From Cattle Network:
Corn futures firmed after the WASDE report. The Monday night U.S. dollar surge and concurrent dive in equity index futures weighed on the commodity sector prior to the late-morning release of the Monthly USDA Supply/Demand (WASDE) report. The data looked bullish for corn futures, since it stated ending 2014/15 U.S. stocks 50 million bushels below last month’s figure. The rebound seemed rather muted, with futures slipping from reaction highs. May corn futures slipped 0.25 cent to $3.885/bushel just before lunchtime Tuesday, while December lost 0.75 to $4.12.
The soy complex reacted rather weakly to the USDA report. Tuesday’s early combination of dollar strength and stock losses also weighed on the soybean and product markets this morning, although evidence of robust demand apparently powered meal futures slightly higher by midsession. Prices weakened in the wake of the WASDE report, with largely unchanged U.S. and global data apparently disappointing traders. May soybean futures slumped 7.5 cents to $9.8575/bushel as the lunch hour loomed Tuesday, while May soyoil stumbled 0.24 cents to 30.76 cents/pound, and May meal skidded $1.3 to $332.8/ton.
The wheat markets reversed most early-Tuesday losses. Despite suspicions that the recent breakdown had rendered U.S. wheat much more competitive on the global market, wheat futures couldn’t avoid the negative implications of today’s financial market moves. That changed after the WASDE report indicated U.S. ending stocks slightly below previous forecasts. The size of the bounce was impressive. May CBOT wheat climbed 3.5 cents to $4.935/bushel in late Tuesday morning action, while May KC wheat advanced 4.5 cents to $5.35/bushel, and May MWE wheat rallied 5.5 to $5.6625....MORE
