Ag markets moved mostly higher on Monday

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

Short covering reportedly boosted corn futures on Monday’s close. Corn prices fluctuated at slightly higher levels in early-week trading, with the weekly USDA Export Inspections report seeming to provide only modest support. However, widespread short-covering ahead of tomorrow’s monthly USDA reports appeared to boost the market as the close loomed. March corn futures rallied 3.75 cents to $4.38/bushel late Monday afternoon, and May added 3.75 to $4.465.

Soybeans remained strong Monday. Talk of robust export demand seemingly overruled bearish South American soybean production prospects to start this week. Moreover, the weekly Export Inspections figure easily topped forecasts. After seeming to stall around midsession, the bean and meal contracts also seemed to benefit from active short covering ahead of Tuesday’s USDA reports. January soybeans soared 18.25 cents to $13.4375/bushel at their Monday settlement, while January soyoil sank 0.27 cents to 40.22 cents/pound, and January soymeal climbed $11.3 to $438.7/ton.

Wheat futures ended mixed Monday afternoon. Concern about winter damage reportedly supported the wheat markets Sunday night, but prices turned mixed as Monday passed. The strong result on the Export Inspections report seemingly did little to boost prices. Again, traders were probably reducing their holdings ahead of tomorrow’s monthly USDA reports. March CBOT wheat futures settled 0.5 cent lower at $6.505/bushel in late Monday action, while March KCBT wheat futures inched up 0.5 cent to $6.96, and March MWE futures dropped 4.25 to $6.7675.

Rebounding beef prices probably supported cattle futures Monday. After plunging Thursday, cattle futures stabilized last Friday despite cash weakness and a late drop in beef values. However, rebounding wholesale prices seemed to support the CME market to start this week. The prospect of persistent seasonal supply tightness probably undergirded the market as well. February cattle futures closed up 0.20 cents at 133.35 cents/pound Monday afternoon, while the April contract ran up 0.32 to 134.02. Meanwhile, January feeder cattle advanced 0.67 cents to 165.15 cents/pound, while March feeders surged 0.72 to 165.40.

Friday’s afternoon reports probably sparked Monday’s hog gains. After trading weakly much of last week, firming cash and wholesale prices apparently supported CME futures Friday afternoon. Surprising strength in late reports apparently boosted the Chicago market today, with weak midday pork reports seemingly doing little to discourage buying. February hog futures jumped 0.85 cents to 89.85 cents/pound in late Monday trading, while June leapt 0.87 to 100.57.

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

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