Stewart-Peterson Market Commentary

Closing Commentary - October 19, 2017

Top Farmer Opening Calls 10-19-17

CORN:Corn futures are up a penny to 3.49-1/2 (Dec) where the contract's 10-day-moving average resides. Weekly Export Sales were deemed good at 1.25 mil tons ((50 mil bu) for 2017-18. Another 15,000 tons was reported for 108-19 marketing year corn. Outside markets are lower with crude down 77 cents and the dollar off 14 points.

SOYBEANS:Soybean futures are firm with Nov up a penny to 9.85-1/4. Weekly Export Sales came in at 1.28 mil tons (47 mil bu). Plus, China bought 384,000 tons (14 mil bu) of beans in a morning flash announcement. Other than good demand, South American weather is on the trade's radar, but there's not enough immediate concern to drive prices up and out of their recent ranges.

WHEAT:Wheat futures are up 1 to 2 cents to 4.31 and 4.30 in Dec CBOT and KC contracts, respectively. Weekly Export Sales were supportive, coming in at 615,400 tons (22.6 mil bu), indicating softer U.S. wheat prices are seen as competitive. Egypt's Gasc grain authority is back in the market again, with its 14thtender for shipment this season. However, Russia is expected to win out on the business.

CATTLE:Cattle futures are firm due to $109 cash trade, so far this week. Oct live cattle are up .200 to 111.475; and, Feb is steady at 116.650 as both contracts show signs of exhausting the recent price surge. Nov feeders are up .225 to 152.225.

HOGS:Hog futures are firm with firm activity expected again in cash markets. The significant bearish key-reversal posted in Dec hogs Tuesday, suggests prices are likely to move lower. However, we're seeing early buying pushing Dec up .250 to 64.000, and Feb up .125 to 68.125.

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