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Market Calls
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Corn: Corn futures are called 1 to 2 cents higher. Overnight trade at 6:30 am CST was 1 to 1 1/2 cents higher. Solid losses in the dollar overnight have helped the corn market rally. Saturated soils have kept spring planting delay concerns alive, although forecasts for the Midwest are looking a little drier. Gains will be limited by sluggish export demand for U.S. corn and the USDA's projections this week for increased U.S. and global ending stocks.
Soybeans: Soybean futures are called 4 to 5 cents higher. Overnight trade at 6:30 am CST was 4 3/4 to 5 1/4 cents higher. Weakness in the dollar and some short-covering from the strong losses on Thursday helped support prices overnight. But gains will be limited by the weekly export sales report that showed negative export sales due to China cancelling on some commitments. Increased harvest progress in Brazil and large crop ideas for South America remain bearish factors.
Wheat: Wheat futures are called 3 to 4 cents higher. Overnight trade at 6:30 am CST was 4 to 4 3/4 cents higher at the CBOT, 3 1/4 to 3 3/4 cents higher at the KCBT and 3 1/2 cents higher at the MGE. The strong losses in the dollar overnight and noncommercial short-covering provided support overnight. But bearish fundamentals are expected to limit gains. USDA raised their U.S. ending stocks estimate to above 1 billion bushels and global wheat stocks remain abundant.
| Corn | Soybeans | Wheat | |||
| Cent. Illinois | 3.36 | Cent. Illinois | 9.30 | K.C. HRW | 4.65 |
| Memphis | 3.64 | Memphis | 9.66 | STL SRW | 4.04 |
| Omaha | 3.44 | Omaha | 9.34 | Mnpls. 14% | 7.07 |
| Toledo | 3.33 | Toledo | 9.41 | Portland- sft. wht. | 4.58 |
Cattle: Cattle futures are called steady to mixed. Light cash trade has developed in the North at steady to $2 higher on a dressed basis. But choppy futures trade is likely as further cash trade is awaited. Boxed beef prices were lower on Thursday, with choice cutouts down 42 cents. Improved beef exports are a supportive factor and weakness in the dollar overnight is supportive for the export market.
Hogs: Lean hog futures are called steady to lower. The weak tone in the cash market is expected to weigh on futures. Pork cutouts were up slightly on Thursday, but poor packer margins are expected to limit cash bids again today. Russia has approved 11 U.S. pork plants to resume pork exports, but little trade is expected until pork prices pullback.
Cash Prices
| Fed Cattle | Lean Hogs | ||
| Nebraska | - | Natl Avg Price | 72.39 |
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