May cotton is trading slightly lower Wednesday, a quiet start ahead of Thursday morning's next export sales report.
Cattle futures took a beating Tuesday with April hit the hardest over the past week. April may have already played its seasonal strength card and now will need to move closer to cash. Hogs may be in a similar situation coupled with futures contracts that are extremely overbought. The common factor providing support is strong demand.
DTN Chart Technical Points 02/23 16:30 DTN FUTURES 10 2/23/21 SLOW STOCHASTIC
Looking at Wednesday's trade and what may come, all eyes will continue to watch the lean hog market as it keeps batting home runs, seemingly unafraid of the elevated levels its trading at.
USDA MARKET NEWS--AFTERNOON CATTLE REPORT 02/23/21 VOLUME USDA TOTAL RANGE DTN PRACTICAL RANGE WT AVG
FARM MARKET NEWS - CORN REPORT FOR Tue, February 23 Exchange rate was 1.2597 down 0.0003
FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Tue, February 23 Exchange rate was 1.2597 down 0.0003
May soybean oil closed up 1.15 cents at 48.37, its highest close for a May contract in seven years. Another oil, canola, finished at its highest spot price on record as both benefitted from strong world demand, tight supplies and a recent boost in crude oil prices.
Lean hog contracts were eager Tuesday and were fully higher in the day's early hours. But, as time progressed, there's been more push back than initially felt in the day's open.
Corn is 4 to 5 cents higher, soybeans are 34 to 36 cents higher and wheat is 2 to 4 cents lower.
