Stewart-Peterson Market Commentary

Closing Commentary - May 24, 2018

Top Farmer Opening Calls 5-24-18

CORN: Corn futures are 2 to 3 cents higher following new highs posted in the overnight session. Jul corn peaked at 4.12-1/4 and is up 2-1/2 cents to 4.11. This morning’s USDA Weekly Export Sales were as expected, at 854,300 tons for old crop, 273,400 tons for new crop. USDA also reported a cancellation of 132,000 tons of 2017-18 marketing year sorghum from an “unknown destination”. New crop Dec is up 2 to 4.28-1/2, a penny of the new high from the overnight session.

SOYBEANS: Soybean futures are 6 higher to 10.45-1/4 (Jul). Jul beans have now surged above all moving averages and are up 55 cents since gapping higher on Monday. Nov is up 7 to 10.55-3/4. Weekly Export Sales were 139,500 tons for old crop, 6,900 tons for new crop. We also had a morning new crop export sale announcement from the USDA showing 264,000 tons of beans going to an “unknown destination”.

WHEAT: Winter wheat futures are higher with new highs seen in the CBOT Jul contract overnight at 5.42 on gains of 11 cents. At this morning’s open, the contract is up 8 to 5.39. Jul KC wheat is up 10 to 5.61-3/4, while targeting that contract’s multi-month peak from May 3 at 5.68-1/2. Weekly Export Sales were 112,300 tons for old crop, and 340,000 tons for new crop.

CATTLE: Cattle futures are firm on follow-through as prices head higher for the week ahead of tomorrow’s Cattle on Feed report, and the 3-day holiday weekend. Jun cattle are up 0.075 to 105.525. Aug is up 0.200 to 103.000; and May feeders, which expire today, are steady at 134.900. Aug feeders are up 0.300 to 143.650.

HOGS: Hog futures are off slightly with Jun hogs down 0.325 to 74.275, Jul down 0.200 to 76.025, and Aug down 0.250 to 74.775. Yesterday’s sharp gains may be prompting some early profit-taking today, and technically, contracts are leaning more bearish after breaking out of a narrowing, sideways trend to begin the week.

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