Ag markets were decidedly mixed Monday

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

Corn futures firmed on supportive export news. Little fresh news concerning the corn market emerged over the weekend, so futures moved little Sunday night. However, Monday morning export news, particularly on the weekly Export Inspections report, appeared quite good. Talk of cash strength also encouraged buying. March corn inched up 2.25 cents to $4.3175/bushel Monday afternoon, while May added 2.0 to $4.38.

Export news apparently boosted nearby bean and meal futures Monday. The recent onset of what’s expected to be a record Brazilian harvest depressed soybean future to start the week. However, news of sizeable export sale and a strong result on the Export Inspections report supported prices. Strong meal sales were also encouraging. Fresh weakness in the Asian palm oil market once again dragged soyoil values lower. March soybeans gained 3.0 cents to $12.8775/bushel by late Monday afternoon, while March soyoil dove 0.48 cents to 37.06 cents/pound, and March soymeal climbed $5.2 to $430.9/ton.

Shifting weather forecasts may have undercut the wheat markets. Forecasts for arctic weather over the Midwest, along with news of a massive Saudi Arabian purchase, seemed to boost wheat futures in Sunday night action. However, the latest models indicate the coldest temperatures are now expected farther east, thereby suggesting much less danger of freeze damage during the days just ahead. The Export Inspections data weren’t helpful either. March CBOT wheat futures edged 1.75 cents lower to $5.635/bushel at their Monday settlement, while March KCBT wheat futures slid 4.75 cents to $6.225, and March MWE futures tumbled 6.5 to $6.065.

Rebounding beef prices supported cattle futures Monday. After spiking upward in mid-January, beef prices turned downward late last week and dragged nearby cattle futures lower as well. However, grocers may be doing some last minute buying ahead of Super Bowl weekend, which would explain the wholesale gains posted at midsession. Cattle futures ended the day trading in decidedly mixed fashion. February cattle futures closed 0.25 cents lower at 143.15 cents/pound Monday afternoon, while the April contract ran up 0.45 to 140.55. Meanwhile, March feeder cattle slipped 0.07 cents to 168.80 cents/pound, and May skidded 0.40 to 169.80.

The nearby hog contracts diverged Monday. News of last week’s comparatively large hog slaughter seemingly renewed concerns about short-term price prospects. Conversely, traders very likely believe the spring-summer situation will be much tighter, which partially explains the firmness exhibited by those contracts to start the week. February hogs fell 0.80 cents to 85.57 cents/pound late Monday morning, while June sagged 0.02 to 102.32.


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 

Name
e-Mail (required)
Location

Comment:

characters left


Blend and Bulk Tower Systems

Waconia Towers provide speed, efficiency and reliability that only gravity-fed systems can offer. Towers are available with up to 300 ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form