Grain futures lagged the other ag markets Wednesday

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

Continued talk of improved planting conditions depressed corn futures Wednesday. Although surging soy prices probably proved supportive of the corn market, forecasts for persistent short-term dryness have persuaded traders that Midwest plantings will accelerate during the days ahead. The resulting sales, along with weak technical conditions, seemed to depress CBOT prices. May corn sank 6.25 cents to $4.975/bushel Wednesday, while December dipped 4.25 to $4.99.

Talk of vigorous demand again boosted the soy complex. Tuesday’s NOPA crush report showed strong U.S. activity last month and implied that U.S. demand for soybeans and products remains extremely strong. After rallying strongly yesterday, the soy complex followed through to the upside today. May soybeans surged 17.5 cents to $15.1875/bushel at their Wednesday close, while May soyoil jumped 0.88 cents to 43.71 cents/pound, and May soymeal added $3.6 to $491.0/ton.

The wheat markets turned downward Wednesday afternoon. The Russia-Ukraine situation likely offered support for U.S. wheat futures today, but prices turned decisively lower in afternoon action. The drop reportedly reflected forecasts for improved rainfall over the Plains during the days ahead. May CBOT wheat futures plunged 13.75 cents to $6.88/bushel in late Wednesday action, while May KCBT wheat futures tumbled 11.0 cents to $7.545, and May MWE futures dove 12.0 to $7.265.

Cattle futures reacted well to the latest market news. A few Nebraska cattle changed hands at slightly lower prices Tuesday afternoon. Traders found that less than supportive Wednesday morning, but midsession news of modest wholesale gains seemed to encourage them. June cattle futures settled 0.20 cents higher at 135.62 cents/pound Wednesday afternoon, while December rose 0.12 to 139.97. Meanwhile, May feeder cattle edged up 0.12 cents to 179.90 cents/pound, and August added 0.40 to 182.97.

Wholesale strength boosted hog futures Wednesday. Big Tuesday afternoon cash and wholesale losses weighed on hog futures overnight, but talk of renewed strength seemingly allowed the market to stabilize this morning. Futures then move strongly higher in response to late morning news of large pork gains. June hog futures vaulted 1.25 cents to 123.77 cents/pound as Wednesday’s CME session ended, while December skidded 0.20 to 88.50.


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


HPC30A Belt Conveyor

The Patented HPC30A Belt Conveyor will unload lime, fertilizer, dirt or rock quickly (10 – 20 ton per minute lime ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form