Top Farmer Midday Update 3-12-18

CORN: Corn futures have been 1 to 2 cents lower all morning in light volume. May corn is at 3.88-1/2; and, Dec is at 4.05-3/4. Today’s USDA Weekly Export Sales, at 1.377 mil tons (54.2 mil bu), were again viewed as supportive. In addition, there were two export sales reported this morning showing 107,752 tons (4.2 mil bu) of old crop corn going to Japan, and 254,800 tons (10 mi bu) of old crop corn going to an unknown destination. Outside markets show crude down 88 cents, the dollar flat/weak, and the Dow down 154 points.

SOYBEANS:Soybean futures are narrowly mixed, trading two-sided following similar action in the overnight session. May beans were recently up 1-1/2 cents to 10.40-3/4 and Nov is off 3/4 cent to 10.29-1/4. Weekly Export Inspections came in at 910,237 tons (33.4 mil bu), down from last week. The potential for (tariff) repercussions from China continue to be a talking point. For now, the leading importer reports corn stocks being on the decline due to processing, and they look to export soymeal to make up for lost supplies from Argentina into Asia markets. Wires report S. Korean feed groups were good buyers of South American soymeal. Managed money (specs) are still seen net long beans and meal, short soyoil after Friday’s commitments report.

WHEAT: Wheat futures are again on the defensive with an uptick in open interest in winter wheat contracts pointing to a growing net short position held by managed money who, coming into today’s trade, was seen holding 44,000 short SRW wheat contracts. May CBOT and KC wheat contracts are down 3-1/2 cents to 4.85-1/2 and 5.69-3/4, respectively. The U.S. Plains look quiet this week, through the weekend, and the early part of next week. Close to average temperatures are seen for the southern Plains, and below average for the north. Today’s USDA Weekly Export Inspections were 389,358 tons (14.3 mil bu).

CATTLE: Cattle futures are lower across the board, led by the Apr fat cattle contract – down 1.000 to 122.125. The contract is trading inside Friday’s range. Sales of fed cattle were mainly $126-$127 live last week. Jun cattle are down .725 to 113.575, and Apr feeders are off .250 to 142.900.

HOGS:Hog futures are lower, with Apr down .700 to 67.150 as lower cash bids and technical momentum favors the bears. May hogs are down .600 to 71.400 in a bid to challenge that contract’s low of 70.600 from last summer. Jun hogs are also down .600 to 77.050.

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