Grain, livestock markets decidedly mixed Tuesday morning

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

Talk that the domestic corn situation remains very tight reportedly boosted corn futures Tuesday morning, although one might also credit the negative Cyprus government reaction to the E.U. proposal to tax consumer savings in that country in the wake of Monday weakness. It is actually somewhat surprising that deferred futures are not reacting positively to the sustained wet, chilly weather now dominating the Corn Belt. May corn rose 6.25 cents to $7.2625/bushel late Tuesday morning, while December slipped 2.0 cent to $5.60.

Soybean futures advanced moderately Tuesday morning in apparent response to tight domestic supplies and ongoing logistical problems getting the big South American crop to the international market. Talk that Chinese soy stockpiles are too small may have supported the market, whereas reports that a large Chinese firm will cancel previous purchases of about two million tonnes of Brazilian beans may be weighing upon prices. May soybeans gained 6.5 cents to $14.16/bushel around midsession Tuesday, while May soyoil skidded 0.12 cents to 49.56 cents/pound, while May meal climbed $2.5 to $415.8/ton.

Wheat futures moved generally higher Tuesday morning. Bulls were reportedly encouraged by the persistence of Southern Plains dryness through mid-March, whereas bears would be just as quick to cite recent improvements in winter wheat condition reports. The bullish leadership provided by corn and beans probably supported prices as well. May CBOT wheat futures climbed 6.5 cents to $7.1925/bushel just before lunchtime Tuesday, while May KCBT wheat added 6.25 cents to $7.505, and May MGE futures surged 9.25 cents to $7.98.

After bucking the bearish trend Monday, cattle futures were weaker Tuesday morning. Wire service reports blamed pessimism about the outcome of cash trading later this week, which in turn apparently stemmed from talk of increased feedlot offerings and expectations of reduced packer activity next week due to some plant closures on Good Friday. Bears could also argue that a ‘bear flag’ is forming on the April cattle chart. April cattle declined 0.35 cents to 125.70 cents/pound in late Tuesday morning trading, while August dropped 0.52 cents to 122.05. Meanwhile, April feeder cattle dove 1.10 cents to 138.30 cents/pound, and August lost 1.45 cents to 146.77.

Concerns about seasonally weak pork demand reportedly weighed upon hog futures Tuesday morning. Bulls can certainly argue that the wholesale strength experienced last Friday and again Monday, but the industry may need to see much more of the same before it can be persuaded. The premiums built into nearby futures is unlikely to help bulls. April hogs fell 0.55 cents to 78.85 cents/pound around mid-session Tuesday, while June dipped 0.45 cents 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


Portable Conveyors

Convey-all portable conveyors are designed to handle your crops gently and efficiently. We offer an extensive line of high capacity ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form