Ag markets ended the week in mixed fashion

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

Corn futures were generally mixed Friday. The potential for favorable midsummer weather is still weighing upon corn prices, since the benign conditions could contribute to a record harvest. However, traders seemed to be reducing short positions before the weekend, since changing forecasts might send prices higher early next week. September corn futures rallied 3.0 cents to $5.44/bushel at their Friday close, while December ended the week unchanged at $5.0075.

The tight old crop situation continues supporting the soybean market. Soybeans are also feeling downward pressure from favorable summer weather, especially with corn leading the way lower lately. However, the current old-crop shortage apparently supported nearby futures Friday, which in turned seemed to spill over into the deferred contracts. August soybean futures leapt 21.5 cents to $14.9075/bushel late Friday afternoon, while August soyoil slipped 0.02 cents to 45.50 cents/pound, and August soymeal jumped $12.0 to $482.4/ton.

Renewed export hopes boosted wheat futures Friday. An early morning USDA report indicated that a private seller had sold 120,000 tonnes of soft red winter wheat to China, thereby reminding traders that the Asian giant may need a great deal more grain later this year. Winter wheat futures rallied in response. However, the prospect of favorable summer weather and a big spring wheat crop undercut the Minneapolis market. September CBOT wheat settled 4.0 cents higher at $6.645/bushel Friday, while September KCBT wheat gained 3.0 cents to $7.0525 and September MGE futures inched 0.25 cent higher to $7.505.

Cattle futures declined modestly Friday. Flat country prices around $119/cwt in the Southern Plains seemingly undercut the market, since bulls have been hoping for a significant rebound from seasonal lows. Traders may also have been unwilling to take a stand ahead of the afternoon release of the monthly USDA Cattle on Feed report. The results largely matched expectations, so futures may react little next Monday. August cattle dipped 0.12 cents to 121.97 cents/pound as trading wound down for the week, while December skidded 0.15 cents to 128.72. August feeder futures rallied 0.17 cents to 152.25 cents/pound, while November moved up 0.15 cents to 158.15.

CME hog prices declined in concert with cattle Friday. Bullish hog traders have very likely been hoping resurgent cattle and beef prices would support the hog and pork complex during the coming weeks and months. Thus, the cash cattle weakness, along with slippage in Corn Belt swine values, apparently caused the weakness experienced by hog futures Friday. August hog futures settled 0.15 cents lower at 96.47 cents/pound Friday, while December sank 0.32 cents to 82.22.


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


Grain Storage Systems

Behlen Grain Storage Systems offers large capacity bins with diameters from 16’ to 157’ and capacities exceeding 1,500,000 bushels. All ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form