Ag markets moved mostly higher Tuesday

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

Corn futures seemed to suffer from pragmatic selling Tuesday. Monday’s monthly USDA WASDE report was seen as bullish for corn. CBOT futures reacted well to the news, but ended yesterday and today rather weakly. The nearby contracts are still trading above short-term moving average support, but pragmatic traders appeared to sell actively in response to the surprisingly weak reaction to the bullish news. March corn closed 1.5 cents lower at $4.415/bushel Tuesday, while May dipped 1.5 to $4.4725.

Firming cash prices reportedly boosted the soy complex Tuesday. Soybean and meal futures seemed headed substantially lower in early trading, especially after the bearish results of Monday’s WASDE report truncated what had looked like a bullish breakout on the charts. Nevertheless, early reports of surprising cash strength apparently triggered a fresh reversal by late morning. March soybeans climbed 9.25 cents to $13.3475/bushel at Tuesday’s close, while March soyoil rose 0.12 cents to 38.85 cents/pound, and March soymeal bounced $5.2 to $449.2/ton.

Wheat continued building on recent gains. The wheat markets posted varying gains Tuesday, due in part to the supportive nature of the WASDE data. The nearby Kansas City and Minneapolis contracts have also broken out above technical resistance, whereas Chicago prices struggled at comparable points. Concerns about Canadian transport problems boosted the Minneapolis market, while KC traders were worried about southern Plains dryness. March CBOT wheat futures advanced 5.5 cents to $5.9025/bushel at their Tuesday settlement, while March KCBT wheat futures gained 2.75 cents to $6.655, and March MWE futures surged 9.75 to $6.6125.

Talk of rising packer bids sent cattle futures higher. The cattle market began the week rather poorly, which probably reflected the negative influence of flat-to-weak wholesale prices. But packer buyers reportedly raised their bids for southern Plains cattle this morning, thereby spurring strong buying in the CME pit. April cattle futures leapt 1.00 cent to 141.17 cents/pound as Tuesday’s pit session ended, while August climbed 0.75 cents to 131.02. Meanwhile, March feeder cattle jumped 0.87 cents to 168.77 cents/pound, and May soared 0.82 to 170.35.

Hog futures sagged in Tuesday trading. The cash hog and wholesale pork markets again appeared to fall short of bullish expectations Monday, thereby undermining futures priced at substantial premiums to spot values. That seemed to be the case again today, as indicated by the general CME swine decline. April hogs sank 0.57 cents to 94.17 cents/pound as pit trading ended Tuesday, while June tumbled 0.75 to 104.67.


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