Corn, Beans Lower at Midday
Trade is mostly lower at midday led by soybeans.
Strong Live Cattle Gains Redevelop in February Contracts
February live cattle futures have posted sharp triple-digit gains Thursday morning. The cash market gains Wednesday is bringing additional buyer interest in front-month futures. Lean hog futures remain under pressure as traders are looking for the potential to bring a sense of stability to the weakened complex.
Weakness Develops in Protein Markets Based on Soybean Meal Softness
Despite the lack of aggressive moves midweek in soybean markets, the soybean meal market posted moderate pressure based on traders backing away from nearby soybean meal futures. This placed additional softness into most protein segments with cash soybean meal and canola meal prices posting uniform $2 per ton losses.
Milk Futures Slide Lower Thursday
Additional pressure in cash markets is expected to bring additional softness to milk futures early Thursday morning. Even though the market remains under pressure, current market moves are expected to be minimalized by the potential that firm demand may limit long-term pressure in cash trade.
Ethanol Futures Shift Slightly Higher Wednesday
Light buyer support developed in ethanol futures trade with fractional gains seen in nearby contracts. The light gains in corn prices as well as firming buyer support in RBOB gasoline markets helped draw traders back to the table.
Most Retail Fertilizer Prices Higher
Average retail fertilizer prices continued to increase the third week of February 2017, marking the fourth week in a row prices have moved higher.
Cotton Bounces Quietly Near Session High
An additional 111 delivery notices issued. Weekly export sales delayed. U.S. weekly jobless claims moved higher. Cash online cotton sales declined to 5,123 bales on The Seam.
Row Crops Grind Lower
May soybeans are 3 cents lower, May canola is $2.60/mt lower, March corn is 1/2 cent lower and May HRS is 1/2 cent lower while winter wheat is trading lower. The Canadian dollar is 9 basis points higher.