Ag markets were decidedly mixed Monday night

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


Corn slipped despite supportive Monday night news. The size of recent losses have seemingly persuaded corn traders the market is moving lower, since prices dipped farther overnight despite supportive developments. News of a sizeable South Korean purchase of U.S. corn was seconded by a story about strong Chinese demand. China’s GMO concerns continue dominating market ideas. March corn futures slipped 0.25 cent to $4.23/bushel early Tuesday morning, while May lost 0.25 cents to 4.315.

The soy complex diverged in early morning action. After having surged substantially last Friday and again yesterday, soybean and meal futures gave back a portion of those gains Monday night. Meal may also have suffered from concurrent oil strength. That is, while the Asian palm markets were weak, Egypt bought 25,000 tonnes of soyoil overnight, with 80% to be supplied by Cargill. January soybeans fell 6.0 cents to $13.3175/bushel in pre-dawn Tuesday activity, while January soyoil rose 0.08 cents to 39.83 cents/pound, and January soymeal dropped $3.2 to $435.8/ton.

Wheat futures proved quite mixed Monday night. The sheer size of the 2013 global wheat crop is apparently exerting persistent pressure upon prices. However, the U.S. markets were surprisingly mixed in overnight trading, possibly due to numerous import tenders issued since yesterday afternoon. March CBOT wheat futures inched up 0.5 cent to $6.2225/bushel in early Tuesday trading, while March KCBT wheat futures edged up 0.25 cent to $6.6575, and March MWE futures dipped 0.5 cents to $6.5375.

Cattle futures set back from chart resistance in early trading. Hopes for a seasonal cattle market advance were encouraged by news of a big rise in beef cutout values Monday afternoon. However, prices dipped overnight, possibly due to ideas that the beef price rise will prove temporary. In addition, nearby futures failed to overcome important technical resistance yesterday. February cattle futures sagged 0.07 cents to 133.42 cents/pound just before dawn Tuesday, and April futures skidded 0.12 to 134.22. Meanwhile, January feeder cattle futures slumped 0.32 to 168.07 cents/pound and March stumbled 0.20 cents down to 167.17.

Surging pork prices boosted hog futures overnight. Ideas that current hog supplies are adequate have weighed upon the swine market lately. However, prices bounced Monday night despite substantial losses at the western Corn Belt markets yesterday. That almost surely reflects stunningly large gains posted by pork cutout Monday afternoon. Traders probably doubt those will be sustained in the short term. February hog futures climbed 0.22 cents at 86.85 cents/pound early Tuesday morning, while June gained 0.47 to 99.47.

Technical and fundamental factors are weighing upon cotton. Chinese news played a big role in boosting cotton prices again Monday, but looks set to sink the market today. In particular, officials stated November cotton imports at 173,100 tonnes, down 43% annually, last night. Bearish ICE traders might also view Monday’s price action as having created a ‘hanging man’ technical signal of forthcoming weakness. March cotton sank 0.53 cents to 82.85 cents/pound Monday night, and July cotton slid 0.39 cents to 82.26.


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


AppliMax Spray Boom Remote Control

Control the spray boom sections from outside the cab to make spray nozzle calibration, inspection and maintenance easier. The 200 ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form