Corn futures turned lower Thursday. After exhibiting considerable strength over the past week, corn futures declined today. That may have reflected long liquidation before the weekend and next Tuesday’s big USDA reports, but traders may also have been reacting to recent equity market losses, as well as the morning rebound by the U.S. dollar. The latest stock market bounce seemed to have little effect. May corn futures ended Thursday having sagged 3.75 cents to $3.9125/bushel, while December dipped 3.25 to $4.1475.
Corn futures turned lower Thursday morning. After exhibiting considerable strength over the past week, corn futures turned lower this morning. That may have reflected long liquidation before the weekend and next Tuesday’s big USDA reports, but traders may also have been reacting to the equity market losses sustained this week, as well as the morning rebound by the U.S. dollar. Both are seen as negative for commodity demand. May corn futures sagged 2.75 cents to $3.9225/bushel late Thursday morning, while December slid 2.5 to $4.155.
The USDA's estimate of December 1, 2014 stocks of U.S. soybeans was surprisingly small. Based on the estimated size of the 2014 crop and estimates of exports and domestic crush during the previous quarter, the stocks estimate implied a record large residual use of soybeans during the first quarter (September-November) of the 2014-15 marketing year.
Increases in first-quarter U.S. pork production, slower exports, and larger pork imports have all likely played a role in year-over-year lower U.S. pork wholesale prices thus far in 2015. Since the beginning of the year, the USDA Estimated Pork Carcass Cutout has fallen almost 17 percent.
This week, business and agricultural leaders testified before the House Agriculture Subcommittee on Livestock and Foreign Agriculture and spoke to the negative effects of WTO non-compliance on country of origin labeling (COOL) for muscle cuts of meat.
Existing regulations on agriculture are more than adequate to maintain and improve water quality, the National Pork Producers Council said in written testimony submitted yesterday to the Senate and House agriculture committees, which recently held hearings on a proposed rule to define “Waters of the United States” (WOTUS). The organization also said that upstream waters should not be categorically covered by the regulation.
Along with the continuing emphasis on getting soybean planted early – in late April to early May – comes the question of soybean maturity rating, and whether early planting benefits fuller- or shorter-season varieties the most.