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Market Calls
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Corn: Corn futures are trading lower at midsession. A bearish Weekly Export Sales report and spillover weakness from soybeans are pressuring corn prices. Export commitments of 13.3 million bushels below trade expectation and were over 50% below the previous four-week average. USDA's increased ending stocks number and decreased export figure on Wednesday are also bearish factors. May is 2 cents lower at $3.63 1/2 and July is 2 cents lower at $3.74 1/2.
Soybeans: Soybean futures are strongly lower at midday. The market turned lower on the bearish Weekly Export Sales report. Commitments for the current marketing year were a negative 4.3 million bushels due to the cancellation of sales from China. Increased harvest activity in South America and the expectations of record crops are also bearish factors. May is 18 1/2 cents lower at $9.39 1/2 and July is 18 cents lower at $9.47 1/2.
Wheat: Wheat futures are lower at midsession. Futures continue to be pressured by abundant U.S. and world wheat stocks. On Wednesday, USDA raised their wheat ending stocks projection to over 1 billion bushels. Weekly export sales of 15 million bushels of 2009/10 crop wheat were within trade expectations and above the pace needed to reach USDA's export forecast. But USDA's export number would be the smallest total since 1971-72. CBOT May is 3 3/4 cents lower at $4.77 3/4, KCBT May is 3 1/4 cents lower at $4.87 3/4 and MGE May is 3 1/2 cents lower at $5.03.
| Corn | Soybeans | Wheat | |||
| Cent. Illinois | 3.36 | Cent. Illinois | 9.30 | K.C. HRW | 4.65 |
| Memphis | 3.64 | Memphis | 9.66 | STL SRW | 4.04 |
| Omaha | 3.44 | Omaha | 9.34 | Mnpls. 14% | 7.07 |
| Toledo | 3.33 | Toledo | 9.41 | Portland- sft. wht. | 4.58 |
Cattle: Cattle futures are trading narrowly mixed at midday. The market is choppy as traders wait for the cash market to develop. Light profit-taking is limiting gains. Canada has confirmed its 17th case of mad cow disease, but that has had little effect on the futures market. April is 8 cents higher at $93.95 and June is 3 cents lower at $91.70.
Hogs: Lean hog futures are lower at midsession. Profit-taking and the weak tone in the cash market are weighing on the futures market. Pork cutouts were down 67 cents on Wednesday. Losses in deferred contracts are being limited by ideas that export demand will improve. China and Russia are expected to begin importing U.S. pork again soon. April is 55 cents lower at $72.00 and June is 25 cents lower at $80.40.
Cash Prices
| Fed Cattle | Lean Hogs | ||
| Nebraska | - | Natl Avg Price | 72.39 |
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