Traders are awaiting the USDA Export Sales reports
Hog futures proved decidedly mixed in Thursday night-Friday morning action. The fact that the CME lean hog index remains at a significant premium to the nearby April contract may have provided support. However, bears are almost surely thinking that premium could be quickly eliminated if the recent downtrend in country prices persists. The big Thursday afternoon drop in ham prices and its negative effect upon pork cutout was not encouraging either. April hogs gained 0.07 cents to 82.37 cents/pound in pre-dawn trading, while June was unchanged at 91.70.
Cotton futures seemingly followed the soybean and grain markets higher Thursday night, which probably reflected ICE trader confidence about the strength of Chinese buying for the foreseeable future. However, the USDA followed up on its preliminary cotton acreage forecast released Thursday, reiterating its prediction of 2013-14 plantings at 10.0 million acres, which is well above some private estimates in the 9.0-9.2 million-acre range. We would also warn that the Thursday cotton price drop did considerable technical damage to the charts. March cotton rebounded 0.48 cents to 81.79 cents/pound in overnight trading, while December edged 0.05 cents higher to 83.67.
- Corn in great shape as harvest takes off
- Cargill fires first shot in legal battle over GMO trade
- Beck's begins construction on London, Ohio, facility
- Wheat gene discovery clears way for non-GMO breeding
- Sugarcane aphids confirmed on sorghum in Southern High Plains
- FSA data gave the soy & grain markets an early boost
- U.S. GMO labeling foes triple spending in first half of this year
- Activists fighting Golden Rice even more in 2014
- Source shows half of GMO research is independent
- White House issues veto threat on bill to block WOTUS rule
- Stoller soybean research produces 214 bushels per acre
- Livestock futures again outperformed crop markets Wednesday night