Ag markets diverged Wednesday morning

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

Weather and ethanol news may be boosting corn futures Wednesday morning. The latest weather maps suggest persistent rainfall and returning cold over parts of the Corn Belt next week; that could delay and/or limit spring plantings. Meanwhile, the latest API report indicated strong ethanol production last week. May corn rose 4.5 cents to $5.0075/bushel late Wednesday morning, while December rallied 5.25 to $5.01.

The soy complex is trading in decidedly mixed fashion. Reports of Brazilian soybeans being diverted toward the U.S. are very likely weighing on nearby soybean futures today, while soyoil prices are apparently following Asian palm prices lower. However, talk of planting delays seems to be boosting new crop soy values. May soybeans slid 3.0 cents to $14.7675/bushel just before lunchtime Wednesday, while May soyoil dropped 0.19 cents to 42.55 cents/pound, and May soymeal inched $0.1 lower to $479.7/ton.

Precipitation forecasts may be weighing on the wheat markets. The Black Sea situation remains tense, which is probably providing general support for wheat futures at this juncture. Persistent dryness in the southern Plains may be spurring some buying as well. However, such strength is probably being limited by forecasts for improved moisture over significant portions of the Midwest. May CBOT wheat futures edged up 4.0 cents to $6.77/bushel around midsession Wednesday, while May KCBT wheat futures gained 5.5 cents to $7.4675, and May MWE futures advanced 3.0 to $7.2325.

Cash market concerns seemed to depressing cattle futures. Surprisingly large beef gains posted early this week apparently spurred strong buying in the cattle pit Tuesday. However, CME traders reportedly worry that the cash markets will continue their seasonal decline later this week, with their resulting selling pushing prices downward this morning. June cattle futures sank 0.12 cents to 134.85 cents/pound in late Wednesday morning action, while December tumbled 0.20 cents to 140.25. Meanwhile, May feeder cattle crept up 0.20 cents to 178.55 cents/pound, and August added 0.22 to 182.50.

Cash firmness is apparently encouraging hog traders. Although wholesale pork prices have fallen quite sharply lately, CME futures have rebounded strongly from this week’s lows. The implied optimism probably stems from reports of country market firmness, as well as bullish expectations about the late-spring outlook. June hog futures surged 0.92 cents to 124.17 cents/pound late Wednesday morning, while December climbed 0.67 to 89.55.

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

Aluminum Grain Trailers

Maurer Manufacturing offers a complete line of high quality aluminum grain trailers. Manufactured in Spencer, Iowa, Maurer aluminum grain trailers ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form