Ag markets proved generally weak Thursday

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

Corn futures declined modestly Thursday. There was little fresh news, so traders seemed to fall back upon the simple fact that US farmers are wrapping up a record corn harvest, as well as persistent talk that the EPA will cut the ethanol mandate next year. December corn futures slid 3.25 cents to $4.265/bushel at Thursday’s close, while May dipped 3.75 to $4.45.

The soy complex traded uncertainly again today. Traders remain concerned about the Asian palm oil situation, so they continued buying soyoil futures Thursday. However, plentiful post-harvest soybean supplies are seemingly limiting the upside potential of beans and meal. Transportation and technical issues may also be limiting rally attempts. January soybean futures settled 1.5 cents lower at $13.135/bushel Thursday afternoon, while December soyoil gained 0.01 cent to 40.97 cents/pound, and December soymeal crept up $1.3 to $424.6/ton.

Egyptian news depressed the wheat markets. Recent wheat export totals have been unimpressive, but the resulting price decline has seemingly rendered US wheat more competitive on the global market. Early Thursday gains marked a response to news of a sizeable sale to Brazil. However, U.S. wheat was shut out of a large Egyptian tender, thereby sparking late futures sales. December CBOT wheat futures slumped 0.75 cent to $6.4475/bushel in late Thursday trading, while December KCBT wheat futures inched up 1.0 cent to $7.03, while December MWE futures added 0.5 to $7.00.

Cattle futures responded weakly to rising beef prices. Bullish traders have seemingly been hoping that higher beef prices will spark cattle price gains in the country and in Chicago this week. Futures did rise modestly Thursday, but those had to disappoint bulls after choice cutout had jumped 1.26 cents at midday. December cattle futures settled 0.22 cents higher at 132.97 cents/pound Thursday, while April futures rose 0.12 to 134.95. Meanwhile, January feeder cattle surged 0.55 cents to 165.20 cents/pound, and March feeders gained 0.55 cents to 164.90.

Wednesday’s large pork losses undercut hog futures. Hog weights have soared lately, thereby suggesting market-ready supplies are more liquid than previously thought. And while the cash markets have seemingly stabilized, Wednesday afternoon reports indicated big pork losses, which sent CME futures sharply lower in early trading. Firmer noon quotes probably limited the damage. December hog futures dove 0.77 cents to 85.60 cents/pound in late Thursday trading, while April tumbled 0.55 to 92.10.


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


Aluminum Grain Trailers

Maurer Manufacturing offers a complete line of high quality aluminum grain trailers. Manufactured in Spencer, Iowa, Maurer aluminum grain trailers ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form