Ag markets moved mostly lower Wednesday night

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

Corn futures built on recent gains Wednesday night. Recent weather news has supported new crop corn price prospects, since late-April conditions look less than conducive to accelerated plantings. Meanwhile, old-crop demand appears persistently robust. Traders are seemingly expecting a sizeable result on the Export Sales report again today. May corn rose 2.25 cents to $5.0575/bushel early Thursday morning, while December inched up 2.25 to $5.0675.

The soy complex moved mostly lower in early Thursday trading. The soy industry apparently thinks the old-crop situation will ease as Chinese traders default on previous purchases and South American beans flow into the U.S. Deferred futures slipped more significantly overnight, which may reflect suspicions that delayed corn plantings will boost acreage planted to beans. May soybeans dipped 0.25 cent to $14.6825/bushel as Thursday dawned over Chicago, while May soyoil sank 0.16 cents to 42.34 cents/pound, but May soymeal edged up $1.4 to $479.5/ton.

Technicians may be buying the wheat markets. Little fresh wheat news emerged Wednesday night, but it’s probably safe to say that the simmering Black Sea situation is providing background support for wheat prices. Fundamentally-driven bulls may also have been joined by technical traders overnight, since the various golden grain contracts are trading just above major moving average support. May CBOT wheat futures advanced 11.0 cents to $6.875/bushel in early Thursday action, while May KCBT wheat futures gained 9.25 cents to $7.55, and May MWE futures moved up 5.75 to $7.30.

Cattle futures are beginning Thursday rather weakly. Wholesale strength and discounts built into live cattle futures seem likely to offer support for the Chicago market. However, futures have persistently struggled lately, with a well-defined downtrend in place. Prices dipped again last night after failing at 10-day MA resistance Wednesday. June cattle futures declined 0.15 cents to 134.95 cents/pound around dawn Thursday, while December slumped 0.25 cents to 140.47. Meanwhile, May feeder cattle gained 0.25 cents to 178.87 cents/pound, and August added 0.17 to 182.62.

Disappointing Wednesday afternoon reports may be weighing on hog futures. The hog market rallied sharply yesterday, as strong midsession cash and wholesale reports and a technical breakout sparked big fund purchases. However, the more definitive afternoon reports from the USDA were much less supportive, thereby causing an overnight pullback. June hog futures stumbled 0.27 cents lower to 125.97 cents/pound early Thursday morning, while December skidded 0.12 to 90.90.

The cotton market continues trading in mixed fashion. ICE traders appear to be reacting to relative old-crop cotton tightness and the latest weather news affecting likely spring plantings. Delivery issues may have weighed on the expiring May future Wednesday night, whereas deferred futures rose modestly. May cotton slid 0.43 cents to 92.47 cents/pound just after sunrise (EDT) Thursday, while December cotton lifted 0.12 to 82.48.

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