Ag markets in late Monday morning action

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

Corn futures rallied modestly Monday morning. Talk that rainy weekend weather prevented corn harvest progress, as well as ideas that another storm will hit the Corn Belt later this week, seemed to support corn futures in Monday morning trading. A forecast of substantially reduced Russian grain production may also be offering support. December corn futures gained 3.25 cents to $4.465 by late Monday morning, while May added 2.5 cents to $4.67/bushel.

Soybeans and oil remained weak in early Monday trading. Although today’s news seems nominally supportive of the soy complex, soybeans and oil proved surprisingly weak. Wire service sources cited technical and pragmatic factors for the early selling, but we suspect persistent reports of surprisingly good bean yields in the southern Corn Belt are weighing upon legume values. November soybeans sank 1.5 cents to $12.935/bushel just before lunchtime Monday, while December soyoil slid 0.39 cents to 39.85 cents/pound, but December soymeal rose $1.4 to $419.8/ton.

Wheat futures resumed their recent rally this morning. Indications of strong demand continue supporting wheat futures. Prices rose rather strongly to start the week in apparent response to news that excessive rainfall has apparently curtailed Russian plantings. The resulting drop in acreage points to a significantly reduced production figure next spring. December CBOT wheat surged 5.75 cents to $6.9275 bushel around midsession Monday, while December KCBT wheat climbed 6.75 cents to $7.57, and December MGE futures ran up 3.75 cents to $7.50.

First notice day may be worrying cattle traders today. Today is first notice day for October live cattle futures; those will be issued later in the day. At this point, a significant number of notices seem likely to be posted, since fed cattle traded in the $125-$126/cwt (cents/pound) range late last week, whereas the October future began the day trading over 128 cents/pound. December cattle futures dipped 0.10 cents to 132.32 just before lunchtime Monday, while April dropped 0.35 cents to 135.10. Meanwhile, November feeder cattle tumbled 0.35 cents to 165.60 cents/pound, and January lost 0.40 cents to 165.55.

Hog futures were decidedly mixed Monday morning. The lack of USDA news is almost surely limiting activity in the hog pit and creating considerable uncertainty in the process. Talk of steady cash prices is probably supporting the nearby contracts at this point, but traders have to be concerned about the hog/pork complex’s history of substantial weakness at this time of year. December hog futures advanced 0.32 cents to 87.95 cents/pound in late Monday morning activity, while April lifted 0.32 cents to 90.17.

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

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