Top Farmer Opening Calls 2-14-18

CORN: Corn futures are off 1-1/2 cents after a quiet session on Tuesday where Mar corn stalled near long-term chart resistance at 3.69-1/4. Today, Mar is at 3.65-1/4 with new near-term resistance at 3.68-1/2. The near-term trend is bullish, but running out of steam. Initial support lies at 3.61-1/2. Dec is at 3.94-3/4. Weekly Ethanol Stats will be out later this morning and Weekly Export Sales tomorrow. There was an export sale reported by USDA this morning showing 123,000 tons of 2017-18 corn going to an unknown destination. Crude is down 61 cents, the dollar is up 30 points, and the closely watched Dow futures are off 200 points.

SOYBEANS:Soybean futures are mixed, after trading lower in what seemed to be corrective action after bean meal carried bean futures to two-month highs in the previous session. Mar beans are unchanged at 10.11-3/4. If the contract can top yesterday’s high at 10.13-1/2, the next hurdle is up at 10.27, the high from December 5. Nov is down 1/2 cent to 10.18-3/4, with the December 5 high at 10.24. The Jan NOPA Crush report will be out tomorrow. Pre-report estimates show crush figures down from the previous month, but up from a year ago.

WHEAT: Wheat futures are lower with 200-day moving average resistance near 4.83 capping rally potential in the May CBOT contract. That contract is down 4 cents to 4.65-3/4, 11-1/2 cents above the 100-day MA. May KC wheat is down 3 cents to 4.82-1/4, just below the contract’s 200-day MA. Sep MPLS wheat is unchanged at 6.32.

CATTLE: Cattle futures are mixed while awaiting direction from this week’s cash cattle trade. The Fed Cattle Exchange will fire-up at 10 AM CT today. Feb live cattle are up .300 to 127.125. Seasonally there is a likelihood spring highs will be in during the next two months.Apr is up .225 to 125.175, and Mar feeders are down .250 to 147.025.

HOGS:Hog futures are mixed with the actively traded Apr contract down .150 to 69.275, while trending lower after closing with triple digit losses on Tuesday as softer cash trade weighs on sentiment. The nearby Feb contract’s daily chart reflects an opposite picture. That contract will expire at noon today and is currently steady at 73.350.

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