Ag markets were decidedly mixed again Wednesday morning

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

Accelerating harvesting may be weighing upon grain prices Wednesday. Belated news that U.S. interests had reached a deal to supply Taiwan with large amounts of corn and ethanol in the coming months seemingly did little to support the crop markets Wednesday. Talk of accelerating harvest rates in the southern part of the country, as well as forecasts for improved weekend rainfall probably weighed on prices. December corn dipped 0.25 cent to $4.6875/bushel Wednesday morning, while May sagged 0.75 cent to $4.8925.

The prospect of reduced Chinese production likely supported soybeans this morning. Chinese officials reportedly expect their current soybean crop to fall 4.2% short of the year-ago total, which probably bodes well for future import demand. However, cash market weakness and improved precipitation prospects for the weekend seemed to limit CBOT gains. November soybeans gained 2.25 cents to $13.5725/bushel around midsession Wednesday, while October soyoil climbed 0.13 cents to 42.94 cents/pound, and October soymeal edged up $0.5 to $428.9/ton.

The wheat markets proved surprisingly weak Wednesday morning. Despite news of a sizeable wheat sale to Nigeria and a report that Iran will need to import huge amounts during the coming months, wheat futures declined significantly this morning. Concurrent corn slippage and position-squaring ahead of Thursday’s USDA reports may have undercut golden grain prices, but those seem arguments aren’t persuasive. December CBOT wheat was steady at $6.465/bushel late Wednesday morning, while December KCBT wheat slid 0.5 cent to $6.9425, whereas December MGE futures moved up 2.25 cents to $7.08.

Cattle futures posted moderate gains in early Wednesday action. Despite persistent beef weakness and growing talk of cash market slippage later this week, CME live cattle futures rose moderately this morning. Wire service reports cited strong exports for that strength. October cattle futures rallied 0.40 cents to 125.42 cents/pound as the lunch hour loomed Wednesday, while December lifted 0.27 cents to 128.92. Meanwhile, October feeder cattle jumped 1.02 cents to 158.80 cents/pound, and January surged 1.02 cents to 158.80.

The hog market suffered surprising losses Wednesday. Cash and wholesale prices have been quite firm lately, thereby pushing nearby CME swine futures significantly higher. However, growing talk of a looming end to the traditional September bounce seemed to depress the hog and pork complex today. October hog futures fell 0.47 cents to 90.37 cents/pound in late Wednesday morning action, while December sank 0.20 cents to 87.35.


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


Kinze 1500 Grain Cart

The Kinze 1500 Grain Cart is engineered for speed and reliability required of custom harvesters. Load up to 1500 bushels ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form