Ag markets proved generally strong Thursday
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.
- Ag markets posted a mixed showing before the long weekend
- Central American farmers generate energy from coffee wastewater
- Big potential in China for U.S. corn, livestock exports
- Outback Guidance introduces next generation auto steer systems
- Ag markets proved quite mixed again Friday morning
- Court ruling in Hawaii finds that crop protection is state law