Ag markets closed mostly lower Tuesday

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

Corn futures turned lower Tuesday afternoon. Forecasts for hot South American weather and news of a sizeable U.S. soybean sale to China apparently caused corn prices to follow soybeans higher this morning. Conversely, the subsequent bean reversal and talk of large global supplies also pushed yellow grain prices downward. March corn futures declined 1.75 cents to

Soybeans couldn’t sustain early gains. The soy complex reversed overnight losses after the USDA announced the sale of 350,000 tonnes of beans to China; beans and meal posted sizeable mid-morning gains. However, bulls couldn’t sustain the move, with wire service sources citing large global supplies for the late-session sell-off. The oil market remained relatively weak. March soybeans slipped 0.75 cent to $12.76/bushel Tuesday afternoon, while March soyoil dropped 0.19 cents to 37.93 cents/pound, whereas March soymeal lifted $2.0 to $415.8/ton.

The wheat markets also set back from early highs. Monday night slippage suggested that worries about frost damage to U.S. wheat fields had diminished. Thus, the subsequent soy-driven looked quite impressive, but proved largely unsustainable. Traders are apparently unwilling to stick with long positions ahead of Friday’s widely anticipated USDA reports. March CBOT wheat futures settled 3.25 cents lower at $6.025/bushel in Tuesday afternoon action, while March KCBT wheat futures edged up 1.25 cents to $6.4525, and March MWE futures inched 0.25 higher to $6.3075.

Cattle traders seemed to take profits Tuesday. Surging cash and wholesale prices have boosted cattle futures sharply since they broke out to the upside on December 27. Thus, it was somewhat surprising to see prices set back from overnight highs this morning. Still, given the size of the advance posted in the interim, a wave of profit-taking wasn’t entirely unexpected either. February cattle futures slid 0.30 cents to 136.52 cents/pound at their Tuesday settlement, while April futures dropped 0.57 to 136.35. Meanwhile, March feeder cattle futures slumped 0.27 cents to 167.82 cents/pound, and May sank 0.35 to 169.37.

Hog traders apparently exited premium CME futures. Although a sizeable seasonal rise in cash prices is widely expected, hog traders seemed to abandon bullish positions Tuesday. The cash and wholesale markets have very likely disappointed bulls lately, with the resulting quotes for the CME cash index apparently making nearby futures look overpriced. February hogs dove 1.10 cents to 85.52 cents/pound late Tuesday afternoon, while June tumbled 0.57 to 100.62.


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


X-TENDED REACH GRAIN CARTS

YOUR BEST HARVEST IS NOW WITHIN REACH J&M introduces their patented line of X-tended Reach grain carts, featuring a frontfolding single ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form