Ag markets ended Wednesday rather weakly

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

Corn futures closed at chart support Wednesday. The corn market pushed above moving average support last week, but reacted weakly to bullish USDA news Monday. Thus, the subsequent slide has not been terribly surprising. Nearby futures ended the day resting on those support levels again this afternoon. March corn closed down 1.5 cents at $4.40/bushel Wednesday, while May slipped 1.25 to $4.46.

Chinese cancellations undercut beans and meal. The soy complex came under fresh pressure Wednesday morning after the USDA announced that Chinese buyers had cancelled orders for 272,000 tonnes of beans for 2013/14 delivery. They also announced large sales, but those are slated for next year. Soyoil futures diverged from the bean/meal losses, with Asian palm strength likely providing the upward impetus. March soybeans fell 11.75 cents to $13.23/bushel at their Wednesday close, while March soyoil climbed 0.14 cents to 38.99 cents/pound, and March soymeal tumbled $5.7 to $443.5/ton.

Wheat futures turned quite mixed Wednesday afternoon. After exhibiting varying degrees of strength Tuesday, the wheat markets were trading in mixed fashion this morning. Weather and transport concerns supported Kansas City and Minneapolis prices, respectively, while the Chicago market apparently reflected developments in the broader markets. The soybean decline seemingly weighed on the nearby contracts. March CBOT wheat futures dipped 3.25 cents to $5.87/bushel as Wednesday’s session ended, while March KCBT wheat futures slid 2.5 cents to $6.63, and March MWE futures lost 6.5 to $6.5475.

Cattle futures lost their upward momentum Wednesday. CME cattle futures surged in response to increased packer bids for Southern Plains animals Tuesday. Prices rose farther overnight, but proved unable to sustain the advance as Wednesday passed. That may have reflected persistent beef losses, since those could curtail packer demand for fed cattle. April cattle futures settled 0.40 cents lower at 140.77 cents/pound Wednesday afternoon, while August sagged 0.52 cents to 130.50. Meanwhile, March feeder cattle slipped 0.27 cents to 168.50 cents/pound, and May stumbled 0.32 lower to 170.02.

Hog futures ended Wednesday in mixed fashion. CME hog prices bounced moderately overnight, which may have reflected spillover support from the cattle market. However, futures turned decidedly mixed by late morning, possibly in reaction to the cattle reversal and to the huge premiums already built into the summer contracts. April hogs gained 0.20 cents to 93.37 cents/pound as the CME pit session ended Wednesday, but June skidded 0.02 to 104.657.


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


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