Ag markets were generally mixed Tuesday morning

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


Mixed financial market action seemingly left corn unaffected Tuesday morning. That is, while the equity markets rebounded from recent losses, the U.S. dollar resumed its late rally, thereby offsetting the supportive stock market impact upon commodity demand. Nearby corn futures seemingly reflected firm cash trading, whereas improving crop conditions apparently weighed upon the deferred contracts. July corn futures edged 0.25 cent higher to $6.535/bushel around midsession Tuesday, while December dipped 4.0 cents to $5.425.

Soybean price proved relatively strong in early Tuesday trading. Traders cited the tight old crop situation for supporting the nearby bean and meal contracts, whereas limited farmer progress in completing soy plantings last week appeared to boost new crop prices. In contrast, ideas that beans will be aggressively crushed for meal may have undermined support for soyoil futures. July soybean futures climbed 8.5 cents to $15.205/bushel Tuesday morning, whereas July soyoil sank 0.35 cents to 47.20 cents/pound, while July soymeal gained $4.6 to $455.6/ton.

The slow start to the winter wheat harvest reportedly boosted wheat futures Tuesday morning. That is, the weekly USDA Crop Progress report released late Monday stated the U.S. winter wheat harvest as being 20% complete, whereas the five-year average pointed to a normal rate around 37% by this time. Traders may also have been buying spring wheat futures in reaction to ongoing weather problems, but surprisingly good yields in some winter wheat areas seemed to undercut the Kansas City market. July CBOT wheat advanced 1.5 cents to $6.805/bushel around midday Tuesday, while July KCBT wheat lost 4.25 cents to $7.11, and July MGE futures climbed 4.0 cents to $8.1525.

Cattle futures sustained their modest overnight gains Tuesday morning. The positive influence of rebounding equity values seemingly outweighed the negative implications of concurrent U.S. dollar gains. Traders may also be thinking seasonal and technical factors are pointing toward higher levels. August cattle climbed 0.30 cents to 121.25 cents/pound just before lunchtime Tuesday, while December moved up 0.05 cents to 126.75. Meanwhile, August feeder futures declined 0.10 cents to 147.57 cents/pound, and November fell 0.55 to 152.30.

Hog futures proved vulnerable to fresh selling Tuesday morning. Although the wholesale market performed well again Monday, the late downturn in cash hog prices has probably persuaded many in the swine industry that the traditional second-half price decline has begun. July hog futures dropped 0.62 cents to 100.32 cents/pound around midsession Tuesday, while the December contract lost 0.42 cents to 82.45 cents/pound.


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...

Related Articles

No matching related articles at this time.



Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


AppliMax Spray Nozzle Calibrator

Features & Options: Quickly and easily ensure your spray nozzles are applying the correct application rate and check nozzle wear. ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form