm

PENFORD  5am-4:30pm 

STARCH  7am-3pm

CARGILL BEANS  7am-5pm

 

THESE HOURS ARE POSTED FOR YOUR CONVENIENCE.SUBJECT TO CHANGE WITHOUT NOTICE.

BE PREPARED FOR EARLY CLOSING WITHOUT NOTICE DUE TO WEATHER, FLOODING, OR DOWNTIME.

 

Please report Direct Shipment Loads Promptly to the Dysart Office in Order to Maintain Delivery Schedules and to Final Price Contract Overfills and Underfills. Thank You 

 

 

 

   

 

 

Market Snapshot
Quotes retrieved on November 13, 2018, 04:38:57 PM CST
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