Ag markets were narrowly mixed Tuesday night

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

Corn futures skidded slightly Tuesday night. Talk of excellent weather and a huge fall harvest continue weighing upon the crop markets. However, ideas that recent losses have triggered renewed interest from buyers seems to be limiting losses at this point, with traders also citing oversold conditions for their interest in bottom picking. September corn slipped 0.25 cent to $3.60/bushel shortly after sunrise Wednesday, while December dipped 0.5 cent to $3.6775.

Talk of growing export demand is supporting beans and meal. The industry is certainly anticipating a massive soybean crop this fall. However, beans and meal remain hot export commodities, as exemplified by recent news of daily sales. However, fresh weakness in Asian palm oil prices is once again depressing soyoil quotes. August soybean futures gained 2.75 cents to $11.8675/bushel Tuesday night, while November futures added 3.0 to $10.6075. August soyoil slid 0.04 cents to 35.89 cents/pound, whereas August soymeal rose $2.1 to $383.9/ton.

The wheat markets also remain weak. The winter wheat harvest is winding down, but it’s probably still exerting downward pressure upon the Chicago and KC markets. Meanwhile, the spring wheat crop looks quite good, so Minneapolis is getting little relief either. Still, various reports point to growing buyer interest in the golden grain in the wake of recent losses. September CBOT wheat inched 0.25 cent lower to $5.2425/bushel early Wednesday morning, while September KC wheat stalled at $6.2125/bushel, and September MWE wheat sagged 0.25 cent to $6.185.

Record beef quotes sparked fresh CME cattle buying. Talk of surging beef prices likely powered Tuesday’s big cattle and feeder advance. In fact, Tuesday’s late reports put choice cutout values at a fresh all-time high, which probably encouraged the bullish follow-through seen last night. August live cattle climbed 0.40 cents to 156.35 cents/pound as Wednesday dawned over Chicago, while December edged up 0.07 cents to 158.00. Meanwhile, August feeder futures leapt 1.47 cents to 217.50 cents/pound and October feeders jumped 1.52 to 218.42.

Cash and wholesale weakness are again weighing on CME hogs. Given their sizeable discounts to recent spot quotes, it wasn’t terribly surprising to see hog futures follow the cattle market higher Tuesday. However, the cash and wholesale markets posted substantial losses yesterday afternoon, thereby causing an overnight reversal. August hog futures tumbled 0.97 cents to 126.60 cents/pound early Wednesday morning, while December fell 0.30 cents to 104.20.

Cotton futures are trying to establish a bottom. Prospects for a large U.S. cotton crop have been dragged ICE prices downward in recent weeks, but the market has worked slightly higher this week. Diminished Texas growing conditions have sparked some interest, while reports of mill interest are also becoming more common. December cotton rallied 0.38 cents to 68.29 cents per pound in early Wednesday action, while March futures advanced 0.34 to 68.90 cents/lb.


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


Grain Storage Systems

Behlen Grain Storage Systems offers large capacity bins with diameters from 16’ to 157’ and capacities exceeding 1,500,000 bushels. All ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form