Crop markets climbed Sunday night

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

The crop markets are starting the week on a strong note. Although the latest weather forecasts have improved precipitation on tap, the predictions seem somewhat less favorable than the market was anticipating last week. That news, along with the weekend rescue of a big Portuguese bank and strong stock market response appeared to trigger ag market buying Sunday night. September corn bounced 2.75 cents to $3.5525/bushel early Monday morning, while December gained 2.5 cents to $3.6475.

Soybeans are leading the crop markets higher. As is often the case in concerted crop moves, soybean futures led the way higher overnight. Actually, the fact that forthcoming weather forecasts are key to the size of the fall soybean crops provides good reason for the bean and meal leadership. Again, the forecast showers don’t seem as widespread as many anticipated last week, although conditions remain nearly ideal. September soybean futures rebounded 14.25 cents to $10.8775/bushel Sunday night, while November futures rallied 14.5 cents to $10.73. September soyoil rose 0.10 cents to 35.64 cents/pound and September soymeal added $5.5 to $361.3/ton.

Talk of international problems apparently boosted the wheat markets. Current U.S. wheat conditions are quote favorable, but those of several other countries, particularly France, Germany and Canada are suffering from excessive moisture. Given the fact that the glutted global situation has been weighing on the U.S. market for months, it isn’t all that surprising that domestic prices are firming. September CBOT wheat surged 9.75 cents to $5.44/bushel soon after dawn Monday, and September KC wheat climbed 6.5 cents to $6.3925/bushel, while September MWE wheat moved up 5.0 to $6.21.

Cattle futures bounced from midmorning lows last Friday. As seemed likely after Thursday’s CME breakdown, country cattle producers began taking packer bids near the lower end of the previous week’s price range that morning. Futures fell sharply in response, but bounced from the lows since the cash losses weren’t all that large. October live cattle dove 1.32 cents to 156.00 cents/pound in late Friday action, while December dove plunged 1.67 cents to 156.42. Meanwhile, September feeder futures plummeted 1.30 cents to 219.90 cents/pound, and November feeders crashed 1.77 cents to 218.20.

Hog futures ended last week in mixed fashion. Hog futures have recently suffered badly from bearish seasonal expectations. Friday’s midsession cash and wholesale quotes seemed particularly negative and concurrent cattle losses seemingly spilled over into the hog pit as well. However, futures firmed later in the day, with only the most-active October contract ending the day lower. October hog futures closed down 0.35 cents to 102.82 cents/pound Friday afternoon, while December added 0.22 cents to 94.40.

Cotton futures continued their Friday rebound over the weekend. Strong production forecasts and demand weakness implied by recent equity index weakness had depressed cotton futures. However, fiber prices found support last Friday as stocks bounced from early lows. Today’s early stock strength, as well as that exhibited by the other crop markets, seem to be encouraging cotton bulls as well. December cotton jumped 0.99 cents to 64.26 cents/pound shortly after sunrise Monday, while March futures ran up 0.89 cents to 64.80.


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


1325 Bushel Grain Cart

Equipped with a 22” computer balanced auger with 5/16” flighting,the unloading speed is 50% faster than smaller grain carts with ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form