Ag markets were mixed Monday night

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

Corn futures seemed to fail at technical resistance Monday night. After rallying the past two sessions, corn futures began today’s trading bumping up against chart resistance associated with its various moving averages. Thus, with soybeans also sliding, it wasn’t surprising to see yellow grain prices under pressure. March corn futures slipped 0.5 cent to $4.2725/bushel early Tuesday morning, while May lost 0.25 cent to $4.355/bushel.

The soy complex moved mostly lower overnight. There was some talk of a forthcoming heat wave over Argentine soybean fields, which probably provided early support for the CBOT’s soy complex. However, bulls proved unable to sustain the rise, with the subsequent drop carrying the most-active March future back below its 200-day moving average and apparently attracting a great deal of technical selling. March soybeans fell 7.25 cents at $12.695/bushel in pre-dawn Tuesday trading, while March soyoil dropped 0.42 cents to 37.70 cents/pound, and March soymeal slumped $0.5 to $413.3/ton.

The wheat markets slipped despite the persistently frigid weather. Worry that U.S. wheat fields are being damaged by the current outbreak of polar temperatures has recently boosted futures prices. However, the markets followed soybeans lower overnight, possibly due to forecasts for a warming trend and rain later this week. March CBOT wheat futures dipped 2.25 cents to $6.035/bushel in early Tuesday action, while March KCBT wheat futures dipped 1.75 cents to $6.4225, and March MWE futures sagged 1.0 to $6.295.

Surging wholesale prices are still supporting cattle futures. Although country cattle prices have been strong for weeks, limited beef gains have tended to limit rallies at the CME. That appears to be changing, since beef values rose strong again last night, which in turn seemed to prompt fresh Chicago buying. February cattle futures rallied 0.20 cents to 137.02 cents/pound as Tuesday dawned over Chicago, while April futures added 0.12 to 137.05. Meanwhile, March feeder cattle futures advanced 0.40 cents to 168.50 cents/pound, and May edged up 0.10 to 169.82.

Hog traders seem rather discounted at this point. Hog futures failed to break out to the upside last Friday, then couldn’t top moving average resistance yesterday. Traders may be reacting to those failures at this point, since nearby futures are weak this morning despite generally strong cash prices and flat wholesale quotes Monday afternoon. February hogs sank 0.45 cents to 86.17 cents/pound early Tuesday morning, while June tumbled 0.30 to 100.90.

Technical buying seemed to boost cotton futures in early trading. Nearby March cotton rallied nicely Monday, but ended the day below resistance associated with its 10-day moving average. Fund buying may have sparked the follow-through rise last night, with the penetration of that resistance exaggerating the move. However, it faces another band of resistance around early highs. March cotton jumped 1.17 cents to 84.80 cents/pound just after sunrise Tuesday, while July cotton ran up 0.88 cents to 84.36.

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 

e-Mail (required)


characters left

Declining Weigh Blending System

Ranco Declining Weigh (DW) is the standard in fertilizer blending because of the speed and accuracy of the blending process. ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form