Crop markets were mostly lower to start the week

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

Corn futures slid to start the week. Little news concerning the crop markets emerged over the weekend, so traders were left to focus upon recent trends. Thus, corn futures declined slightly as the market felt the weight of the ongoing U.S. harvest, which is generally expected to set a new record. December corn futures slipped 1.75 cents to $4.3825 early Monday morning, while May futures declined 1.75 cents to $4.59.

Soybeans proved surprisingly weak in Sunday night trading. The lack of soybean news also caused traders to think about recent talk of an unexpectedly good U.S. harvest, especially with some industry exports reportedly thinking the harvest is about 80% complete. Concerns about the impact large rains might have upon the Indonesian palm harvest boosted soyoil prices, but that seemed to do little to limit bean losses. November soybean futures tumbled 5.5 cents to $12.945/bushel in early Monday action, while December soyoil climbed 0.32 cents to 41.05 cents/pound, and December soymeal slumped $2.6 to $420.9/ton.

Talk of improved conditions undercut wheat futures in early trading. There was little fresh news concerning the wheat markets, but traders interpreted the latest weather reports as being favorable for U.S. and Argentine crops. The early drop below chart support may spark additional selling today. December CBOT wheat futures slid 3.5 cents to $6.8725/bushel around in pre-dawn trading Monday, while December KCBT wheat futures skidded 2.0 cents to $7.57 whereas December MWE futures inched up 0.25 cent to $7.4525.

Cattle futures took a surprising tumble last Friday afternoon. Cash and wholesale strength seen earlier in the week encouraged bulls at the CME last Friday morning. However, midday beef losses seemingly sparked late selling, with only the December live cattle contract posting a higher week-ending close. The big setback may bode ill for today’s action. December cattle settled up 0.10 cents at 132.97 cents/pound Friday, while April declined 0.47 to 134.45. November feeder cattle slumped 0.30 cents to 166.65 cents/pound and January feeders lost 0.65 to 166.05.

Renewed talk of spreading PEDV infections seemingly boosted hog futures again Friday. Although the hog and pork complex could face major seasonal weakness through late 2013, the recent increase in the number of new porcine epidemic diarrhea virus (PEDV) cases reportedly powered the late-week futures advance. This could presage surprisingly small hog supplies this winter. December hog futures jumped 0.82 cents to 90.42 cents/pound Friday afternoon, while April climbed 0.87 cents to 93.80 cents/pound.

Cotton futures rallied modestly in early Monday activity. A few news items concerning Chinese imports and Indian crop conditions emerged Sunday night, which seemed to encourage ICE market traders somewhat. Nearby December futures dipped, whereas the 2014 contracts rose slightly. December cotton futures advanced 0.28 cents to 79.36 cents/pound just after dawn Monday, while March cotton gained 0.41 cents to 80.81.


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


Aluminum Grain Trailers

Maurer Manufacturing offers a complete line of high quality aluminum grain trailers. Manufactured in Spencer, Iowa, Maurer aluminum grain trailers ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form