Ag markets generally mixed to weak Monday morning

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

Favorable weather is again weighing on corn futures. After bouncing somewhat Sunday night, corn futures turned decidedly lower this morning. That almost surely reflects currently favorable growing conditions, as well as benign early-summer forecasts. Futures also failed at technical resistance in early-morning action. July corn dropped 5.75 cents to $4.4125/bushel around midsession Monday, while December slid 5.25 cents to $4.4225.

The NOPA crush report temporarily supported the soy complex. The tight old crop situation reportedly spurred buying of nearby beans and meal early Monday morning, although oil declined despite Asian palm strength. The weekly Export Inspections report also looked moderately bullish. That didn’t change after the late-morning release of the monthly NOPA crush report, which was seen as supportive of the complex. Beans rallied in response but quickly reversed. July soybeans gained rose 0.25 cent to $14.26/bushel in late Monday morning action, while July soyoil sagged 0.15 cents to 39.54 cents/pound, while July soymeal dipped $2.0 to $465.9/ton.

Weather news may be stalling wheat moves. The central U.S. has recently been blessed with plentiful rains, thereby boosting prospects for spring-planted crops. That may be depressing spring wheat prices somewhat. However, the moisture may be hurting winter wheat quality as harvest looms. Developing issues with global crops may also be offering support. July CBOT wheat futures slipped 4.0 cents to $5.82/bushel shortly before lunchtime Monday, while July KCBT wheat sank 4.5 cents to $7.0875 and July MWE futures lost 3.0 to $6.8125.

Cattle futures remained strong Monday morning. Last week’s surprising rise in cash cattle prices triggered a major advance in CME cattle futures, since the contra-seasonal bounce suggested limited downside potential for the balance of summer. That’s probably why futures remained quite firm to start this week. August cattle stabilized at 146.62 cents/pound in late Friday morning trading, while December stalled at 151.75. Meanwhile, August feeder cattle skidded 0.07 cents to 208.07, whereas October gained 0.02 to 208.82.

The latest cash and wholesale news seems to be undercutting hog futures. Last Friday’s late reports indicated modest late-week cash losses and a sizeable drop in pork cutout. Those almost surely disappointed bulls looking for a big seasonal surge. Today’s early talk also seems less than supportive, as implied by the big CME losses. August hog futures plummeted 2.75 cents to 128.52 late Monday morning, while December dove 2.02 cents to 96.40.


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


Ports and River Receiving Systems

Material handling equipment for deep-water seaports and river terminals requires special design and construction to optimize speed, reliability and ensure ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form