Live cattle posting strong gains at midday

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

Corn futures are losing ground midmorning. Corn futures are trading fairly choppy on light volume going into midsession. Futures moved higher during the overnight session on bargain buying after a tough day of trade on Monday. Strength in the soybean market is expected to support prices. Yesterday’s crop progress report showed corn harvest at 79 percent complete, one percentage point below expectations but still moving at an exceptionally rapid pace. December corn is trading 2 ¼ cents higher.

Soybean futures remain steady midmorning. The soybean market is holding onto firm gains after USDA announced export sales of 110,150 tonnes of soybeans to an unknown destination for the current marketing year. Although not confirmed, traders are speculating this order will go to China. Overnight price support was a result of bargain buying and trading optimism the export demand will soon pick up. Yesterday’s crop progress report showed soybean harvest at 71 percent complete, on target with trade expectations. November soybeans are trading 15 ¾ cents higher.

Wheat futures are trading choppy midmorning. Lack of fresh news has wheat futures trading both sides of unchanged searching for market directions. Wheat futures are showing marginal improvement at this hour. Futures are slightly higher, supported by strength in the soybean market and the downturn in the dollar index. As of this writing the dollar index is down .39%. However, gains may be short lived due to poor export demand for U.S. wheat despite dwindling global supply. December wheat at CBOT is trading ½ of a cent higher.

Live cattle futures are trading sharply higher midmorning. The firm increase in wholesale beef prices is boosted cattle futures at the opening of pit trade. Closing prices were $2.28 cents higher for choice cuts, while selected cuts jumped $1.85. Traders remain optimistic concerning this week’s cash trade, with preliminary prices steady to higher than the previous week. October cattle is trading $1.45 cents higher.

Lean hog futures are trading mixed this morning. Front month (Dec) contract is trading under pressure, trading back both sides of unchanged. Deferred contracts are being supported by higher grain prices. The highly watch June 2013 contract is trading slightly above $100 per cwt. Cash price are called steady to higher while the pork carcass value remains strong and should support futures the remainder of the session. December futures contract is unchanged at $78.55.

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


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