Ag markets moved mostly higher Thursday morning

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

Strong export data supported corn futures Thursday morning. Today’s weekly USDA Export Sales report stated both old and new-crop corn sales above industry expectations, thereby suggesting the recent rally has rendered U.S. grain attractive to international customers. Futures couldn’t sustain the subsequent bounce, but news of a passenger plane crash in Ukraine reignited industry concerns about Black Sea supplies. September corn bounced 3.0 cents to $3.8125/bushel late Thursday morning, while December rose 2.5 cents to $3.8925.

Talk of Chinese buying may be boosting the beans and meal. The Export Sales report stated last week’s bean and meal sales within the range of pre-report estimates, but the numbers did look somewhat supportive. And unlike corn, CBOT futures sustained a significant portion of the post-report rally. That seemingly reflects an industry response to widespread talk of accelerated Chinese buying. August soybean futures rallied 4.5 cents to $11.9175/bushel shortly before lunchtime Thursday, while November futures moved up 5.0 cents to $11.07. August soyoil slipped 0.01 cents to 36.82 cents/pound, while August soymeal added $2.3 to $386.0/ton.

Wheat exports disappointed, but Ukraine news sparked a resurgence. In contrast to the bullish corn total, the new-crop wheat result on today’s USDA Export Sales report seemed disappointing, since the actual figure fell well short of pre-report forecasts. Traders bullish about the domestic situation are apparently being overrun by bears worried about the over-supplied global outlook. However, the Ukrainian plane crash clearly has traders worried about the Black Sea situation. September CBOT wheat rebounded 11.5 cents to $5.495/bushel in late-morning action, while September KC wheat jumped 12.5 cents to $6.4975/bushel, and September MWE wheat ran up 7.0 cents to $6.35/bushel.

Steady cash trading is boosting cattle futures. Despite early-week wholesale weakness, packer buyers bought a few central Plains cattle at steady-weak levels Wednesday afternoon. That news almost surely triggered the overnight surge and today’s sustained gains, since traders had expected a significant decline instead. August live cattle leapt 2.05 cents to 149.72 cents/pound around midsession Thursday, while December rallied 1.12 cents to 153.17. Meanwhile, August feeder cattle jumped 1.37 cents to 211.20 cents/pound, and October climbed 1.10 to 211.77.

CME hogs reversed on demand pessimism Thursday morning. Hog futures tried to follow cattle futures higher last night, but bearish expectations reasserted themselves today. Hog supplies will probably remain very tight through midsummer, but traders clearly think the recent demand surge will end soon. August hog futures plunged 1.80 cents to 128.72 cents/pound in late Thursday morning action, while December tumbled 1.32 cents to 102.67.

Cotton futures couldn’t sustain their post-report bounce. The weekly Export Sales report stated last week’s new-sales at an impressive 347,000 tonnes, which apparently triggered a sizeable post-report rally. However, the shipments data was quite poor, thereby seeming to drag prices lower once again. December cotton slid 0.14 cent to 67.50 cents per pound around midday (EDT) Thursday, while March futures dropped 0.18 to 68.12 cents/lb.

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

Declining Weigh Blending System

Ranco Declining Weigh (DW) is the standard in fertilizer blending because of the speed and accuracy of the blending process. ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form