Stewart-Peterson Market Commentary

Closing Commentary - November 22, 2017

Top Farmer Opening Calls 11-22-17

CORN: Corn futures are firm with nearby Dec up 1-1/2 cents to 3.46-1/2, just above the where the contract's 20-day moving average resides, and Dec 2018 is at 3.89-1/2. Weekly Ethanol Stats will be out today, and other than tender activity showing Turkey buying 113,400 tons of option-origin corn and looking to secure another 96,000 tons, and Dec option expiration on Friday, news is light ahead the Thanksgiving holiday. Outside markets offer mild support with crude up 67 cents and the dollar down 15 points.

SOYBEANS:Soybean futures up a nickel with funds net long the bean complex heading into today. Jan beans are at 9.94. Yesterday, we had an announced sale of soybeans to China and current weather forecasts continue hold limited rainfall for most of Argentina.

WHEAT:Wheat futures are firm with March CBOT contacts up fractionally to 4.41-1/2, March KC up a penny to 4.38-3/4, and March MPLS wheat up 1-1/4 cents to 6.42-1/2.

CATTLE:Cattle futures opened higher on follow-through from positive closes yesterday across the cattle complex, positive cash trade and box beef values. Dec live cattle are at 119.100 on gains of 1.125, Feb is up .950 to 125.000, and March feeders are up 1.275 to 151.100. On tap for today are Cold Storage numbers later today.

HOGS:Hog futures are trading higher in the nearby contracts in a technical correction from sharply lower trade on Tuesday. Dec hogs are up .400 to 60.7000, Feb is up .200 to 67.150 and April is up a nickel to 71.450.

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