Ag markets proved surprisingly volatile Wednesday

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

Corn futures consolidate recent gains Wednesday. The corn market rallied from short-term moving average support Tuesday. However, the bounce did not carry prices back above their mid-February highs, which seemingly caused traders to have second thoughts about trying to push the market higher in the days just ahead. News of a sizeable Tuesday corn sale provided modest support. March corn skidded 0.25 cent to $4.555/bushel at the CBOT’s Wednesday close, while May lost 0.25 to $4.61.

The soy complex stage a big afternoon rebound. Talk of the tight U.S. situation and reduced South American production forecasts have been supporting the soy complex lately, but the bean and meal markets apparently lost their upward momentum Wednesday morning. However, growing talk of delays in Brazilian harvesting and shipping reportedly sparked a fresh afternoon surge. March soybeans climbed 8.25 cents to $14.0775/bushel in late Wednesday action, while March soyoil leapt 0.62 cents to 41.20 cents/pound, but March soymeal slipped $1.3 to $468.3/ton.

The wheat markets weakened as Wednesday passed. Traders seemed concerned about export demand for U.S. wheat after Egypt’s cancellation Tuesday. Traders also seemed less worried about freeze damage to winter wheat after seeing last night’s relatively moderate Midwest lows. Prices fell sharply just before the close. However, afternoon news of a fresh Egyptian import tender may spark a Thursday bounce. March CBOT wheat futures dove 15.0 cents to $6.00/bushel at their Wednesday settlement, while March KCBT wheat futures fell 11.5 cents to $6.79, and March MWE futures dropped 3.75 to $6.7025.

Bullish news sent cattle futures soaring Wednesday. The wholesale markets jumped at midday Wednesday, which in turn seemed to persuade beef packers to pay up for fed cattle later in the day. They raised their bids sharply around midsession, they reportedly paid $152/cwt for Nebraska cattle after the close. Thus, futures seem likely to surge even more in overnight trading. April cattle futures spiked 2.12 cents to 144.52 at Wednesday’s close, while August jumped 1.05 to 132.97. Meanwhile, March feeder cattle surged 9.92 cents to 172.00 cents/pound, and May soared 1.12 to 174.50.

Hog futures ended mixed Wednesday. Cash hog and pork prices surged recently, with strong demand seeming to be a major factor. However, cash reports were blacked out by thin trading today, while pork values declined. Nevertheless, traders continued buying the April future, but were selling the deferred contracts. That may have reflected active rolling of short positions into the summer contracts. April hogs settled 0.45 cents higher at 101.02 cents/pound Wednesday, while June slid 0.60 to 108.35.


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


Grain Storage Systems

Behlen Grain Storage Systems offers large capacity bins with diameters from 16’ to 157’ and capacities exceeding 1,500,000 bushels. All ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form