Cattle futures surge on bullish USDA report
Corn futures closed lower on Monday. Corn futures declined slightly below unchanged as traders banked profits gained over the last few trading sessions. Prices were also pressured by bearish export inspections. Pre trade estimates were between 16.0 and 21.0 million bushels; however USDA reported export inspections at 9.6 million bushels. December corn futures closed ½ of a cent lower.
Soybean futures closed higher on Monday. Soybean futures held on to firm gains to lead the grain complex higher. Prices were secured by strong export demand and renewed buying interest on both sides of the market. Weekly export shipments were particularly bullish for the market this morning. USDA reported soybean shipments at 61.4 million bushels, sharply higher than the upper range of analysts’ estimates. November soybean futures closed 11 ¼ cents higher.
Wheat futures closed higher on supply worries. Wheat futures moved higher despite disappointing export inspection numbers. Today’s market rally was fueled by expectations for increased demand for U.S. wheat in the midst of sharp reductions in output by top wheat producing countries, such as Ukraine and Russia. News that the Ukraine is strongly considering export ban and continued dry weather in Australia increased buying support for U.S. wheat. December wheat futures at CBOT closed 6 ½ cents higher. December futures at KCBT closed 7 ½ cents higher while December wheat at MGE closed 5 cents higher.
Live cattle futures closed higher on Monday. Cattle futures are posted strong gains despite weakness in wholesale beef prices. Prices were supported by last week’s bullish cattle on feed report. October 1 cattle on feed was reported down 2.6% from the previous year, which was below analysts’ expectations. September placements were also reported at a 16 year low. The market is also being strengthened by last week’s strong cash market trade. Traders are expecting cash trade this week to be steady to $2 higher than the previous week. December cattle futures closed unchanged at $127.30 while deferred 2013 contracts closed 17 to 40 cents higher.
Lean hog futures closed lower on Monday. USDA’s cold storage report was released this afternoon at 2pm. The report showed total pork stocks at a record high of 630 million pounds. Frozen pork bellies were also reported higher than the previous year at 16.8 million pounds. December significant declines in the nearby and early 2013 contracts, second half 2013 prices were able to push above unchanged. Both June and July contracts closed above $100.December lean hog futures closed 95 cents lower.
Self-contained hydraulic system with power cables (hydraulic). Tandem Henschen axles (hydraulic). Hydraulic fenders. Manual or hydraulic tilt. 6,500-gallon tank.
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Fertilizer Conveying Systems
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