Ag markets widely mixed on Thursday

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

Anticipation of a large US harvest may have weighed upon corn futures Thursday. The strong result on the delayed Export Sales report and talk of vigorous global feedgrain demand supported prices in early trading. Strong equity index gains and US dollar weakness also seemed supportive. However, talk of accelerating harvesting and a surprisingly large crop reportedly pulled futures downward. December corn futures dipped 2.5 cents to $4.4025 at Thursday’s close, while May futures lost 2.75 cents to $4.61.

Soymeal gains limited soybean losses. 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. The resulting soymeal advance largely offset harvest pressure on bean prices. Soy oil prices suffered from negative palm oil moves and from being on the wrong side of the crush spread. November soybean futures closed 0.25 cent lower at $13.0975/bushel Thursday, while December soyoil tumbled 0.37 cents to 41.13 cents/pound, and December soymeal surged $4.6 to $426.0/ton.

Most wheat futures also lost ground in Thursday’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. Long liquidation in the wake of the recent rally apparently weighed upon prices as well. December CBOT wheat futures fell 5.25 cents to $6.965/bushel in late Thursday action, while December KCBT wheat futures declined 6.5 cents to $7.6425 and December MWE futures sank 6.75 cent to $7.52.

Surging beef prices continued supporting cattle futures. CME prices dipped Wednesday afternoon despite strong cash news, then staged a sustained comeback Thursday. Traders apparently worry about late-year weakness. However, this week’s wholesale reports have stated cutout values at consistently higher levels, thereby implying improving packer demand for fed cattle. December cattle settled 0.13 cents higher at 132.87 cents/pound Thursday afternoon, but April slipped 0.07 to 134.92. November feeder cattle dropped 0.67 cents to 166.95 cents/pound and January feeders dove 0.87 to 166.70.

Talk of spreading PEDV infections reportedly sent hog futures higher Thursday. Although traders remain concerned about the short-term outlook, CME lean hog futures, especially the 2014 contracts surged today. Wire service sources cited a recent increase in the number of new porcine epidemic diarrhea virus (PEDV) cases for the futures advance. December hog futures jumped 1.45 cents to 89.60 cents/pound as Chicago trading ended Thursday, while April leapt 2.32 cents to 92.92 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 

e-Mail (required)


characters left

Smooth Wall Grain Bins

Meridian’s SmoothWall bins are the ultimate storage bins, used to handle and store fertilizer, grain, feed and seed, and extend ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form