Ag markets proved quite strong Tuesday

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

Corn benefited from soybean strength Tuesday. Soybeans rallied to start this week’s trading, with traders citing deteriorating South American growing conditions and lower private forecasts for the Brazilian crop. Those concerns probably apply to S.A. corn as well. Robust demand for U.S. corn is apparently providing persistent support, but traders remain very aware of the size of current stocks. March corn lifted 4.25 cents to $4.495/bushel late Tuesday, while May rose 4.75 to $4.555.

Talk of declining South American production sparked Tuesday’s soy surge. After proving quite good early in the current growing season, Brazilian conditions have reportedly deteriorated lately. Argentine conditions have generally been poorer than those in Brazil. Given the tightness of the U.S. situation, those developments sent CBOT prices sharply higher. Big Asian palm gains also encouraged buying, despite the bearish nature of the late-morning NOPA crush data. March soybeans closed 23.5 cents higher at $13.61/bushel Tuesday afternoon, while March soyoil soared 1.21 cents to 41.36 cents/pound, and March soymeal climbed $6.9 to $456.9/ton.

Production and transport concerns boosted wheat prices again Tuesday. Wheat futures very likely rose in concert with surging soy prices today, but traders also cited the potential for weather damage to U.S. winter wheat and Canada’s transport problems as supporting spring wheat values. March CBOT wheat futures jumped 13.5 cents at $6.12/bushel at their Tuesday settlement, while March KCBT wheat futures advanced 11.25 cents to $6.8575, and March MWE futures rallied 12.75 to $6.7925.

Big beef gains sent cattle futures higher. Cattle futures set back sharply last Friday, since traders seemed to be disappointed with late-week cash action. However, the Chicago market rebounded sharply today, because wholesale prices soared Monday and again this morning. This may bode well for short-term cattle price prospects across the country and in Chicago. April cattle futures surged 1.02 cents to 142.12 cents/pound at their Tuesday close, while August climbed 0.85 cents to 132.00. Meanwhile, March feeder cattle ran up 1.22 cents to 171.70 cents/pound, and May spiked 1.97 to 173.75.

Talk of tightening supplies spurred big hog gains Tuesday. Recent cash and wholesale news has been supportive of the hog and pork complex, but the increases have not been large enough to explain the bullish breakout posted lately. That very likely represents a trader reaction to the growing fears that the PEDV outbreak is sharply reducing market hog supplies. April hogs zoomed up 1.20 cents to 97.37 cents/pound in late Tuesday trading, while June surged 1.20 to 107.32.

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

Kinze 1500 Grain Cart

The Kinze 1500 Grain Cart is engineered for speed and reliability required of custom harvesters. Load up to 1500 bushels ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form