Grain complex closed higher on Thursday

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

Corn futures closed sharply higher on Thursday. Corn futures surged after the release of the October WASDE estimates. USDA lowered corn production only 21 million bushels to 10.704 billion bushels. Corn yields were lowered as well to 122 bushels per acre, slightly below trade expectations. Prices responded positively as world and domestic ending stocks were lowered versus the previous month. Domestic ending stocks were lowered to 619 million bushels while global ending stocks were lowered to 117.270 million tonnes. December corn closed 36 cents higher.

Soybean futures closed higher on Thursday. Soybean futures closed sharply higher despite bearish estimates for 2012 crop production. USDA raised 2012 soybean production 226 million bushels to 2.86 billion. Yields were also raised. The average yield was pegged at 37.8 bushels per acre up 2.5 bushels per acre versus the September estimate. However, prices were supported by tight domestic ending stocks. As with the corn, soybean futures surged as a means to ration demand/use. November soybeans closed 25 ¾ cents higher.

Wheat futures posted sharp gains on Thursday. Spillover strength from corn and soy complex is boosted wheat futures amid a neutral supply/demand report. Production estimates were relatively unchanged from the previous month, while domestic ending stocks were pegged a little above trade expectations but lower than the previous month. Foreign production was cut as expected. Total production declined 5.7 million tonnes, with sharp cuts in Australia and Russia. December wheat at CBOT closed 14 ¾ cents higher; KCBT closed 20 ½ cents higher; and MGE is trading 13 cents higher.

Live cattle futures closed lower on Thursday. Buying interest picked up early in the cattle complex after corn prices skyrocketed on the release of a somewhat bullish supply/demand report. Futures also advanced on expectations for steady to higher cash trade this week but minimal cash trade movement dampened expectations for higher prices. Preliminary asking prices are $126 plus in the South and $195 plus in the North. October cattle closed 33 cents lower while December closed 65 cents lower.

Lean hog futures closed mixed on Thursday. Nearby 2012 contracts were pressured the majority of the session on profit taking and lower bids for cash hogs by packers. The October contract is set to expire tomorrow at noon and December will take the stage as the front month contract. Cash prices were steady today and futures found additional support from a higher pork carcass value as well as support from the grain complex. Buying interest in the deferred contracts increased as corn and soymeal prices skyrocketed; sparking worry that pork production will decrease further as a result of high feeding costs. The October contract closed 25 cents lower while the December contract closed 60 cents lower. Deferred (2013) contracts closed firmly higher.


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


1325 Bushel Grain Cart

Equipped with a 22” computer balanced auger with 5/16” flighting,the unloading speed is 50% faster than smaller grain carts with ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form