Top Farmer Opening Calls 3-14-18

CORN: Corn futures are flat/firm with May corn steady at 3.91-3/4, 3-1/2 cents below new resistance at yesterday’s high. First support lies at 3.87. Short-term consolidation could unfold within that zone near-term as bullish fatigue may be setting in after weeks of steady gains. Dec corn is up 3/4 cent to 4.10-1/2, a penny off Tuesday’s fresh 7-month high. Managed money is now long an estimated 194,000 corn contracts ahead of the expiration of Mar futures contracts today. Today, we will get Weekly Ethanol Stats; tomorrow, Weekly Export Sales tomorrow.

SOYBEANS:Soybean futures are up 2-1/2 cents in the nearby May contract to 10.51-1/4. Nov beans are down a penny to 10.43. Meal contracts are up $3.80 per ton; soyoil contracts are trading weaker. Our brokerage clearing firm estimates Managed Money net long 167,000 contracts of Soybeans; net long 105,000 lots of Soymeal, and net short 9,000 lots of Soyoil. We’ll look for uneven, choppy trade to continue ahead of tomorrow’s NOPA crush and USDA Weekly Export Sales. For now, the South American weather forecast still has two rounds of meaningful precipitation events occurring in Argentina into Monday. Brazil has daily scattered shower and thunderstorm activity seen in most crop areas.

WHEAT: Winter wheat futures are down slightly to start the day, favoring managed money where they’re net short and estimated 46,000 contracts of SRW wheat. May CBOT wheat, down 2 cents to 4.84-1/2, looks to continue retracing the February rally to the March 2 high at 5.18-1/2. On the downside, first support lies at 4.83, which roughly coincides with the 20-day moving average and if that cracks, May wheat will be vulnerable to slippage toward 4.79-1/2, the February 13 high. May KC wheat is down 2 to 5.18-1/4. On the upside, nearby resistance lies at 5.33-1/4. Monday's low at 5.13 is support.

CATTLE: Cattle futures are higher in early dealings. Apr lives, discount to cash, are up 1.100 to 123.000 after again finding support at the contract’s 200-day moving average located at 120.125. The Fed Cattle Exchange will begin at 10 AM CT today. Jun cattle are up .850 to 114.000. Apr feeders are up .575 to 142.875.

HOGS:Hog futures are lower with nearby Apr down .275 to 67.450 and, May hogs steady at 81.85. Jun hogs, too, are steady at 77.475. Selling interest looked to have subsided on Tuesday, but slumping cash markets is weighing on futures early today. So far, though, most contracts are trading inside Tuesday’s ranges.

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