Ag markets traded across the spectrum of gains, losses Wednesday

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

Corn futures followed the soy and wheat markets lower Wednesday. Corn futures slipped along with soybeans Wednesday morning, which probably reflected talk of rising South American corn and bean production. Yellow grain losses grew as beans and wheat led the way lower. Large U.S. supplies provided a bearish backdrop. March corn dipped 4.5 cents to $4.275/bushel at Wednesday’s close, while May slipped 4.0 to $4.3425.

Talk of rising South American supplies very likely weighed on the soy complex. Traders in the CBOT soy pits apparently sold in anticipation of the incipient South American harvest. The latest report from the USDA’s Brazilian attaché added to selling when it unofficially boosted the harvest forecast 500,000 tonnes to 89.5 million. The report also raised predicted exports 1.5 million to 46 million tonnes. March soybeans dove 16.25 cents to $12.6925/bushel in late Wednesday trading. March soyoil slumped 0.30 cents to 37.10 cents/pound, and March soymeal lost $5.3 to $423.3/ton.

Technical selling exaggerated Wednesday’s wheat losses. Predictions for warming weather over much of the U.S. seemingly spurred selling in wheat futures this morning. The losses were reportedly exacerbated by technicians after the nearby contracts fell to 3.5-year lows. March CBOT wheat futures plunged 14.5 cents to $5.515/bushel at their Wednesday settlement, while March KCBT wheat futures sank 13.25 cents to $6.0875 and March MWE futures tumbled 7.0 to $5.98.

Tumbling beef prices depressed nearby cattle futures. CME traders were probably anticipating fresh gains in cash cattle prices later this week, but mid-week beef news undercut those hopes. February futures declined as a result. Conversely, the industry remains optimistic about spring price potential, which would seemingly explain late gains in deferred futures. February cattle futures settled 0.47 cents lower at 142.07 cents/pound Wednesday, while the April contract moved up 0.17 cents to 140.52. Meanwhile, March feeder cattle surged 0.85 cents to 169.22 cents/pound, and May advanced 0.32 to 169.85.

Hog futures seemingly reflected resurgent short-term prospects. The cash hog and pork markets were stated at surprisingly firm levels Tuesday afternoon. When combined with this morning’s report indicating a weekly decline in market hog weights, traders apparently were greatly encouraged. We suspect talk of continued cash/wholesale strength also sparked buying. February hogs jumped 1.25 cents to 86.52 cents/pound in late Wednesday trading, and June added 0.52 to 103.32.

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


Made of high quality 304 stainless steel, the Quickveyor is one of the strongest trailers on the market. It’s belt ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form