Export Sales report seemed generally bearish

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

Today’s USDA Export Sales data disappointed crop traders. Thursday’s weekly report stated old-crop corn sales below the forecast range, while the new crop figure came in on the low side. Given the technical/pragmatic slide begun yesterday, it was hardly surprising to see prices continue declining this morning. May corn declined 6.5 cents to $4.9575/bushel late Thursday morning, while December sagged 6.25 to $4.9925.

The soy complex wasn’t helpful either. Today’s Export Sales soybean were mediocre, with the actual figures coming in around the middle of forecast ranges. That probably encouraged bears hearing talk of sizeable Chinese cancellations of U.S. and Brazilian purchases. The meal market proved relatively firm, but midsession quotes for the nearby contracts had still lost ground on the day. May soybeans dove 14.5 cents to $14.8075/bushel just before lunchtime Thursday, while May soyoil dropped 0.59 cents to 42.32 cents/pound, and May soymeal slipped $3.3 to $478.8/ton.

The wheat markets also reacted poorly to the export data. Although pessimism about the likely success of the U.S. winter crop continues supporting futures prices, the markets turned decidedly lower after today’s export data were released. Last week’s old crop sales were especially poor, thereby suggesting international demand is dwindling at current price levels. May CBOT wheat futures tumbled 10.25 cents to $6.5875/bushel in late Thursday morning action, while May KCBT wheat futures fell 10.75 cents to $7.225, and May MWE futures sank 11.25 cents to $7.015.

Nearby cattle futures dipped in Thursday morning trading. The cattle/beef industry is anticipating sizeable seasonal losses during the days and weeks ahead, but they had seemingly risen Wednesday night on ideas that the implied losses were too large. However, the large beef losses posted Wednesday afternoon seemed to come to fore this morning. June cattle futures slumped 0.52 cents to 135.10 cents/pound around midsession Thursday, while December sagged 0.62 to 139.92. Meanwhile, May feeder cattle stumbled 0.67 cents lower to 179.55 cents/pound, and August slid 0.27 to 181.57.

Hog futures are feeling renewed pressure. After seemingly posting a major top last week, the hog and pork complex has proven generally weak lately. Cash prices firmed Wednesday, which apparently sparked the concurrent CME rebound. Conversely, falling pork price are reportedly undercutting packer demand for hogs, thereby putting pressure on swine values as well. June hog futures plummeted 1.85 cents to 119.27 cents/pound late Thursday morning, and December dropped 1.12 to 88.42.

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

Smooth Wall Grain Bins

Meridian’s SmoothWall bins are the ultimate storage bins, used to handle and store fertilizer, grain, feed and seed, and extend ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form