Hogs followed the crop markets lower Tuesday morning

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

Corn futures continued their post-report decline Tuesday morning. Although yesterday’s Acreage report seemed supportive of new-crop corn futures, the June 1 Stocks result easily topped expectations and sent the whole complex lower. Having the weekly Crop Progress report depict another very high condition rating for U.S. corn is also depressing prices. September corn sank 6.5 cents to $4.1225/bushel late Tuesday morning, while December lost 6.25 to $4.19.

The soy complex is also slumping. New-crop soy contracts led the whole complex lower Monday after the USDA stated planted acreage at a record high Monday. Prices seemed to stabilize at modestly lower levels overnight, but have resumed their slide today. Tumbling grain prices aren’t helping the bullish cause either. August soybeans dove 15.0 cents to $13.1475/bushel shortly before lunchtime Tuesday, while August soyoil slid 0.29 cents to 38.66 cents/pound, and August soymeal sagged $5.6 to $425.1/ton.

The wheat markets also remain under pressure. The quarterly Grain Stocks report was somewhat supportive of wheat futures, but both winter and spring wheat acreage on the Acreage report apparently spurred widespread selling. News that U.S. wheat was shut out of a big Egyptian tender reemphasized the bearish global situation as well. September CBOT wheat futures fell 6.25 cents to $5.71/bushel around in late Tuesday morning action, while September KCBT wheat slumped 14.75 cents to $6.855, and September MWE futures dropped 10.25 to $6.6675.

Resurgent beef prices are boosting cattle futures. Traders recently suspected late-June gains in cash cattle and wholesale prices had run their course and the complex was due for a seasonal setback. Futures suffered accordingly. However, beef cutouts surged to fresh highs Monday afternoon, thereby giving rise to fresh bullishness. August cattle surged 1.25 cents to 151.32 cents/pound around midsession Tuesday, while December jumped 1.30 to 155.02. Meanwhile, August feeder cattle leapt 2.45 cents to 215.22 cents/pound, and October feeders soared 2.60 to 216.87.

Hog futures turned mixed Tuesday morning. The quarterly Hogs & Pigs report was clearly bullish for the hog outlook and futures reacted accordingly. However, the nearby contracts failed at fresh highs, with the subsequent breakdown weighing heavily upon deferred futures as well. August hog futures plunged 2.22 cents to 130.60 cents/pound as the lunch hour loomed Tuesday, but December remained 1.05 cents higher at 99.65.

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...

Related Articles

No matching related articles at this time.

Comments (0) Leave a comment 

e-Mail (required)


characters left

1325 Bushel Grain Cart

Equipped with a 22” computer balanced auger with 5/16” flighting,the unloading speed is 50% faster than smaller grain carts with ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form