Corn futures dip at midday

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

Corn futures are lower at midsession. Futures were steady to only slightly lower early, but another poor export sales week pushed prices lower. Sales for the current marketing year were only 2 million bushels, one of the poorest sales weeks on record. With cancelations, new crop sales were actually slightly negative. The market has been waiting on some positive export news, but sales this week were disappointing instead. The Coast Guard cut maximum barge draft on the lower Mississippi River to 9 ft from 10 ft previously due to low water. The March contract is 6 1/2 cents lower at $7.46 3/4. December 2013 is 4 cents lower at $6.41 1/2.

Soybean prices have been mixed in mid morning trading, giving back gains from the overnight session. The Brazilian government issued its monthly report on soybean production prospects. Brazil forecasts the crop at 82.6 million tonnes, which is greater than average trade expectations at 81 million. The Brazilian government also had positive comments about the crop progress in general. Meanwhile, Argentina continues to suffer from too much rain, a daily bullish theme. The weekly export sales report found more bean sales than expected at 1.14 million tonnes. January beans were up 2 1/4 cents at $14.81 1/2. November 2013 beans were down 8 1/2 cents at $13.23 1/2.

Once again wheat futures have given up early gains and moved to the minus side for the third time this week. Disappointing export sales this morning are behind the reversal. If Argentina’s woes are going to benefit the U.S. in shifting global export business our way, it had better kick in soon. U.S. export sales year-to-date lag where they “should” be to warrant USDA’s current forecast for 1.1 billion bu. in 2012-13 by more than 200 million bushels. In fact the gap widened out another 10 million bu. in this the weekly sales report, to 220 million. In midsession, CBOT March is down 4 cents at $8.55; KCBT March is down 2 at $9.05 and MGE March is down 2 at $9.29.

Cattle traders seemed disappointed with Wednesday’s afternoon beef quotes, since choice cutout slipped 0.16 cents/pound to 194.89, while the select cuts dove 1.69 cents to 174.83. Boxed beef sales improved somewhat, but continued their 2012 pattern of mediocrity. Strong equity markets and background optimism for late-week cash trading may have offered support. December futures had fallen 0.22 cents to 125.92 cents/pound at midsession, while February slipped one tick to 130.50 cents/pound. Moderate corn losses boosted January feeder futures 0.85 cents to 147.25 cents/pound.

Concerns about seasonal weakness across the hog and pork complex sent CME lean hog futures sharply lower Thursday morning. Mid-December hog slaughter typically proves extremely large, whereas grocers are usually completing their ham purchases for the holiday season. Those factors could undercut swine prices badly as a consequence, especially if pork loins follow their pattern of early-winter weakness from the past few years. The expiring December contract fell 0.95 cents to 84.05 cents/pound during the morning hours, while the February future dropped 1.00 cents to 84.65 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


Made of high quality 304 stainless steel, the Quickveyor is one of the strongest trailers on the market. It’s belt ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form