Ag markets closed 2013 on a mixed note

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

South American rainfall continued weighing on corn prices Tuesday. Grain/soy trading at the CBOT will resume at 8:30 am (CST) this morning after the New Year’s holiday. Corn ended 2013 on a weak note, due largely to reports of ample rainfall over Argentine fields. That talk of increased South American production and concerns about concerns over Chinese rejections of U.S. corn and distillers grains weighed upon prices. Both March and May corn futures dipped 1.5 cents Tuesday, closing at $4.22 and $4.3025/bushel, respectively.

Soybeans also reacted poorly to the South American news. The good Argentine rainfall last weekend also depressed the soy complex, especially after local sources boosted their forecasts for the forthcoming Argentine crop. Soymeal suffered quite badly, whereas talk of improved export prospects boosted the oil market. March soybeans dove 16.25 cents to $12.925/bushel late Tuesday afternoon, March soyoil gained 0.17 cents to 39.13 cents/pound, and March soymeal tumbled $10.1 to $417.0/ton.

Short covering seemingly boosted wheat markets on the last day of the year. Although some traders may have been buying in response to talk of frigid temperatures and winter kill over U.S. fields this weekend, wire service sources more commonly cited last minute short-covering for the late bounce. Nearby futures were oversold at 19-month lows earlier. March CBOT wheat futures rebounded 4.75 cents to $6.0525/bushel at their Tuesday settlement, while March KCBT wheat futures rallied 4.75 cents to $6.405, and March MWE futures advanced 5.0 to $6.3525.

Cattle futures ended 2013 on a weak note. Look for CME livestock trading to resume at 9:05 am (CST) this morning. After rallying strongly late last week and proving firm again on Monday, live cattle futures suffered a setback Tuesday. Year-end position squaring and technical considerations seemingly played substantial roles in the drop. Talk of packer cutbacks also depressed prices. February cattle futures fell 0.47 cents to 134.62 cents/pound in late Tuesday trading, while April futures sank 0.45 to 135.30. Meanwhile, March feeder cattle futures dropped 0.55 cents to 167.40 cents/pound, and May sagged 0.50 to 168.67.

Cash and wholesale strength seemed to support hogs at Tuesday’s close. After suffering a stunning reversal from post-Hogs-&-Pigs-report highs Monday, hog futures staged a modest comeback Tuesday. Cash and wholesale firmness probably boosted the market, especially since the industry is looking for an early winter rally into mid-February. February ran up 0.45 cents to 85.42 cents/pound in Tuesday trading, and June added 0.17 to 100.15.

Cotton futures ended 2013 little changed. Although Chinese officials announced last week that they are ending their massive cotton stockpiling program, the concurrent news that they are lowering duties on imported fiber sparked a strong close to 2013 trading. Prices seemingly stalled on New Year’s Eve, with fund managers likely balancing positions for year-end reports. March cotton settled 0.02 cents lower at 84.64 cents/pound Tuesday afternoon, while July cotton edged up 0.06 cents to 83.98.

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

LPV Seed Treater

The LPV Seed Treater has set a new standard boasting three configurable weighing methods for any-sized operation, a standard 42” ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form