Crop markets rebounded Tuesday 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 bouncing from Tuesday’s lows. Outstanding crop conditions and ideal weather seemingly presage huge fall harvests across the U.S., which has sent the crop markets diving. However, a lack of overnight news and oversold conditions apparently sparked an early bounce in corn futures. September corn rose 4.5 cents to $3.785/bushel early Wednesday morning, while December added 4.25 cents to $3.86.

The soy complex has also rebounded. Prospects for a record U.S. soybean crop have recently depressed the CBOT soy complex, but signs of price firmness emerged Tuesday. That seemingly triggered the current bounce, but wire service sources also cited fresh Chinese buying for a portion of the rally. August soybean futures bounced 9.75 cents to $11.9025/bushel soon after sunrise Wednesday, while November futures surged 8.75 cents to $10.95. August soyoil gained 0.17 cents to 37.07 cents/pound, while August soymeal advanced $4.7 to $383.8/ton.

Wheat markets moved upward as well. The domestic wheat situation seems less bearish than that for corn and beans, but global wheat conditions have weighed heavily upon the American market. Still, prices rose in concert with the other crops overnight. News that sellers didn’t respond to a Japanese tender for feed wheat may have sparked some buying. September CBOT wheat climbed 2.25 cents to $5.40/bushel Tuesday night, while September KC wheat edged up 2.25 cents to $6.4125/bushel, and September MWE wheat moved 2.75 cents higher to $6.3325/bushel.

Wholesale weakness is weighing on cattle futures. Cattle and beef prices have soared recently, but the industry clearly expects a sizeable mid-to-late summer setback. Thus, Tuesday afternoon news of declining wholesale values seemingly confirmed that bias and undercut CME futures. August live cattle slid 0.47 cents to 148.10 cents/pound as Wednesday dawned over Chicago, while December dipped 0.27 cents to 152.22. Meanwhile, August feeder cattle tumbled 0.90 cents to 210.62 cents/pound, and October dove 1.27 to 210.50.

Mixed cash and wholesale shifts have stalled CME hog moves. Cash hog prices were stated modestly lower Tuesday afternoon, whereas pork quotes came in slightly higher. Thus, it wasn’t terribly surprising to see CME swine futures trade narrowly mixed overnight. August hog futures were unchanged at 130.72 cents/pound early Wednesday morning, while December sank 0.30 cents to 104.40 cents.

`Cotton futures followed its crop counterparts higher. No news concerning cotton emerged Tuesday night, thereby opening the door to other influences. Thus, the grain and soy markets seem to leading fiber prices higher. Ongoing equity market strength signaling continued economic growth and firm demand may also be playing a role in the bounce. December cotton vaulted 0.61 cents to 68.36 cents per pound in early Wednesday trading, March gained 0.66 cents to 69.20 cents/lb.


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


LPV Seed Treater

The LPV Seed Treater has set a new standard boasting three configurable weighing methods for any-sized operation, a standard 42” ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form