Ag markets proved rather weak Thursday afternoon

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

Soy gains may have supported corn futures Thursday. The weekly Export Sales report stated last week’s corn result well above forecasts, which likely prompted modest buying. Bulls could also point to strength spilling over from the soybean pit, where bullish news boosted the nearby contracts. Late weakness may have reflected the generally bearish environment. December corn futures closed 0.75 cent lower at $4.25/bushel Thursday afternoon, while May added 0.5 cents to $4.40.

Export news and a strong stopper of November bean deliveries boosted soy values. The weekly Export Sales report held few surprises, but CBOT traders were probably encouraged by early Thursday morning news of a 250,000-tonne soybean sale to China. News that a major commercial firm had taken initial deliveries against the expiring November contract seemed bullish as well. In contrast, news that the FDA may regulate trans fats, as in soybean oil, undercut that market. January soybean futures climbed 11.5 cents to $12.665/bushel at Thursday’s settlement, while December soyoil dove 0.40 cents to 40.74 cents/pound, and December soymeal surged $7.0 to $403.8/ton.

The wheat markets also suffered late losses Thursday afternoon. The weekly Export Sales report seemed neutral for wheat prices, since the result essentially split the range of pre-report estimates. The Chicago market appeared to follow corn and beans higher early, but Kansas City and Minneapolis prices led the way lower later in the day. December CBOT wheat futures slid 0.25 cent to $6.53/bushel as Thursday’s pit session ended, whereas December KCBT wheat futures lost 4.0 cent to $7.1575, and December MWE futures skidded 2.75 to $7.095.

Cattle traders apparently expect flat cash market results this week. Although history suggests cash cattle and wholesale strength early in most months, this week’s beef slippage, especially in choice cutout, hasn’t been helpful to the bullish cause. Traders reportedly expect steady-weak cash trading as a result, thereby causing cattle futures to struggle. December cattle futures settled 0.35 cents lower at 131.67 cents/pound Thursday, while April futures slumped 0.02 to 134.20. January feeder cattle sank 0.42 cents to 165.12 cents/pound, while March feeders lost 0.55 cents to 164.82.

Nearby hog futures firmed in Thursday action. Although surging hog weights have given rise to talk of increasing supplies over the short run, CME swine futures rose moderately this morning. That almost surely reflected surprising wholesale strength on morning reports; the fact that those are often mitigated or reversed in the afternoon probably limited the CME response. December hog futures advanced 0.20 cents at 87.55 cents/pound as trading would down Thursday, while April ran up 0.32 to 93.17.

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


YOUR BEST HARVEST IS NOW WITHIN REACH J&M introduces their patented line of X-tended Reach grain carts, featuring a frontfolding single ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form