Ag markets quiet ahead of today's big USDA reports

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

Grain prices are setting back prior to Monday’s big USDA reports. The USDA will publish its highly anticipated Grain Stocks and Acreage reports at noon EDT today, which could hugely impact the markets. Traders seem to be expecting a bearish corn result, since futures slipped in early-morning action. The decline may also reflect favorable early-July weather forecasts. July corn slid 3.0 cents to $4.40/bushel Sunday night, while December lost 5.0 to $4.4225.

The soy complex started the week in mixed fashion. Traders in the soybean and meal pits are apparently somewhat more optimistic about the likely result of today’s reports, since the old-crop situation clearly remains tight. On the other hand, persistent palm weakness is weighing upon oil prices once again. July soybeans edged up 0.5 cent to $14.325/bushel as Monday dawned over Chicago, while July soyoil stumbled 0.07 cents to 39.91 cents/pound, and July soymeal rose $1.2 to $471.0/ton.

The wheat markets moved mostly lower Sunday night. Current weather looks generally favorable for wheat, with reduced rainfall likely being conducive to the winter wheat harvest and early-season spring wheat growth. Traders are apparently lightening up on long positions prior to the release of important USDA reports. July CBOT wheat futures sagged 3.75 cents to $5.815/bushel early Monday morning, while July KCBT wheat rallied 3.75 cents to $7.2975, and September MWE futures sank 3.5 to $6.925.

Cattle traders seemingly ended last week thinking cash prices have topped. Cattle futures proved surprisingly weak Friday despite another big surge in cash prices. Given late wholesale weakness and the time of the year, traders may have interpreted Friday’s cash action as likely marking a short-term price peak. August cattle dove 1.63 cents to 151.12 cents/pound at Friday’s settlement, while December dropped 1.17 to 154.35. Meanwhile, August feeder cattle fell 0.80 cents to 214.32 cents/pound, and October feeders slumped 0.80 to 216.27.

The hog market ended last Friday on a mixed note ahead of the Hogs & Pigs report. After rallying strongly through mid-June, CME lean hog futures turned lower last Wednesday. Signs of weakness at the cash and wholesale levels played a role in the setback, but traders were almost surely adjusting their holdings prior to Friday’s highly anticipated quarterly USDA Hogs & Pigs report (at 2:00 PM CDT). The data were quite mixed, but ultimately looked bullish for fall futures. August hog futures surged 1.02 cents to 129.82 cents/pound as Friday’s CME trading ended, while December slid 0.05 cents to 95.60.


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 (1) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left

Ken thornhill    
kentucky, Breckinridge Co.  |  June, 30, 2014 at 10:42 AM

Thanks for your reports


Convyers

Meridian’s conveyors deliver seed with unmatched versatility. Meridian’s transport conveyors are manufactured with heavy-duty, fully enclosed construction. Meridian’s cross cleated ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form