Ag markets seemed confused Thursday morning

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

Crop futures extended Wednesday’s losses this morning. Anticipation of a huge U.S. corn crop heightened Wednesday, thereby triggering a drop to fresh lows. The drop resumed today, despite early news of a sizeable corn sale to an unknown destination. December corn futures slumped 6.0 cents to $3.46 late Thursday morning, while May dropped 6.25 to $3.675.

The soy complex is trading mixed. Wednesday’s soy action wasn’t encouraging either, since all signs point to a massive U.S. harvest this fall. Bulls took some comfort from the fact that bean futures bounced from Wednesday’s lows and from overnight palm oil gains. However, as in the corn pit, beans and meal resumed their breakdown today. November soybean futures fell 14.0 cents to $10.06/bushel around midsession Thursday, while October soyoil rallied 0.24 cents to 32.00 cents/pound, and October soymeal tumbled $12.1 to $351.7/ton.

Trading in the wheat markets seemed confused Thursday morning. The easing of tensions in the Ukraine undercut wheat futures Wednesday, with the weakness persisting overnight. Early-morning news of a large Russian military presence in Ukraine seemingly sparked a temporary Chicago wheat bounce, whereas the KC market has traded consistently higher. We suspect short covering is offering support. December CBOT wheat dipped 3.25 cents to $5.325/bushel just before lunchtime Thursday, while December KC wheat advanced 4.5 cents to $6.2125/bushel, and December MWE wheat sagged 2.5 to $6.0775

Cattle futures turned lower from early highs. Talk of rising packers bids apparently spurred the big early gains posted by live cattle futures this morning. The nearby October contract remained quite strong, but deferred futures reversed and had moved lower on the day around midsession. Wire service sources cited widespread profit-taking by bulls. October live cattle futures jumped 1.67 cents to 157.10 cents/pound in late Thursday morning trading, while December futures slipped 0.05 to 157.95. Meanwhile, October feeder futures fell 0.45 cents to 221.32 cents/pound and January feeders dove 1.50 to 213.82.


CME hogs followed the cattle market’s lead. Talk of short-term cash strength is apparently spurring continued strength in nearby October hog futures. However, long liquidation and talk of increased 2015 production seemed to undercut the deferred contracts. October hogs soared 2.42 cents to 103.52 cents/pound as the lunch hour loomed Thursday, while December slid 0.65 to 92.45.

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