Ag markets moved mostly higher Friday morning

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

The crop markets remained strong Friday morning. Although large areas of the western Corn Belt were blessed with rain Thursday morning, forecasts for hot, dry weather in late August apparently boosted corn futures Thursday night and again this morning. Disappointing Iowa results from a major crop tour probably boosted CBOT prices as well. September corn climbed 9.0 cents to $4.9675/bushel around midsession Friday, while December gained 5.0 cents to $4.695.

The soy complex spiked upward Friday morning. Summery short-term weather forecasts for the Corn Belt probably supported the soy complex early this morning. However, the fact that the crop tour reading for Iowa soybeans indicated average pod counts below those seen during last year’s drought almost surely played a major role in today’s surge. September soybeans leapt 36.75 cents to $13.58/bushel just before lunchtime Friday, while November beans zoomed up 33.75 to $13.205. September soyoil added 0.26 cents to 42.69 cents/pound, and September soymeal jumped $17.5 to $430.8/ton.

Wheat futures tried to follow corn and soybeans higher Friday morning. Overnight news that Saudi Arabia tendered for 660,000 tonnes, was apparently offset by a report indicated Russia’s 2013/14 exports could surge by 36%. Forecasts for heat and dryness in spring wheat areas over the next week may facilitate the accelerating harvest, which probably explains the slippage suffered by Minneapolis futures. September CBOT wheat rose 4.25 cents to $6.3475/bushel late Friday morning, while September KCBT wheat edged 2.25 cents higher to $6.965, but September MGE futures skidded 2.25 cents to $7.17.

Cattle futures stabilized before the COF report this afternoon. Cattle traders seemed to be evening up positions Friday morning, due largely to the looming release of the monthly USDA Cattle on Feed report at 2:00 PM CDT. It’s now rather apparent that this week’s cash trading won’t begin until after the report is released, which could sway prices in either direction. October cattle futures inched up 0.02 cents to 127.22 cents/pound as the lunch hour approached Friday, while December slipped 0.05 cents to 129.67. September feeder cattle futures sank 0.30 cents to 157.40 cents/pound, and November lost 0.40 to 160.05.

Hog futures bounced from technical support Friday morning. The monthly USDA Cold Storage report stated ending-July U.S. pork stocks well above forecasts, which seemingly exaggerated recent selling in early action. However, futures rallied substantially after bouncing from firm support around the 81.00-cent level. That may bode rather well for short-term prospects. October hog futures advanced 0.67 cents to 85.07 cents/pound late Friday morning, while December surged 0.67 cents to 82.27.


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


Pacesetter Grain Hopper

The Pacesetter Gain Hopper features original and innovative ideas like the patented RollerTrap™, the industry’s easiest to open and maintain trap ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form