Grains close higher on Tuesday

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

Corn futures were higher on Tuesday with gains aided by strength in wheat and soybeans as well as the outside markets. Futures were 2-3 cents higher most of the day, but added to gains late in the session. Even so, the price range was limited. USDA reported that harvest is essentially complete at 95%. The trade continues to consolidate ahead of USDA Crop Production report on Friday. December corn closed 5 ½ cents higher at $7.40 ¾. The March contract was 5 cents higher at $7.42 ¾.

Soybean futures were higher on the close Tuesday. January futures were up 12 1/4 cents and closed at $15.15 1/2. New-crop November of 2013 jumped 10 1/4 cents today to close at $13.44 1/2. Modest concerns about the state of plantings in South America continued. Weather patterns do project toward drier conditions in Argentina and wetter conditions in Brazil, both of which are preferred by their respective farmers. Casting supply doubts were published comments from the German publication Oil World which indicated that it saw risk of the Argentine crop totaling 3 mmt to 6 mmt less than the general views at 55-56 mmt.

Wheat futures closed with double-digit gains and near the day’s highs on Tuesday. There was no particularly bullish news for wheat; just growing awareness that USDA is likely to reduce projected global ending stocks yet again on Friday in its November WASDE update and that the 2013 U.S. winter wheat crop is registering the poorest crop condition ratings heading into dormancy in more than 25 years. But today was generally a good day for commodities in general, with the outside markets all positive: Crude oil and gold were up sharply. The DJIA rose triple digits and the U.S. dollar index declined. Chicago December wheat closed 11 cents higher at $8.77; KCBT December 10 ½ cents higher at $9.19 ½ and MGE December closed 8 cents higher at $9.48.

Cattle futures were a little higher on Tuesday. The cattle market was supported by higher beef prices and gains in the stock market. No cash trade has developed. So far few bids have surfaced. Modest gains in the corn market were seen as positive for cattle futures. December cattle futures were 40 points higher at $125.67 and February closed 37 points higher at $129.37.

Lean hog futures settled mixed, but mostly higher on Tuesday. Deferred contracts were lower for much of the day but the June contract battled back late in the session to settle with a very small gain. Nearby contracts were higher for most of the session with December settling at $77.58, up 65 cents. A good bounce in the stock market coupled with slightly higher cash hog and corn prices helped to support hog futures. June settled up 3 cents at $98.15, but the contract has dropped by nearly $2 since last Thursday.

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

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