Ag markets mixed again Friday morning

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

Corn stabilized around unchanged levels late Friday morning. U.S. dollar strength seemingly weighed upon the commodity sector in Friday morning action, with corn prices sustaining overnight losses. A respected industry analysis firm published a forecast for a huge US crop, but prices remained surprisingly stable. That confirms the bearish nature of current market sentiment. December corn futures bounced 1.0 cent to $4.2925/bushel late Friday morning, while May lost 0.25 cents to $4.4725.

The soy complex is caught between competing influences. This morning a respected ag industry firm also boosted its prediction for the soybean crop on next Friday’s USDA reports, but the news barely budged the market. Expectations for a huge U.S. soybean harvest are competing against the bullish influence of the Asian palm oil markets at this juncture. January soybean futures declined 7.25 cents to $12.59/bushel around midsession Friday, while December soyoil climbed 0.40 cents to 41.73 cents/pound, and December soymeal dropped $6.4 to $397.2/ton.

The wheat markets proved generally firm Friday morning. Although prices dipped Thursday night and might have been depressed further by U.S. dollar strength, wheat futures were trading in mixed fashion around midsession Friday. Bulls were also encouraged by a private industry report, which suggested Argentina’s forthcoming crop will fall short of expectations. December CBOT wheat futures gained 3.25 cents to $6.7075/bushel just before lunchtime Friday, while December KCBT wheat futures slid 2.0 cents to $7.385, and December MWE futures added 0.5 to $7.3075.

Traders cited beef weakness for undercutting cattle futures Friday. Although many aspects of the cattle/beef situation seem price supportive, prices turned decidedly lower this morning. Bears were reportedly reacting to the latest wholesale report, which stated Thursday afternoon cutout values modestly below those posted Wednesday. The outcome of this week’s cash trading will probably set the tone for next week. December cattle slid 0.20 cents to 132.52 cents/pound as the lunch hour loomed Friday, while April edged 0.05 lower to 133.72. January feeder cattle rallied 0.47 cents to 164.15 cents/pound, but March feeders sank 0.22 to 164.27.

Hog futures also lost ground in early Friday trading. Talk of declining cash and wholesale prices apparently depressed CME hog values this morning. The slippage might have garnered less attention in other circumstances, but this is the time of year when the hog and pork complex often proves very weak. December hog futures fell 0.55 cents lower to 88.62 cents/pound late Friday morning, while April descended 0.40 cents to 92.97 cents/pound.


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


Aluminum Grain Trailers

Maurer Manufacturing offers a complete line of high quality aluminum grain trailers. Manufactured in Spencer, Iowa, Maurer aluminum grain trailers ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form