Ag markets turned decidedly mixed Monday morning

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


Corn resumed remained weak Monday morning. Worries about persistent Chinese rejections of U.S. corn shipments contaminated with an unapproved GMO strain apparently carried over from last week, thereby depressing CBOT prices to start the week. The weak result on the USDA Export Inspections report didn’t help. March corn futures dropped 1.5 cents to $4.24/bushel late Monday morning, while May lost 1.5 cents to 4.3225.

Soybeans turned upward around midmorning. After beginning the week shakily Sunday night, soybean futures turned upward just before the CBOT pit session commenced this morning. Wire service reports cited bargaining hunting by bulls. The weekly Export Inspections also proved quite supportive. January soybeans surged 8.5 cents to $13.36/bushel around midsession Monday, while January soyoil climbed 0.36 cents to 40.19 cents/pound, and January soymeal gained $3.0 to $435.6/ton.

The export inspections data didn’t help the wheat markets. Wheat futures also began the week rather poorly, due in part to concurrent corn and bean losses. Talk of expansionary Russian production targets may also have depressed prices. The situation wasn’t helped by the weekly USDA Export Inspections report, which was stated near the middle of the relatively weak forecast range. March CBOT wheat futures tumbled 5.75 cents to $6.23/bushel just before lunchtime Monday, while March KCBT wheat futures declined 5.5 cents to $6.67, and March MWE futures skidded 4.25 cents to $6.5625.

Improving winter prospects seemingly boosted cattle futures Monday. Country cattle prices dropped about $1/cwt (cent/pound) last Friday, due in part to big wholesale losses posted late last week. However, traders know that beef weakness almost surely reflects seasonal rib losses potentially ending before Christmas. Wintry weather, limited feedlot supplies and seasonally declining marketings still seem likely to dominate events during the days and weeks ahead. February cattle futures bounced 0.75 cents to 133.60 cents/pound by late Monday morning, and April futures ran up 0.65 to 134.45. Meanwhile, January feeder cattle futures rallied 0.20 to 167.27 cents/pound and March advanced 0.22 cents to 166.77.

Hog futures remained weak this morning. Bulls have recently anticipated a strong seasonal advance into mid-winter, but the latest news has undercut those hopes. A big late-week dive in pork prices was seconded by sizeable western Corn Belt cash losses. The potential for a significant year-to-year increase in hog slaughter may also be depressing prices. February hog futures dove 0.60 cents to 86.57 cents/pound in Monday morning action, while June sagged 0.42 to 99.07.


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


Field Profit Planner Dashboard

With GEOSYS Field Profit Planner, you can plan for the future using information from previous years. Agronomic decisions made during ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form