Stewart-Peterson Market Commentary

Closing Commentary - May 25, 2018

Top Farmer Midday Update 5-25-18

CORN: Corn futures are trading slightly higher at midday, with Jul up 1-1/4 cents to 4.05-1/2, and Dec up 1-1/2 cents to 4.24. Buyers have kept the corn supported today as they look forward to a hot weekend across the country, and some pockets that are still having trouble with finishing up planting. Moisture is anticipated for many areas this weekend, but the possibility that the heat is not accompanied by rain is a cause for buying.

SOYBEANS: Soybean futures are trading 5 to 6 cents higher at midday, with both Jul and Nov up 5-3/4 cents. Buyers have been active all morning with a hot weekend ahead of us. In addition, markets are closed on Monday, which can add some extra volatility.

WHEAT: Wheat futures are higher at midday, with Jul contracts up 8 to 9, KC up 10 to 11, and spring wheat contracts up 5 to 8. Winter wheat areas will likely be subject to some heat stress this weekend, adding some uncertainty to already vulnerable hard red winter wheat crop. Export sales are lagging behind, but money wants to own what it sees as an at-risk crop.

CATTLE: Cattle futures are trading just slightly higher on the results of today's Cattle on Feed report. Jun futures are 12 cents higher to 104.52, Aug lives are up 35 cents to 102.12. Cattle on Feed data came in right in line with expectations, keeping the trade status quo.

HOGS: Hog futures are still trading choppy this morning, with Jun hogs down 47 cents to 74.35, and Jul hogs up 30 cents to 77.07. Without major fundamental or technical developments to trade today, hog futures are chopping around near major moving average levels. Rallying cash hog prices and pork values are the major supportive factors at this point.




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