Stewart-Peterson Market Commentary

Closing Commentary - October 17, 2017

Top Farmer Midday Update 10-17-17

CORN:Corn futures are unchanged in light volume. Dec corn, at 3.50, remains near the mid-point of the contract’s 20 cent trade trading range between 3.62 and 3.42-1/4. Strong harvest progress is expected through the end of the month and will likely keep a lid on any rally attempts. There were two morning export sales reported today showing a total of 261,000 tons (10.27 mil bu). Of the total, 146,000 tons goes to an unknown destination, the balance to Mexico. Outside market pressure stems from softer crude and a 40 point hike in the greenback.

SOYBEANS:Soybean futures are still lower in light trading, gravitating downward on good harvest weather and a lack of significant weather problems in South America. Nov beans are down 6-1/2 cents to 9.84-1/2 while rather quickly taking back half of the rally forged after USDA cut production forecasts.

WHEAT:Wheat futures are firm with Dec CBOT and KC contracts up a penny to 4.37-1/2 and 4.34-3/4, respectively. Both contracts are caught in a web of near-term moving averages that are trending lower, awaiting market-moving news.

CATTLE:Cattle futures are mixed ahead of this week’s cash cattle market trade. Dec and Feb live cattle, up .525 to 112.250 and .100 to 116.925, respectively are quietly trading an inside-day, while the remainder of the complex probes lower. Oct feeders are down .500 to 154.050. We’ll get Fed Cattle Exchange trade tomorrow with all indications that show lists will match last week’s amid firm bids.

HOGS:Hog futures are mixed after early follow-through buying strength faded. Dec hogs rose to a fresh two-month high of 64.500 on gains of .800 before falling back to 63.500, down .200. Feb is off .075 to 68.225. Cash markets look to remain firm this morning.

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