Ag markets narrowly mixed Wednesday morning

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

The corn markets couldn’t sustain early Wednesday gains. The late start to spring plantings is translating into a late start to the Corn Belt harvest, which in turn has seemingly supported nearby corn prices. And while strength spilling over from the soybean pit has also offered support, the onset of the southern Corn Belt harvest appeared to undercut prices as lunchtime neared. December corn had declined 1.25 cent to $4.5275/bushel by late Wednesday morning, and May lost 1.25 cent to $4.735.

Soybeans rebounded from Tuesday losses in mid-morning action. Talk of improved rainfall and a modest increase in harvest prospects has been weighing upon the soy complex lately. However, traders were greeted with news of a big U.S. soybean sale to China and another sizeable sale to an unknown buyer this morning. That powered a general advance. November soybeans gained 1.0 cent to $13.435/bushel around midsession Wednesday, while October soyoil bounced 0.08 cents to 42.08 cents/pound, but October soymeal sagged $2.1 to $426.7/ton.

Wheat futures apparently rose in concert with soybeans Wednesday morning. The reasons behind the wheat strength weren’t obvious, but ideas that corn prices might not decline as much as anticipated this fall is probably reducing spillover pressure upon feed wheat values. Bulls may also be expecting support from firm soybean values. December CBOT wheat rallied 1.25 cents to $6.4425/bushel just before lunchtime Wednesday, while December KCBT wheat lifted 2.5 cents to $6.9275, and December MGE futures edged up 2.5 cents to $7.02.

Cattle futures were mixed Wednesday morning. Although cattle and beef values traditionally tend to rally during late summer and fall, but recent beef slippage has short-circuited rally attempts. Meanwhile, talk of reduced August feedlot placements seemed to boost deferred futures. October cattle futures slipped 0.02 cents to 125.15 cents/pound as the lunch hour loomed Wednesday morning, while December skidded 0.02 to 128.62. Meanwhile, October feeder cattle were steady at 157.87 cents/pound, and January inched .05 cents higher to 158.55.

Hog futures remained weak in early Wednesday trading. Hog and pork prices had recently disappointed CME hog traders, thereby undercutting futures Tuesday. The Chicago slide has continued, with bears likely focusing upon reports of flat country hog prices. Ultimately, traders may be expecting a seasonal cash market peak in the days ahead, which would be followed by a sharp autumn decline. October hog futures dropped 0.62 cents to 90.35 cents/pound late Wednesday morning, while December slid 0.32 cents to 87.20.

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

Kinze 1500 Grain Cart

The Kinze 1500 Grain Cart is engineered for speed and reliability required of custom harvesters. Load up to 1500 bushels ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form