Ag market moved mostly lower again Wednesday morning

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

Concerns about the large harvest seemed to weigh upon corn prices Wednesday. Despite firm cash prices and overnight news of active South Korean buying of U.S. corn, futures had turned downward late Wednesday morning. Concerns about the sheer size of the record harvest may have been exaggerated by spillover weakness from the wheat pit. December corn futures dipped 1.5 cents to $4.305 by midsession Wednesday, while May futures lost 2.25 cents to $4.505.

Rising vegoil prices are supporting the soy complex. The Asian palm oil markets rallied again Tuesday night on concerns about Indonesian crop. Strength spilling over into soyoil futures probably boosted soybeans as well, especially in light of firm country market reports. Meal is suffering from its position on the wrong side of the crush spread at the moment. November soybean futures climbed 4.75 cents to $12.8375/bushel Wednesday morning trading, while December soyoil jumped 0.71 cents to 41.68 cents/pound, whereas December soymeal slipped $0.3 to $410.5/ton.

Indian news seemed to undercut wheat futures. India is sitting on huge stockpiles of low quality wheat, so today’s news that the Indian government has cut the floor price for wheat exports increase supplies on the international market. The news was not unexpected, which probably limited its market impact. December CBOT wheat futures fell 5.0 cents to $6.7625/bushel late Wednesday morning, while December KCBT wheat futures slid 1.75 cents to $7.50, and December MWE futures sagged 2.75 to $7.3375.

Profit-taking may have undercut cattle futures Wednesday morning. Surging beef prices have boosted cattle prices in the country and in Chicago lately. However, traders are probably evening up positions ahead of the USDA’s looming release of its September Cattle on Feed report tomorrow. December cattle sank 0.30 cents to 133.97 cents/pound in late-morning Wednesday action, while April rose 0.17 to 134.72. November feeder cattle declined 0.37 cents to 166.37 cents/pound and January feeders slumped 0.27 to 166.62.

Sliding cash and wholesale prices also weighed upon hog values. Although the swine industry apparently remains optimistic about the intermediate term price outlook due to probable PEDV losses, short-term considerations are a different story. The fact that cash and wholesale prices suffered moderate losses Tuesday seemingly depressed futures today. December hog futures fell 0.55 cents to 90.80 cents/pound just before lunchtime Wednesday, while April tumbled 0.95 cents to 94.80 cents/pound.


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


Tube Series (TS) Conveyors

USC’s Tube Series Conveyors combine the gentleness of the signature Seed Series with the traditional stability of a tube-style conveyor, ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form