Ag markets proved rather volatile Thursday afternoon

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

Strong export data supported corn futures Thursday. Today’s weekly USDA Export Sales report stated both old and new-crop corn sales above industry expectations, thereby suggesting the recent rally has rendered U.S. grain attractive to international customers. Futures couldn’t sustain the subsequent bounce, but news that an airliner had been shot down over the Ukraine reignited industry concerns about Black Sea supplies and boosted prices. September corn settled up 1.25 cents at $3.795/bushel Thursday, while December rose 0.5 cent to $3.8725.

The soy complex turned lower despite recent Chinese buying. The Export Sales report was neutral for beans and products, but, unlike corn, bean futures sustained a significant portion of the post-report rally through midsession. That probably reflected the recent acceleration of Chinese buying. However, talk that current supplies will last into the fall harvest reportedly undercut prices late in the day. August soybean futures tumbled 12.5 cents to $11.7475/bushel as Thursday’s pit session ended, while November futures fell 8.0 cents to $10.94. August soyoil sank 0.46 cents to 36.37 cents/pound, while August soymeal dipped $3.2 to $380.5/ton.

Wheat exports disappointed, but Ukraine news sparked a resurgence. In contrast to the bullish corn totals, the wheat result on today’s Export Sales report disappointed; the actual figure fell well short of pre-report forecasts. The over-supplied global outlook is outweighing supportive domestic news. However, the Ukrainian plane crash clearly has traders worried about the Black Sea situation. September CBOT wheat rebounded 12.75 cents to $5.5075/bushel at Thursday’s close, while September KC wheat jumped 11.75 cents to $6.49/bushel, and September MWE wheat ran up 9.0 cents to $6.37/bushel.

Steady cash trading boosted cattle futures Thursday. Despite early-week wholesale weakness, packer buyers bought a few central Plains cattle at steady-weak levels Wednesday afternoon. That news almost surely triggered the overnight surge and today’s sustained gains, since traders had expected a significant decline instead. August live cattle leapt 2.97 cents to 150.65 cents/pound late Thursday afternoon, while December rallied 1.80 cents to 153.85. Meanwhile, August feeder cattle jumped 1.77 cents to 211.60 cents/pound, and October climbed 1.67 to 212.35.

CME hogs reversed on demand pessimism. Hog futures tried to follow cattle futures higher last night, but bearish expectations reasserted themselves today. Hog supplies will probably remain very tight through midsummer, but traders clearly think the recent demand surge will end soon. August hog futures plunged 1.68 cents to 128.85 cents/pound in late Thursday action, while December tumbled 1.10 cents to 102.90.

Cotton futures posted a surprisingly firm close. The weekly Export Sales report stated last week’s new-sales at an impressive 347,000 tonnes, which apparently triggered a sizeable post-report rally. The shipments data was quite poor and dragged prices lower around midsession, but the Ukraine plane crash seemed to bring the bulls back before the close. December cotton inched up 0.01 cent to 67.65 cents per pound at Thursday’s ICE settlement, while March futures skidded 0.07 to 68.23 cents/lb.


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