Crop markets post muted reactions to the Export Sales report

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

Thursday’s Export Sales report supported corn futures. The corn market firmed around moving average support Wednesday night, with news of a sizeable purchase by a South Korean firm seemingly encouraging traders. They apparently started buying more aggressively after the weekly USDA Export Sales report stated last week’s corn total well above forecasts. March corn was steady at $4.2475/bushel late Thursday morning, while May gained 0.25 to $4.3325/bushel.

The export data had mixed implications for the soy complex. Talk of strong export demand, droughty conditions in Argentina and the NOPA crush report boosted the soybean sector Wednesday and again this morning. Oil seems to be suffering from its position on the wrong side of the crush equation, but traders could also point to today’s Export Sales report as well. That is, soymeal sales topped expectations, whereas the bean and oil totals mediocre. March soybeans edged up 0.25 cents to $13.1825/bushel around midsession Thursday, while March soyoil slid 0.25 cents to 37.74 cents/pound, but March soymeal climbed $0.7 to $435.2/ton.

The wheat markets edged upward Thursday morning. The weekly USDA Export Sales report seemed rather bearish for the wheat sector, since last week’s sales total fell short of forecasts. However, futures prices proved surprisingly firm, possibly due to renewed talk of emerging dryness across the Great Plains. March CBOT wheat futures inched up 0.5 cent to $5.6825/bushel in late Thursday morning trading, whereas March KCBT wheat futures rallied 4.5 cents to $6.25, and March MWE futures surged 6.75 $6.2075.

Spiking cash and wholesale prices are supporting cattle futures at fresh highs. Cash cattle prices in the Southern Plains jumped to the $141-$142 area Wednesday. That news was followed by the afternoon beef report indicating fresh records there as well. CME prices leapt again in early trading, but had slipped from their early-morning peak. February cattle futures soared 1.27 cents to 140.67 cents/pound just before lunchtime Thursday, while April futures ran up 0.45 to 139.40. Meanwhile, March feeder cattle futures rallied 0.70 cents to 168.72 cents/pound, and May advanced 0.52 to 170.42.

Futures premiums may be hampering hog futures. The cash hog markets were quoted mixed to higher, while pork cutout fell moderately Wednesday afternoon. Circumstances seemingly a sustained rise in hog futures, especially with cattle and beef prices jumping to record highs. However, the Chicago market is already trading at sizeable premiums to the official cash quote, which is apparently limiting bullish moves. February hogs gained 0.17 cents to 86.77 cents/pound by late Thursday morning, while June lifted 0.20 at 101.40.

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

Tube Series (TS) Conveyors

USC’s Tube Series Conveyors combine the gentleness of the signature Seed Series with the traditional stability of a tube-style conveyor, ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form