Top Farmer Opening Calls 12-29-17

CORN: Corn futures are down 1 cent putting March corn at 3.51 while sandwiched between the contract's 10 and 20-day moving averages that are situated less than a penny apart. Light profit-taking is noted after the recent climb off the 3.46-1/2 contract low. New resistance has formed this week at 3.54-1/4, the Dec. 27 high. This morning's USDA Weekly Export Sales topped trade estimates coming in at 1.25 mil tons (49.2 mil bu) for the 2017-18 marketing year; 102,900 tons (4 mil bu) for 2018-19. Outside markets offer support with crude making new highs and the dollar new 3-month lows.

SOYBEANS:Soybean futures are firm with Jan beans up 1 cent to 9.46-3/4 amid First-Notice-Day for the Jan soy contracts. Only 20 contracts have been delivered on so far. March beans are up 1 cent to 9.57-3/4 while trading near the bottom of this week's 21-1/4 cent trading range. Weekly Export Sales were 974,700 tons (35.8 mil bu) for 2017-18; 81,300 tons (3 mil bu) for 2018-19. The figures fell in-line with trade guesses.

WHEAT:Wheat futures are flat to 2 cents lower with March CBOT wheat off 1- cent to 4.26, and March KC wheat steady at 4.26-3/4. Weekly Export Sales were within trade estimates at 478,400 tons (17.5 mil bu) for 2017-18; 62,100 tons (2.28 mil bu) for 2018-19.

CATTLE:Cattle futures are up slightly to start the day as strong cash bids lead the price discovery battle between futures and cash. Dec live cattle up .500 to 125.050 go off the board today with that contract's high from Nov 2nd at 127.875. Feb cattle are up .075 to 122.325. March feeders are up .475 to 142.700.

HOGS:Hog futures are firm as the contract looks to end the year on a high note. Nearby Feb hogs are up .200 to 71.750, shy of the contract high from Nov 1 at 73.300. April hogs are up .100 to 75.800 in a bid to poke through that contract's high of 75.900. We'll look for two-sided trade to develop as year-end profit-taking takes place after an impressive performance for the week.

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