Ag markets moved generally higher Thursday night

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

Corn futures dipped slightly Friday morning. The corn market seemingly stalled at three-month highs Thursday. Given the fact that the USDA is set to released its monthly WASDE report next Monday, if isn’t terribly surprising that prices dipped overnight. That may be the case throughout today’s session. March corn slipped 0.75 cent to $4.4225/bushel in early Friday trading, while May sagged 0.75 to $4.4775.

Rain in Brazil’s center-south region seemingly weighed on the soy complex. Sugar and coffee crops in Brazil’s center-south have recently suffered from dryness, but that region got rain last night. Conditions in Brazil’s grain/soy growing region have been favorable, but ideas that the dryness would spread to that area have supported the soy complex lately. March soybeans stalled at $13.2575/bushel Thursday night, while March soyoil skidded 0.01 cents to 38.65 cents/pound, and March soymeal rose $1.2 to $447.2/ton.

The wheat markets gained in Thursday night action. Weather concerns and renewed demand optimism boosted wheat prices earlier this week, but struggled Thursday. If not for industry concerns about a spring wheat shortage amidst a strike by Canadian rail workers, losses would have been unanimous. However, prices are inching back up again this morning. March CBOT wheat futures edged 2.0 cents higher to $5.8275/bushel in pre-dawn Friday action, while March KCBT wheat futures added 3.0 cents to $6.5175, and March MWE futures moved up 0.5 to $6.3875.

News of Nebraska cash weakness didn’t depress cattle futures. Recent CME cattle weakness has seemingly reflected bearish short-term expectations. That was confirmed overnight when news of light Nebraska trading in the $140-$141 area, down about $5 from last week only capped February futures and didn’t keep deferred futures from rising moderately. April cattle futures rallied 0.25 cents to 139.32 cents/pound as Friday dawned over Chicago, while August lifted 0.27 cents to 130.00. Meanwhile, March feeder cattle ran up 0.32 cents to 167.32 cents/pound, and May added 0.25 to 168.82.

Hog futures moved unevenly higher Thursday night. News that wholesale pork valued continued their recent decline seemed to limit bullish interest in nearby hog futures last night. However, late afternoon reports pointed to considerable firmness at the cash markets, which apparently offset the wholesale slippage. Talk of spreading PEDV disease could support deferred futures. April hogs edged up 0.12 cents to 94.32 cents/pound early Friday morning, while June increased 0.10 to 105.15.

Persistent equity strength seems to be boosting cotton futures. Cotton futures continued their recent pattern of moving in concert with the equity markets last night. Stocks don’t resume trading until midmorning, but stock index futures climbed overnight, which in turn seemed to support the cotton market. As in the grain/soy pits, Monday’s looming USDA reports may spur long liquidation today, thereby weighing on prices. March cotton advanced 0.34 cents to 86.65 cents/pound just after sunrise (EST) Friday, while July cotton gained 0.23 to 86.70.

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

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