Ag markets posted mixed closes again Monday.

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


Corn futures continued their post-report rally Monday. Although last Friday’s USDA Crop Production and WASDE reports implied the U.S. corn situation is quite liquid, the numbers were not as bearish as many anticipated. Wire service reports cited widespread short covering, buying from end users and unwinding of bean/corn spreads for today’s gains. December corn futures surged 8.0 cents to $4.3475/bushel Monday, while May added 8.5 cents to $4.555.

Bean and meal futures staged a late-Monday comeback. Last Friday’s reports sent soybean and meal futures sharply higher, whereas oil prices languished. Those markets reversed those moves to some extent to start this week, especially with the palm oil markets rising modestly in Sunday night action. However, the sustained corn strength seemingly spurred renewed soy complex buying. January soybean futures closed 5.0 cents higher at $13.01/bushel Monday afternoon, while December soyoil rebounded 0.18 cents to 40.42 cents/pound, but December soymeal slipped $0.2 to $422.1/ton.

The wheat markets proved unable to sustain their early gains. Technical considerations, as well as concurrent corn strength, apparently boosted golden grain prices to start this week. However, talk of increased 2013/14 production and diminished export prospects appeared to drag prices downward as Monday passed. December CBOT wheat futures declined 3.5 cents to $6.4325/bushel at their Monday settlement, while December KCBT wheat futures sank 2.25 cents to $7.0625, and December MWE futures lost 3.5 to $7.045.

Late-Friday cash strength may have spurred CME cattle buying. Fed cattle prices apparently bounced from around $131/cwt (cents/pound) on Thursday to the $132 area Friday afternoon. That news seemingly inspired today’s modest Chicago gains. Renewed hopes for the short-term wholesale outlook may have supported prices as well. December cattle futures rallied 0.35 cents to 132.75 cents/pound late Monday afternoon, while April futures advanced 0.47 to 135.27. Meanwhile, January feeder cattle dipped 0.25 cents to 164.17 cents/pound on rising feed costs, while March feeders were steady at 164.32.

Hog futures began the week in mixed fashion. Monday’s early cash calls were steady to weak, with wire service reports citing partial packing industry shutdowns for Veterans Day. Traditional seasonal weakness here in early November may also be handicapping bulls. Conversely, they apparently still expect persistent supply tightness next year. December hog futures settled 0.07 cents lower at 88.05 cents/pound Monday, while April bounced 0.35 to 94.05.


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 

Name
e-Mail (required)
Location

Comment:

characters left


AppliMax Spray Nozzle Lights

Features & Options: Spraying when there is low, or no light lets you get more acres done and apply more ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form