Ag markets moved mostly lower Thursday night

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

Corn futures continued sliding Thursday night. Prospects for a huge fall crop are apparently exerting renewed pressure upon corn prices, especially with Corn Belt rainfall now forecast for the next two weeks. The fact that nearby futures failed at their 10-day moving averages this week probably exaggerated current selling. September corn slid 1.25 cents to $3.5575/bushel early Friday morning, while December lost 1.75 cents to $3.6525.

Improved moisture projections are likely weighing on the soy complex. Soybean and product futures bounced in late July as the Corn Belt dried out, since arid August conditions can significantly reduce the fall harvest. However, the return of rain to short-term forecasts seems likely to rescue the growing crop from any big complications, thereby triggering renewed CBOT selling. September soybean futures fell 10.75 cents to $10.89/bushel shortly after dawn Friday, while November futures tumbled 10.5 cents to $10.715. September soyoil sagged 0.15 cents to 36.01 cents/pound and September soymeal dipped $3.2 to $358.8/ton.

The wheat markets remains surprisingly firm. Current weather forecasts, as well as the latest financial market developments (falling stocks and rising dollar) don’t favor grain strength, but wheat futures continued their late advance overnight. That seemingly reflects potential production problems in a few other countries, as well as talk of improved demand. September CBOT wheat gained 4.25 cents to $5.345/bushel Thursday night, while September KC wheat advanced 5.75 cents to $6.315/bushel, and September MWE wheat gained 4.0 cents to $6.20.

Suspicions of cash weakness are probably weighing on cattle futures. Thursday’s cattle and beef news, what there was of it, was not bearish, but that didn’t prevent a major CME drop. The breakdown likely reflected demand concerns based on concurrent equity losses and U.S. dollar weakness. Traders probably expect cash market slippage later today. October live cattle plunged 1.17 cents to 156.15 cents/pound in early Friday action, while December dove 1.25 cents to 156.85. Meanwhile, September feeder futures plummeted 1.65 cents to 219.55 cents/pound, and November feeders crashed 1.95 to 218.02.

Firming cash prices are supporting CME hog futures. Hog futures have suffered badly from bearish seasonal expectations lately. However, those losses now look somewhat overdone after spot markets stabilized the past two days. Pork is still weak however, October hog futures edged up 0.10 cents to 103.27 cents/pound, while December added 0.05 cents to 94.22.

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

Demco 1400 Grain Cart

Demco offers a 1400 bushel grain cart to provide unmatched efficiency and operator convenience. In addition to the large 1400 ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form