Ag markets proved generally strong Thursday

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

Corn futures climbed on export news. The weekly USDA Export Sales report seemed very supportive of corn prices, since the stated result at just over 1.4 million tonnes almost doubled the largest of pre-report forecasts. However, the today’s rise may have been limited by position squaring ahead of Monday’s big USDA Prospective Plantings and Grain Stocks reports. May corn advanced 7.5 cents to $4.92/bushel Thursday afternoon, while December added 4.0 to $4.88.

The export data was less supportive of the soy complex. Talk of domestic tightness boosted soybean and product futures Wednesday night, but the weekly Export Sales report dragged prices lower. The soymeal result apparently provided some support, but the bean and oil figures were disappointing. May soybeans slid 3.5 cents to $14.365/bushel at their Thursday settlement, while May soyoil dropped 0.30 cents to 40.43 cents/pound, and May soymeal added $1.4 to $470.5/ton.

Downgraded weather forecasts appeared to spur fresh wheat buying. Although dry conditions across the Great Plains continue dominating conversations about the wheat outlook, improved early-April forecasts weighed upon futures prices Tuesday and Wednesday. However, the latest predictions are cooler and drier than those posted earlier in the week, which apparently spurred renewed buying in the various pits. May CBOT wheat futures climbed 13.75 cents to $7.105/bushel at Thursday’s close, while May KCBT wheat futures ran up 12.5 cents to $7.8375 and May MWE futures rose 7.5 cents to $7.5425.

Cattle futures resumed their advance Thursday. News that Nebraska cattle had posted a $2.00/cwt weekly advance (to record highs over $154.00/cwt) Tuesday evening boosted CME prices Wednesday. Futures dipped overnight due to trader concerns about seasonally increasing production. However, futures turned upward again this morning, possibly due to the discounts already built into CME prices. April cattle futures rallied 0.67 cents to 146.47 cents/pound in late-Thursday action, while August advanced 0.57 cents to 135.42. Meanwhile, April feeder cattle surged 0.87 cents to 179.50 cents/pound, and August rose 0.62 to 181.15.

The latest cash and wholesale reports boosted hog futures. Talk of cash and pork weakness weighed heavily upon hog futures Wednesday morning, but the market bounced back later in the day. Those gains accelerated overnight and again this morning in apparent response to surprising strength on late-Wednesday and midday-Thursday cash and wholesale reports. April hog futures locked up the 3.00-cent daily limit to 125.47 around lunchtime Thursday, as did June at 129.30.

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 (0) Leave a comment 

e-Mail (required)


characters left

Demco 1400 Grain Cart

Demco offers a 1400 bushel grain cart to provide unmatched efficiency and operator convenience. In addition to the large 1400 ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form