Ag commodities were mixed Friday morning

decrease font size  Resize text   increase font size       Printer-friendly version of this article Printer-friendly version of this article

After apparently rallying in response to the weekly Export Sales report Thursday, corn futures set back modestly overnight. There was little news, although one can probably blame reports that significant Israeli and Taiwanese grain tenders had largely been sourced from South America for a portion of the loss. July corn slipped 0.5 cents to $6.615/bushel early Friday morning, while December slid 2.0 cents to $5.3275.

Soybean futures were mixed to weak Friday morning. The slide was not terribly surprising in the wake of the easing old crop situation this week. Moreover, the manner in which the July future reversed from its Thursday lows seemingly presaged a short-term decline. Improved new crop production prospects may have weighed upon deferred futures. July soybean futures fell 4.25 cents to $14.9525/bushel in early Friday action, while July soyoil was steady at 49.66 cents/pound, and July soybean meal edged $2.1 lower to $434.9/ton.

The weekly USDA Export Sales report proved quite supportive of wheat values Thursday, which may explain the futures gains seen overnight as well as those posted after its release. Otherwise, there was little substantive news concerning the golden grain markets overnight. July CBOT wheat futures rallied 3.75 cents to $7.07/bushel as the sun rose over Chicago Friday morning, while July KCBT wheat advanced 2.5 cents to $7.57, and July MGE futures inched up 1.75 cent to $8.15.

Cattle futures remained under pressure Thursday as reports of cash market weakness came into Chicago pit. Negative market psychology has clearly dominated events lately, as best illustrated by the fact that cattle values have declined at the same time choice cutout has routinely set record highs. Many probably think the slide has been overdone, which may be one reason futures rose slightly overnight. June cattle gained 0.45 cents to 119.57 cents/pound in Thursday night action, while December added 0.07 to 123.75. Meanwhile, August feeder cattle futures crept 0.02 cents upward to 142.67 cents/pound, as did November, to 148.20.

Hog futures seemingly suffered a relapse Thursday after spiking upward on Wednesday, but appeared ready to resume their spring advance in overnight trading. That is rather surprising since Thursday afternoon reports indicated the cash markets were mixed and wholesale prices had declined. Ultimately, traders are rather obviously expecting continued seasonal strength through at least mid-June. June hog futures surged 0.45 cents to 94.65 cents/pound in early Friday morning action, while the December contract climbed 0.40 cents to 79.80.

There was little news concerning the cotton market Thursday night, so the modest rise was not terribly surprising. That is, after July futures dropped 4.0 cents over the past three sessions, lots of traders will probably be looking to take exit positions before the long holiday weekend. July cotton futures bounced 0.25 cents to 82.03 cents/pound in early-morning trading Friday, while December fell 0.24 cents to 83.40.


Buyers Guide

Doyle Equipment Manufacturing Co.
Doyle Equipment Manufacturing prides themselves as being “The King of the Rotary’s” with their Direct Drive Rotary Blend Systems. With numerous setup possibilities and sizes, ranging from a  more...
A.J. Sackett Sons & Company
Sackett Blend Towers feature the H.I.M, High Intensity Mixer, the next generation of blending and coating technology which supports Precision Fertilizer Blending®. Its unique design allows  more...
R&R Manufacturing Inc.
The R&R Minuteman Blend System is the original proven performer. Fast, precise blending with a compact foot print. Significantly lower horsepower requirement. Low inload height with large  more...
Junge Control Inc.
Junge Control Inc. creates state-of-the-art product blending and measuring solutions that allow you to totally maximize operating efficiency with amazing accuracy and repeatability, superior  more...
Yargus Manufacturing
The flagship blending system for the Layco product line is the fully automated Layco DW System™. The advanced technology of the Layco DW (Declining Weight) system results in a blending  more...
Yargus Manufacturing
The LAYCOTE™ Automated Coating System provides a new level of coating accuracy for a stand-alone coating system or for coating (impregnating) in an automated blending system. The unique  more...
John Deere
The DN345 Drawn Dry Spreader can carry more than 12 tons of fertilizer and 17.5 tons of lime. Designed to operate at field speeds up to 20 MPH with full loads and the G4 spreader uniformly  more...
Force Unlimited
The Pro-Force is a multi-purpose spreader with a wider apron and steeper sides. Our Pro-Force has the most aggressive 30” spinner on the market, and is capable of spreading higher rates of  more...
BBI Spreaders
MagnaSpread 2 & MagnaSpread 3 — With BBI’s patented multi-bin technology, these spreaders operate multiple hoppers guided by independent, variable-rate technology. These models are built on  more...


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


Aluminum Grain Trailers

Maurer Manufacturing offers a complete line of high quality aluminum grain trailers. Manufactured in Spencer, Iowa, Maurer aluminum grain trailers ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form