Ag markets rebounding from Monday morning lows

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

Corn prices remain weak in the wake of recent losses. Despite having fallen for nine straight sessions, the July 11 WASDE’s increase in ending stocks for both 2013/14 and 2014/15 is depressing prices again Monday morning. Prospects for ideal Corn Belt weather during the July pollination period promise a bumper harvest this fall, which is exerting additional pressure. September corn stalled at $3.7825/bushel late Monday morning, while December inched down 0.25 cent to $3.845.

The Export Inspections report seemingly boosted soy values Monday morning. The WASDE report boosted soybean carryout for both the current and next crop years and near-perfect weather is boosting fall production prospects; thus, prices tumbled. Nevertheless, beans and meal are rallying to start this week, probably in response to the strong result on the weekly Export Inspections report. August soybean futures climbed 8.75 cents to $12.045/bushel around midsession Monday, and November futures added 7.25 cents to $10.8225. August soyoil rose 0.03 cents to 36.80 cents/pound, while August soymeal bounced $1.8 to $389.6/ton.

Wheat futures are rebounding from four-year lows. Last Friday’s WASDE report indicated reduced U.S. wheat exports and increased domestic stocks during the coming months, thereby adding the recent downtrend. However, prices are mostly higher this morning; traders seemingly think the early-July breakdown will spur renewed buying interest. September CBOT wheat rebounded 7.25 cents to $5.3325/bushel just before lunchtime Monday, while September KC wheat rallied 4.75 cents to $6.41/bushel and September MWE wheat gained 5.25 cents to $6.3325/bushel.

Cattle futures resumed last week’s slide Monday morning. Cattle futures turned sharply lower last week as traders anticipated seasonal weakness. Sliding cash prices reinforced those ideas. Futures did bounce Friday, but have apparently resumed their decline to start this week’s action. August live cattle fell 0.42 cents to 148.70 cents/pound soon after midmorning Monday, while December tumbled 0.27 cents to 152.72 cents. Meanwhile, August feeder cattle rose 0.95 cents to 211.32 cents/pound, whereas October gained 0.22 to 211.67.

Hog futures are surging on reduced supply prospects. Resumed cash and wholesale strength is seemingly spurring fresh buying in CME hog futures. Traders may also be reacting to short-term forecasts for big production cuts during the balance of July. August hog futures jumped 1.82 cents to 130.50 cents/pound shortly before noon Monday and December surged 0.80 cents to 105.15 cents.


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


Direct Drive Rotary Blender

The Doyle 8, 10, 13, & 16 ton Direct Drive Rotary Blender’s are the industry’s fastest rotary blenders. These units ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form