Hog futures surged while the other ag markets flagged Monday

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

Reduced Black Sea tensions seemed to undercut corn and the other crop markets Monday. Yellow grain futures bounced from early lows on news of a sizeable sale to Mexico and a good result on the weekly Export Inspections report. However, sellers came back in rather aggressively and pushed prices back down as the close loomed. May corn fell 7.0 cents to $4.79/bushel Monday afternoon, while December lost 5.25 to $4.82.

The soy complex rebounded on good export news. Soybeans also rebounded from Sunday night lows, but the size of the bounce was more impressive that than in corn prices. The USDA announcement of a sizeable bean sale when many have been expecting cancellations probably powered the rally. In addition, the Export Inspections data matched the upper end of industry forecasts. Asian palm weakness and diminished concerns about sunflower oil seemingly undercut soyoil. May soybeans rose 3.25 cents to $13.9175/bushel Monday, while May soyoil tumbled 0.40 cents to 41.89 cents/pound, and May soymeal added $2.6 at $446.6/ton.

Wheat futures closed weakly Monday afternoon. The wheat markets finished last week strongly, which probably reflected industry concerns about the Black Sea situation and potential problems with exports from that region. The apparent reduction of tensions seen Sunday night apparently sparked an early-week decline from last week’s highs; bulls proved unable to sustain a midsession bounce. May CBOT wheat futures dove 12.75 cents to $6.745/bushel at their Monday settlement, while May KCBT wheat futures dropped 8.0 cents to $7.435 and May MWE futures sank 9.75 to $7.2425.

Cattle futures were mixed Monday. Last week’s late rise in country cattle prices gave the Chicago market a substantial boost on Friday. However, traders are uncertain about this week’s likely outcome, especially if recent wholesale weakness signaled more of the same. Beef quotes were mixed at noon, which largely explains the ambivalent futures close. April cattle futures settled 0.22 cents lower at 145.02 cents/pound Monday afternoon, while August slipped 0.05 cents to 135.42. Meanwhile, April feeder cattle advanced 0.75 cents to 177.97 cents/pound, and August rallied 0.50 to 179.90.

Hog futures surged again to start the week. Spiking cash and wholesale gains sent hog futures soaring last week, but CME prices seemed to lose upward momentum as the weekend loomed. However, Friday afternoon reports proved quite strong, which sparked a strong start to this week’s trading. April hogs leapt 2.40 cents to 121.70 cents/pound at their Monday close, while June soared 2.92 to 130.77.

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

Blend and Bulk Tower Systems

Waconia Towers provide speed, efficiency and reliability that only gravity-fed systems can offer. Towers are available with up to 300 ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form