Grain and soybean markets were sharply lower on Monday

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

Corn futures continued declining and proved vulnerable on Monday’s selloff. The declines persisted due to the ideal weather conditions that will be supportive for high yield potential, although the seeded areas were smaller than last year. However, weekly corn export inspections were huge, which curbed the sustained losses. September corn slumped 9 cents to $4.005/bushel Monday, while December declined 9.0 cents to $4.0625.

The soybean complex turned decisively lower on Monday. Soybean futures suffered a large setback led by the old crop. The promising new crop prospects also triggered large price reductions. Although there were large purchases from China this morning, the record acreage and high yield potential outweighed the market. The crop ratings were expected to come in at the best in 20 years based on the persistent good rating conditions. August soybean plunged 26.50 cents to $12.7325/bushel, and November soybean dove 8.00 cents to settle at $11.255. August soyoil lost 0.24 cents to 38.43 cents/pound, and August soymeal sagged $9.0 to $408.7/ton.

The widespread weakness in corn and soybean markets spilled over to the wheat markets. CBOT wheat futures hit the multi-year lows on technical selling on Monday. The accelerated wheat harvest activities added pressure to the wheat markets. USDA reported weekly wheat export shipments at 417,063 tonnes, in line with the pre-report expectations ranged between 350,000 tonnes and 450,000 tonnes. September CBOT wheat futures plummeted 22.75 cents to $5.5675 bushel, September KCBT wheat dropped 17.5 cents to $6.6975, and September MWE futures were down 10.75 cents at $6.6175.

Cattle futures were higher early on Monday, but gains began to fade by midday as a round of profit-taking set in. Some profit-taking is not surprising after the steep gains seen last week in conjunction with higher cash trade. The cash market was $3-$4 higher last week. Cash cattle traded mostly from $157 to $158/cwt. Beef prices were higher at midday, once again posting new highs. Choice beef reached $248.34 per cwt, 22 cents higher. August cattle futures settled 0.05 cents lower at 154.94 cents/pouond while October futures were 0.22 cents lower at 156.67. August feeder cattle closed at 38 cents higher at 218.00 cents/pound.

Hog futures were mostly higher while grain and soybean futures plunged. Strong wholesale prices powered the hog futures. The pork cutout was up $1.14 on Monday along with higher pork belly prices which jumped $5.36 per cwt. Seasonally reduced hog and pork supplies seemed unable to meet the robust demand. Weekly hog slaughter number was much lower compared to a year ago. August hog futures were up 0.500 cents at 132.100 cents/pound and December soared 1.125 to 103.975 cents.

Cotton futures moved lower in concert to the declines of many other commodities on Monday. The losses in equity index futures and strength exhibited by the US dollar exacerbated the negative sentiment. In addition, China Zhengzhou cotton futures closed sharply lower on Monday. December cotton futures dove 1.81 cents to 70.25 cents/pound Monday, while March futures tumbled 1.62 cents to 71.40.


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 

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