Ag markets turned mostly higher Tuesday morning

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


Corn futures are struggling around critical chart levels. The corn market obviously responded well to last Friday’s supportive USDA data, but futures were under pressure Tuesday morning. Surplus U.S. conditions and recent declines in ethanol and distillers grains seem to be weighing upon prices. The outlook may depend upon nearby futures’ ability to hold above critical moving average support. March corn futures slid 5.25 cents to $4.2925/bushel just before lunchtime Tuesday, while May lost 5.25 to $4.3725/bushel.

Argentine weather news appears to be boosting the soy complex. Soybeans and meals rallied Monday in response to good export news, but today’s follow-through rise reportedly marks a response to talk of minimal weekend rains over Argentina’s main soy growing area, as well as current hot temperatures in that region. However, Asian palm weakness is keeping pressure on oil values. March soybeans rallied 11.0 cents to $13.0525/bushel late Tuesday morning, while March soyoil skidded 0.06 cents to 37.78 cents/pound, and March soymeal gained $6.1 to $428.0/ton.

The wheat markets seem caught between corn and beans. Although wheat prices rallied modestly Monday, they slipped back toward three-year lows this morning. Large global supplies seemingly make them vulnerable to concurrent corn losses, but traders are also having a hard time ignoring the latest soybean advance. March CBOT wheat futures rose 0.75 cent to $5.7425/bushel around midsession Tuesday, while March KCBT wheat futures edged up 3.0 cents to $6.2275, but March MWE futures slumped 0.75 to $6.17.

Cattle futures are trying to break out to the upside. CME cattle prices seemingly have every reason to surge to fresh highs, because cash cattle and wholesale beef markets have already done so. Indeed, beef prices hit new all-time records at midday Tuesday. Continued strength seems likely to spark a fresh CME advance, but bulls haven’t been able to make a decisive move just yet. February cattle futures had jumped 0.87 cents to 137.47 cents/pound by late Tuesday morning, while April futures climbed 0.77 to 137.85. Meanwhile, March feeder cattle

Wholesale gains also seem to be boosting the CME hog market. Although current pork quotes aren’t setting any records, they did surge in concert with beef values Tuesday morning. Those may presage larger seasonal gains into mid-February, which is apparently encouraging futures buying. February hogs rallied 0.80 cents to 86.17 cents/pound in late Tuesday morning action, while June inched up 0.02 to 100.72.


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