Top Farmer Midday Update 2-14-18

CORN: Corn futures are firm while trading a 3 to 4 cent, two-sided range. Mar corn is up 1-1/4 cents to 3.68 with managed money net short an estimated 54,000 corn contracts. Weekly Ethanol Stats will be out today and, Weekly Export Sales tomorrow. There was an export sale reported by USDA this morning showing 123,000 tons of 2017-18 corn going to an unknown destination. This is helping prop-up corn as export sales have been steadily reported the past 30 days. Outside markets are supportive too, with crude up 32 cents and the dollar down 41 points.

SOYBEANS:Soybean futures have shrugged off overnight weakness and are up 3 cents in the old crop contracts, even in new crop. Mar beans up 3 to 10.14-3/4, that contract’s highest price level since December 7. Nov beans are steady at 10.19-1/4, as price strength is met with farmer forward contracting. Bean meal contracts, trading inside yesterday’s higher ranges, are in positive territory while supporting beans. The January NOPA Crush report will be out tomorrow. Pre-report estimates show crush figures down from the previous month, but up from a year ago. Coming into today, managed money was net long 14,000 contracts of soybeans, net long 93,000 lots of soymeal, and net short 33,000 lots of soyoil.

WHEAT: Wheat futures are lower with 200-day moving average resistance near 4.83 capping rally potential in the May CBOT contract. That contract is down 5 cents to 4.68-3/4, 12-1/2 cents above the 100-day MA. May KC wheat is down a nickel to 4.84-1/4 where the contract’s 200-day MA lies. There is little change to the dry weather forecast in the southern Plains, so winter wheat contracts may be seeing some technical correction today amid ideas of robust global wheat supplies. Sep MPLS wheat is up a penny to 6.33.

CATTLE: Cattle futures are higher across the board despite the Fed Cattle Exchange yielding no activity, only one lot passed over at $124/cwt today. However, seasonally there is a likelihood spring highs will be in during the next two months.Feb cattle are up .775 to 127.600, Apr is up .650 to 125.425, and Mar feeders are up .775 to 148.050.

HOGS:Hog futures are sharply higher led by the spring and summer month contracts. Feb hogs, up .125 to 73.475, go off the board today. Apr is up 1.475 to 70.875 in a bid to narrow the gap between Feb. May hogs are up 1.325 to 76.450.

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