Ag markets had a bad day Tuesday

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

Favorable weather forecasts depressed corn futures Tuesday. Talk of dry early-August weather has supported the crop markets lately, but the latest forecasts suggest conditions will remain cool, with a possibility of widespread rain next week. That news undercut beans and corn. September corn sank 6.25 cents to $3.615/bushel in late Tuesday trading, while December lost 5.75 cents to $3.71.

The soy complex also dropped on weather news. The industry has recently worried about persistent August dryness, especially if temperatures warm. However, meteorologists reportedly think there’s a significant chance of Corn Belt rain next week, whereas there’s no excessive heat in the forecast. August soybean futures ended Tuesday having fallen 10.0 cents to $12.265/bushel, while November futures dropped 12.75 cents to $10.95. August soyoil slid 0.27 cents to 36.25 cents/pound and August soymeal stumbled $7.4 to $395.4/ton.

The wheat markets came under pressure as well. Improved weather forecasts seemed to play a lesser role in Tuesday’s wheat decline; traders reportedly cited huge global supplies and strong competition from other exporters for the drop. The morning breakdown also had a big technical component. September CBOT wheat plunged 14.75 cents to $5.20/bushel at their Tuesday settlement, while September KC wheat dove 14.0 cents to $6.115/bushel, and September MWE wheat slumped 10.75 cents to $6.105.

CME cattle traded mixed Tuesday. Nearby cattle futures closed rather weakly Monday, ending the day well below their early highs. That weakness seemingly triggered additional selling today, with traders apparently worrying that a ‘blow-off’ top will soon occur, thereby rendering the cash market vulnerable to a sizeable short-term reversal. August live cattle closed 0.27 cents lower at 158.77 cents/pound Tuesday, while December skidded 0.10 cents to 159.15. Meanwhile, August feeder futures climbed 1.25 cents to 221.42 cents/pound, and October feeders advanced 1.27 to 222.12.

Chicago hog prices continued their late decline. Cash hog values are still felling downward pressure, but the fact that pork quotes also ended Monday quite badly depressed CME futures. Bulls attempted to trigger a reversal in early trading, but the failure of that effort seemingly spurred fresh selling as lunchtime loomed. August hog futures tanked by 2.22 cents to 121.45 cents/pound Tuesday afternoon, while December slumped 0.75 cents to 96.60.


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


Smooth Wall Grain Bins

Meridian’s SmoothWall bins are the ultimate storage bins, used to handle and store fertilizer, grain, feed and seed, and extend ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form