Grains closed lower on Friday

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

Corn futures closed lower on Friday. Corn futures added to midday losses on bearish projections for 2013 yields and production output numbers. Private economics firm, Informa Economics raised its corn production estimate to 11.194 billion bushels, higher than USDA‘s estimate of 10.727 billion bushels. Seasonal harvest pressure weighed on the market as well. December corn closed 9 ½ cents lower.

Soybean futures closed mostly lower on Friday. After trading higher overnight, futures began to slip after midday on better than expected production and yield estimates. One private economics firm has pegged soybean production at 2.86 billion bushels, up from USDA’s estimate of 2.759 billion bushels. Overall, the market was underpinned by firm demand, gains in the palm oil market and substantial weather damage to the Canadian canola crop. November soybeans closed unchanged at $15.15 ½.

Wheat futures closed lower on Friday. Wheat futures were under pressure the entire session today, unable to find a reason to move higher. Chicago led the complex lower with a 1.4% decline in the December contract. Today’s losses were tied to poor demand for U.S. wheat and the decline in the corn market. December wheat at CBOT closed 13 ¾ cents lower; at KCBT 8 cents lower; and 6 ¾ cents lower at MGE.

Live cattle futures closed higher on Friday. Nearby cattle futures closed higher while 2013 contracts closed under pressure. Priced support was tied to short covering on Thursday’s higher cash prices.The market was also supported by firm export sales, up 61 percent from the previous week. However, weakness in (midday) wholesale beef prices are expected to pressure futures when trade resumes next week. October cattle closed 73 cents higher while December cattle closed 50 cents higher.

Lean hog futures closed mixed on Friday. October futures were pressured by lower cash prices and long liquidation. Traders exited long positions in the front month contract before its expiration next week, and as a result deferred contracts moved higher on bear spreading. Packer margins and demand remained firm which helped to underpin market prices along with strength in the pork cutout value. October closed down 48 cents while December closed 50 cents higher.

Cotton futures closed lower on Friday. Cotton futures were stuck in a narrow trading range with the front month (December) contract unable to push above 72 cents. The market was pressured the higher index amid record global stocks and overwhelmingly bearish fundamentals. The outside markets were mostly bearish for cotton as well. December cotton closed 59 points lower at 71.50 cents.


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


X-TENDED REACH GRAIN CARTS

YOUR BEST HARVEST IS NOW WITHIN REACH J&M introduces their patented line of X-tended Reach grain carts, featuring a frontfolding single ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form