Grains lose momentum before closing bell

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

Corn futures closed slightly above unchanged on Tuesday. Corn futures traded fairly choppy on light volume going into midsession and shortly before closing bell. Futures moved higher during the overnight session on bargain buying and were sustained by technical recovery. Crop progress continues to move forward with 79 percent of the corn harvest complete. December corn futures closed 1 cent higher.

Soybean futures closed mixed on Tuesday. The soybean market eased on pressure from tumbling soymeal prices. Contracts posted moderate gains overnight and throughout the day session on bargain buying and export demand optimism. However the market was underpinned by USDA’s announcement of export sales in the amount of 110,150 tonnes of soybeans to an unknown destination for the current marketing year. November soybeans closed down ½ of a cent.

Wheat futures close randomly mixed on Tuesday. Chicago wheat closed under pressure on export demand worries, which caused traders to liquidate their long positions in the market. Prices traded sporadically on both sides of the market searching for direction. Price at KCBT and MGE closed higher supported by the downturn in the dollar index. December wheat at CBOT closed ¾ of a cent lower, KCBT closed 1 ½ cents higher, and MGE closed 3 ½ cents higher.

Live cattle futures closed strong on Tuesday. Cattle futures were able to maintain trading vigor on sharp gains in the wholesale beef market. Firm increases in wholesale beef prices on Monday boosted cattle futures at the opening of pit trade. Midday wholesale beef prices added additional support, averaging over $1 for both choice and select cuts. Packer margins remain in the red but are showing signs of improvement. Traders remain optimistic concerning this week’s cash trade, with preliminary prices steady to higher versus the previous week. October cattle futures closed $1.40 cents higher while December futures closed 70 cents higher.

Lean hog futures closed mixed on Tuesday. Hog futures traded sporadic today as traders searched for market direction. The nearby contract posted slight gains after trading both sides of unchanged. Initially Deferred contracts are being supported by higher grain prices, but slipped as buying interest in the complex eased. Cash price were steady to higher with support from a higher pork carcass value and favorable packer margins. December hog futures closed 5 cents higher while February futures closed 15 cents lower. Deferred contracts closed randomly mixed.


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


Kinze 1500 Grain Cart

The Kinze 1500 Grain Cart is engineered for speed and reliability required of custom harvesters. Load up to 1500 bushels ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form