Ag markets suffered general losses Monday

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


Corn futures began the week poorly. Last Friday’s news that the EPA had proposed a cut in the ethanol mandate in 2014 and beyond continued exerting pressure on the corn market Monday. The weekly Export Inspections report stated the latest corn sales figure well above forecasts, but the resulting bounce proved short lived. December corn futures fell 10.0 cents to $4.12/bushel late Monday afternoon, while May sank 9.25 to $4.2925.

Strong export figures boosted the soy complex Monday. After tumbling last Friday, soybean futures got off to a slow start this week. However, the weekly USDA Export Inspections report stated the latest result at 87.8 million bushels, which topped expectations rather handily. That rise sparked fresh buying in the meal pit, but soyoil prices seemed to suffer from belated Asian palm oil weakness. January soybean futures climbed 7.0 cents to $12.875/bushel at their Monday close, while December soyoil declined 0.36 cents to 40.11 cents/pound, and December soymeal advanced $5.3 to $415.8/ton.

The corn losses seemed to depress wheat futures as well. Talk of low-ball bidding at weekend wheat tenders seemed negative for the golden grain markets. Conversely, the solid result on the weekly Export Inspections report probably encouraged buying. However, the bulls proved unable to offset the weakness spilling over from the CBOT corn pit. December CBOT wheat futures settled 2.25 cents lower at $6.4225/bushel Monday, while December KCBT wheat futures slid 4.25 to $6.94, and December MWE futures slipped 1.5 to $6.9525.

Technical selling reportedly undercut cattle futures. Although cash cattle prices proved firm again last week, choice beef values seem vulnerable to continued short-term weakness. The slippage stemming from those ideas apparently tripped sell stops around midsession Monday, which sent futures sharply lower. December cattle futures dove 1.50 cents to 131.90 cents/pound in late Monday trading, while April futures tumbled 1.22 to 133.80. Meanwhile, January feeder cattle plunged 1.52 cents to 164.30 cents/pound, and March feeders sank 0.85 cents to 164.60.

Concerns about high weights and growing supplies probably sank hog futures. Although hog slaughter remained below last year-ago levels last week, traders are apparently still worried about soaring hog weights and the underlying implications for larger supplies in the near future. CME premiums over the cash equivalent price weren’t encouraging either. December hog futures sagged 0.30 cents to 85.60 cents/pound at Monday’s close, while April skidded 0.15 to 92.30.


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


Harvest Map Processing™

Features & Options: Farmers harvest fields but they often don’t harvest the data. GEOSYS offers Harvest Map Processing™ as a ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form