Ag markets once again mixed Friday morning

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

CBOT corn futures continue reacting to differing old and new crop prospects. That is, the persistent tightness of the old crop situation supported the nearby contracts overnight, whereas fresh talk of benign growing weather over the Corn Belt during the days ahead weighed upon their deferred counterparts. July corn futures rose 3.75 cents to $6.4725/bushel in early Friday electronic trading, while December dipped 1.0 cent to $5.3425.

Overnight talk also concentrated upon the likely benefits of improved weather over the central U.S. during the second half of June. In addition, global soy markets apparently sustained the breakdown suffered by the American market Thursday. However, soybeans and products moved higher in early Friday morning trading. That may partially reflect concurrent palm oil gains, but the lack of news behind the upward push suggests it is largely technical in nature. July soybean futures bounced 9.5 cents to $15.1975/bushel as the sun rose over Chicago this morning, while July soyoil climbed 0.33 cents to 48.17 cents/pound, and July soybean meal moved up $3.0 to $455.6/ton.

Wheat futures suffered across the board losses Thursday night. With the passing of the old crop year on May 31, the wheat industry is now essentially involved solely with new crop prospects. As pointed out previously, those are regarded as being generally bearish, since limited U.S. production will apparently be greatly supplemented by a large global crop. July CBOT wheat futures declined 4.25 cents to $6.8125/bushel early Friday morning, while July KCBT wheat slid 4.25 cents to $7.1425, and July MGE futures skidded 1.0 cent to $8.11.

Choice beef cutout fell again Thursday night, thereby giving CME cattle traders little reason to think the recent cash market decline will not continue when country trading for this week occurs at some point today. Thus, live cattle and feeder futures maintained their ongoing decline overnight. August cattle slumped 0.20 cents to 118.87 cents/pound early Friday morning, while December lost 0.30 cents to 125.12. August feeder cattle futures tumbled 0.55 cents to 144.92 cents/pound, and November sagged 0.42 cents to 150.80.

The expiring June hog contract continued its closing surge Thursday and again overnight, but the deferred contracts are clearly encountering resistance around their recent highs. Ultimately, the idea that seasonal forces will militate against persistent strength beyond Independence Day is probably weighing upon those contracts. July hog futures declined 0.07 cents to 98.57 cents/pound in early Friday morning trading, while December edged 0.02 cents lower to 81.57.

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

LPV Seed Treater

The LPV Seed Treater has set a new standard boasting three configurable weighing methods for any-sized operation, a standard 42” ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form