Ag markets are starting Friday in mixed-to-weak fashion

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

Forecasts for reduced Corn Belt rainfall may be weighing on crop prices. Recent rainfall over the Midwest has proven to be too much of a good thing in some areas and tended to boost new-crop prices as a consequence. However, the latest models have implied less rainfall over wet areas of Iowa and Minnesota, which seemed to weigh upon corn futures. July corn dipped 2.25 cents to $4.405/bushel Thursday night, while December slipped 1.25 to $4.42.

Old-crop futures are holding up better than new crop in early Friday action. As in the corn pit, curtailed rainfall forecasts for wet areas of the Corn Belt seem to be weighing on new crop futures this morning. In contrast, traders are reportedly backing away from short positions in old crop futures ahead of Monday’s USDA Grain Stocks and Acreage reports. July soybeans rose 0.25 cents to $14.3725/bushel early Friday morning, while July soyoil slumped 0.14 cents to 40.37 cents/pound, and July soymeal rallied $1.2 to $466.7/ton.

The wheat markets proved relatively mixed Thursday night. Shifts in the weather forecasts probably affected wheat futures as well, but those traded in decidedly mixed fashion. One has to suspect short-term shifts were at least partially driven by industry position squaring ahead of Monday’s big USDA reports. July CBOT wheat futures sagged 3.5 cents to $5.7875/bushel shortly after sunrise Friday, while July KCBT wheat moved up 2.5 cents to $7.235, and July MWE futures declined 2.0 to $6.77.

Afternoon beef weakness undercut cattle futures overnight. Climbing wholesale prices have boosted cattle prices across the country and in Chicago lately. Cash strength seems likely again today, which probably explains the rise posted by the expiring June contract last night. However, beef prices turned downward yesterday afternoon, thereby undercutting deferred futures. August cattle sank 0.40 cents to 152.35 cents/pound in early Friday trading, while December tumbled 0.80 to 155.00. Meanwhile, August feeder cattle rose 0.12 cents to 215.25 cents/pound, but October feeders dropped 0.15 to 216.92.

Cash and pork quotes are also weighing on the hog market. Cash hog and wholesale pork values have soared lately, thereby powering substantial mid-June gains. However, the markets seemed to lose their upward momentum this week, as exemplified by Thursday’s sharp pork reversal from noon to late afternoon. That news, along with the looming release of the quarterly USDA Hogs & Pigs report (at 2:00 PM CDT today) appeared to depress CME prices. August hog futures inched 0.05 cents lower to 128.75 as Friday dawned over Chicago, while December slid 0.25 cents to 95.40.

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 

e-Mail (required)


characters left

Portable Conveyors

Convey-all portable conveyors are designed to handle your crops gently and efficiently. We offer an extensive line of high capacity ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form