Top Farmer Opening Calls 01-19-18

CORN: Corn futures are up 1-1/2 cents to 3.53 (Mar) while on pace to post a weekly gain of about 6 cents despite a non-bullish January crop report. USDA Weekly Export Sales were strong at 1.89 mil tons (74.4 mil bu) for 2017-18; 2,400 tons for 2018-19. Trade estimates ranged between 500,000 and 800,000 tons. In outside markets, crude is setting back, down 73 cents, the dollar, weaker overnight, is now up 5 points.

SOYBEANS:Soybean futures are higher led by rallying soymeal contracts. Mar beans are at 9.80 on gains of 6 cents while eclipsing the contract’s 200-day moving average at 9.79. Beyond there, the contract’s 40-day is at 9.81-1/4 and then the 100-day at 9.86-1/2. USDA Weekly Export Sales exceeded trade estimates, coming in at 1.24 mil tons (45.5 mil bu) for 2017-18; 287,700 tons (10.5 mil bu) for 2018-19. Meal sales fell in line with estimates; soyoil sales were above trade estimates.

WHEAT:Wheat futures are firm with May CBOT and KC contracts at 4.39 and 4.44-3/4, respectively. USDA Weekly Export Sales were below trade estimates with 153,100 tons (5.6 mil bu) reported for 2017-18; 37.500 tons (1.37 mil bu) for 2018-19. Both contracts though, have rebounded since falling rather hard last Friday followed by more weakness on Monday and are now intertwined in their respective 10, 20 and 40 day moving averages, awaiting more market-moving news.

CATTLE:Cattle futures are firm, but are possibly running out of gas after a strong week of trading. Cash markets, this week testing $120/cwt combined with lighter showlists, are sparking ideas of asking prices up around $125/cwt. Feb live cattle are up .050 to 122.050. Apr is up .025 to 123.500. Mar feeders are up .300 to 147.475.

HOGS:Hog futures are mixed with Feb up steady at 73.050. Apr hogs are off .075 to 75.825. Contract highs are within reach, but are not expected to be seriously tested today as the market shows signs of consolidation ahead of the weekend with NAFTA talks hanging in the balance and heavy supplies on the horizon. Plus, cash bids today look steady to weaker.




Market Commentary provided by:

Stewart-Peterson
137 South Main Street, West Bend, WI 53095
Phone: 800-334-9779
E-mail: rmainville@stewart-peterson.com
Web: www.stewart-peterson.com