Ag markets proved generally mixed Thursday night

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

Corn futures dipped in response to Friday’s early USDA data. After giving a taste of their long-term data Thursday, the USDA released the full report early this morning. Forecast 2014 corn acreage at 79.5 million acres didn’t change, but the other numbers seemed somewhat bearish. 2014/15 carryout was stated at 2.111 billion bushels. March corn slid 1.5 cents to $4.5425/bushel early Friday morning, while May lost 1.75 to $4.605.

Soybeans also declined on the USDA news. The 2014 data on the USDA long-term outlook also seemed to weigh on soybeans in early trading. The USDA reiterated its acreage forecast at 79.5 million acres, with the 2014 crop at 3.55 billion bushels and 14/15 carryout at 285 million. That last figure seems to be depressing CBOT prices. March soybeans declined 2.25 cents to $13.56/bushel in early Friday action, while March soyoil stumbled 0.11 cents lower to 40.46 cents/pound, and March soymeal slipped $0.6 to $450.3/ton.

Weather bulls seemed to like the USDA forecast. The USDA again stated its 2014 wheat acreage forecast at 55.5 million acres, with the forthcoming crop stated at 2.160 billion bushels and 14/15 carryout at 587 million bu. Futures remained weak versus Thursday’s close, but did bounce slightly in response to the USDA data. March CBOT wheat futures skidded 1.25 cents to $6.15/bushel soon after dawn Friday, while March KCBT wheat futures skidded 0.75 cent to $6.91, but March MWE futures rose 1.0 to $6.8275.

Cattle traders are probably expecting cash firmness later today. After surging earlier in the week, beef prices turned mixed Thursday. However, news that packers began this week’s cash bidding at last week’s price supported CME futures. That also appeared to be the case last night. April cattle futures edged up 0.05 cents to 141.92 cents/pound Thursday, while August sagged 0.07 to 131.62. Meanwhile, March feeder cattle bounced 0.17 cents to 171.30 cents/pound, and May gained 0.07 to 172.67.

Big cash and wholesale gains are boosting nearby hog futures. Bullish hog traders have been anticipating strong increases in hog and pork prices for weeks and are finally getting those late this week. Cash values, as well as pork cutout, jumped Thursday, thereby causing traders to look for more of the same. April hogs surged 0.47 cents to 98.30 cents/pound in overnight action, while June moved up 0.07 at 107.85.

Cotton again seems to be following the equity markets. Cotton futures apparently reacted rather poorly to the USDA’s projection for 2014 crop acreage on its long-term report Thursday. However, renewed strength in the equity markets suggests a strong economic outlook and vigorous apparel demand, which seemed to boost fiber prices overnight. March cotton jumped 0.78 cents to 87.15 cents/pound Thursday night, while July cotton ran up 0.66 cents to 88.09.


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


Vertical Floor Blenders

Waconia floor blenders provide a quality blend fast, year-after-year. Blenders are mounted on (4) load cells that provide accuracy ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form