Ag markets widely mixed again Thursday morning

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

Anticipation of accelerating harvest rates may be weighing upon corn futures. Today’s events seemed quite supportive of corn prices at this point, with the strong result on the delayed Export Sales report and talk of vigorous global feedgrain demand supporting prices in the early going. Strong equity index gains and US dollar weakness also seemed supportive. Nevertheless, prices turned downward around midsession, thereby seeming to mark a reaction to ideas that fine weather will allow the Corn Belt harvest to accelerate sharply during the days ahead. December corn futures dipped 3.5 cents to $4.3925 late Thursday morning, while May futures sagged 3.75 cents to $4.605.

Soymeal gains dominated the soy complex Thursday morning. Traders expected the Export Sales report to state early-October soymeal exports in the 150,000-250,000 tonne range. The actual figure came in at 1.189 million, thereby suggesting global demand is far exceeding expectations. Thus, while concerns about the harvest are affecting bean prices, the resulting soymeal advance seemed to boost the nearby contracts. Soy oil prices suffered from negative palm oil moves and from being on the wrong side of the crush spread. November soybean futures rose 5.0 cents to $13.15/bushel just before lunchtime Thursday, while December soyoil lost 0.14 cents to 41.36 cents/pound, and December soymeal surged $5.3 to $426.7/ton.

Most wheat futures also lost ground in this morning’s trading. Fresh reports that India’s cabinet will lower the floor price asked for the country’s wheat on the international market probably weighed upon golden grain prices in early action. The Export Sales data were largely neutral for the market. Still, talk of a tightening global situation apparently limited losses. December CBOT wheat futures slipped 1.75 cents to $7.00/bushel by late Thursday morning, while December KCBT wheat futures declined 2.5 cents to $7.6825 and December MWE futures were stumbled 1.0 cent to $7.5775.

Surging beef prices continue supporting cattle futures. CME prices dipped Wednesday afternoon despite strong cash news. Traders apparently worry about late-year weakness. However, the late afternoon wholesale report stated cutout values significantly higher once again, which very likely powered the subsequent rebound. December cattle rallied 0.30 cents to 133.05 around midsession Thursday, while April slid 0.10 to 134.90. November feeder cattle sank 0.37 cents to 167.25 cents/pound and January feeders lost 0.27 to 167.30.

Cash strength may have sparked fresh hog buying Thursday. Concerns about the short-term outlook have rather clearly weighed upon the hog and pork complex lately. However, the CME lean hog index has bounced from its initial post-USDA-shutdown quote, thereby seeming to offer bulls hope in potentially avoiding traditional late-year losses. December hog futures jumped 0.65 cents to 88.80 cents/pound as the lunch hour loomed Thursday, while April leapt 1.10 cents to 91.70 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...


Comments (0) Leave a comment 

Name
e-Mail (required)
Location

Comment:

characters left


Aluminum Grain Trailers

Maurer Manufacturing offers a complete line of high quality aluminum grain trailers. Manufactured in Spencer, Iowa, Maurer aluminum grain trailers ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form