Talk of strong demand reportedly supported corn Sunday night. Expect slow trading and limited price action over the next two weeks as many in the financial industry celebrate the holidays. Conversely, news events might spur choppy trading as low trading volume tries to accommodate orders. Wire service sources cited strong demand and possible spillover from the wheat pit for limiting corn losses Sunday night. The market seems likely to test moving average support before Christmas.
Compared to last week, all weights and classes of feeder cattle and calves sold mostly 10.00-15.00 lower and many instances 20.00 lower. The market caught up with lower sales late last week and then declined even more as the joy ride that cattle markets have enjoyed encountered hurdles in its path this week.
It has been a chaotic couple of weeks in the cattle markets. After several days of limit lower prices on the futures market, this week has ended with sharply higher prices, though still down for the week.
USDA’s Long-term Projections for agriculture have been released with estimations reaching 2014. Chicken leads the pack in total meat consumption, beef and pork tag behind. Total cow inventory expected to make significant increases.
Corn traders seem to be balancing positions before the weekend. Despite firm equity markets and a more stable currency situation, as well as more evidence of Russian government moves to curtail its wheat exports, the crop markets turned decidedly lower Thursday night. Corn futures followed wheat downward, but firmed later in the day when a private forecaster predicted reduced 2015 plantings. March corn futures closed 0.5 cent lower at $4.105/bushel Friday, while July skidded 0.25 to $4.26.
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Corn traders seem to be taking profits before the weekend. Despite continued equity market strength and a more stable currency situation, as well as more evidence of Russian government moves to curtail its wheat exports, the crop markets have turned decidedly lower night. Corn futures followed wheat downward, thereby seeming to reflect bullish profit-taking and farmer selling in the wake of this week’s gains. March corn futures dipped 2.25 cents to $4.0875/bushel late Friday morning, while July lost 2.5 to $4.2375.