Ag markets decidedly mixed on Friday morning

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

The equity and U.S. dollar markets proved quite strong again Friday, but commodity traders seemed to pay more attention to the negative demand aspects of the greenback rally than to the economic strength implied by stock gains. As for corn, persistent old crop tightness continues supporting nearby futures, while optimism about plantings this week weighed upon deferreds. July corn surged 10.75 cents to $6.5225/bushel late Friday morning, while December slipped 3.5 cents to $5.2075.

Continuing tightness of old crop supplies supported nearby soybean futures again Friday morning despite the negative export demand implications of the rallying U.S. The greenback rally may also increase the chance of soybean imports during the days and weeks ahead. Conversely, the prospect of rainy Corn Belt weather over the weekend seemed to be weighing upon deferred futures. July soybean futures gained 7.5 cents to $14.35/bushel around midsession Friday, while July soyoil sank 0.13 cents to 49.39 cents/pound, and July soybean meal gained $3.7 to $418.6/ton.

Wheat futures seemed to suffer Friday morning from the ongoing dollar rally and its potential for curtailing export demand. Other developments may simply have reflected the impact of wet weekend forecasts for the central U.S. That is, increased moisture in the west could improve the winter wheat harvest, thereby weighing upon Chicago and Kansas City prices. On the other hand, wet fields in the Northern Plains could slow spring wheat plantings and reduce production prospects for that region. July CBOT wheat futures dipped 5.75 cents to $6.82/bushel in Friday morning trading, and July KCBT wheat dove 7.25 to $7.3625, while July MGE futures slid 0.75 cents to $8.0325.

Weak cash prices Thursday set the stage for similar slippage at country markets and those in Chicago today. CME traders apparently remain unimpressed with record high beef prices and may be expecting diminished consumer demand as summer arrives. News that the Canadian Ag Minister is proposing retaliation on U.S. products in the COOL controversy weighed upon prices later in the morning. June cattle edged 0.17 cents lower to 119.72 cents/pound just before lunchtime Friday, while December slid 0.25 to 124.02. Meanwhile, August feeder cattle futures lost 0.75 cents to 144.37 cents/pound, while November sank 0.52 cents to 149.87.

Strong wholesale gains and persistent gains by the CME lean hog index boosted CME hog futures Thursday and again early Friday morning. However, the news that Canadian officials may soon institute retaliatory tariffs on U.S. products in the COOL dispute seemed to undercut CME futures just around midsession. June hog futures fell 0.35 cents to 92.52 cents/pound late Friday morning, while December futures declined 0.22 cents to 77.12.


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


Kinze 1500 Grain Cart

The Kinze 1500 Grain Cart is engineered for speed and reliability required of custom harvesters. Load up to 1500 bushels ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form