Ag markets posted divergent moves Wednesday

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

Talk of large stocks and warmer weather are reportedly depressing corn futures. Pre-report estimates for next Monday’s quarterly Grain Stocks report seemingly topped above prior expectations. In addition, forecasts for much warmer and wetter Midwest weather next week is increasing planting discussions. Both developments seem somewhat bearish. May corn settled 2.0 cents lower at $4.845/bushel Wednesday afternoon, while December slid 2.25 to $4.84.

Cash firmness supported beans and meal Wednesday. The soy complex suffered modest losses along with corn and wheat Tuesday night, but beans and meal moved steadily higher as the day passed. The advance seemed somewhat technical in nature, but reports of reluctant producer selling and firming country prices reportedly played a role as well. May soybeans rallied 12.00 cents to $14.40/bushel at their Wednesday close, while May soyoil slipped 0.01 cent to 40.73 cents/pound, and May soymeal added $5.4 to $469.1/ton.

The wheat markets seemed focused on bearish production prospects. Forecasts for improved rainfall over the central U.S. next week seemed to weigh upon nearby wheat futures Wednesday morning. Conversely, ideas that next Monday’s Prospective Plantings report will state wheat seeding intentions well above last year appeared to depress the deferred contracts. May CBOT wheat futures fell 11.5 cents to $6.9675/bushel in late Wednesday action, while May KCBT wheat futures plunged 20.5 cents to $7.7125 and May MWE futures dove 16.25 cents to $7.4675.

Cash strength supported cattle futures. News of firm cash trading provided a modest boost for the CME cattle market yesterday. Those southern Plains reports were followed by news of a $2.00/cwt advance in Nebraska prices later in the day, which almost surely powered the CME gains seen Wednesday. April cattle futures soared 1.42 cents to 145.80 cents/pound at the daily close, while August ran up 0.95 cents to 134.85. Meanwhile, April feeder cattle jumped 1.27 cents to 178.62 cents/pound, and August leapt 1.07 to 180.52.

Hog futures apparently bounced from early lows Wednesday. Talk of cash and wholesale weakness seemingly triggered Tuesday’s big technical hog futures plunge. However, the afternoon reports proved much more supportive than was seemingly anticipated. Futures continued sliding in early morning action, but reversed to the upside in late morning action. April hog futures advanced 0.82 cents to 122.47 as Wednesday’s pit session ended, while June climbed 1.10 to 126.30.

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 (1) Leave a comment 

e-Mail (required)


characters left    
bankok  |  March, 26, 2014 at 11:32 PM

Jimmy Kimmel asks kids which bad words they know

Tube Series (TS) Conveyors

USC’s Tube Series Conveyors combine the gentleness of the signature Seed Series with the traditional stability of a tube-style conveyor, ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form