Livestock futures proved much weaker than the crop markets Friday

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

Corn futures staged a Friday comeback. News of fresh Chinese cancellations of U.S. corn imports and the improved Corn Belt moisture situation seemed to weigh upon corn futures Friday morning. However, talk that forecasts are too wet, thereby potentially leading to planting delays seemed to boost yellow grain prices at the end of the day. May corn settled 1.75 cents higher at $5.0175/bushel to end the week, while December ran up 5.25 to $5.0675.

The tight supply situation seemingly limited soy losses. The tightness of the domestic situation probably offered support for old crop soy values this morning, but active long liquidation and spread covering reportedly dragged nearby bean futures lower. Deferred futures were mixed, which may have reflected confusion about forthcoming weather implications for spring plantings. May soybeans declined 1.5 cents to $14.7375/bushel Friday afternoon, while May soyoil skidded 0.10 cents to 41.57 cents/pound, and May soymeal dipped $1.0 to $479.1/ton.

The latest weather forecasts again appeared to depress wheat markets. Although the latest weather forecasts don’t seem particularly promising on the moisture front, wheat futures posted across-the-board losses Friday. Wire service reports cited improved weather for the drop, but we suspect a significant technical component to the selling as well. May CBOT wheat futures fell 6.25 cents to $6.6975/bushel at their Friday settlement, while May KCBT wheat futures dropped 10.25 cents to $7.3375 and May MWE futures tumbled 9.0 cents to $7.215.

Cattle futures suffered from spillover hog weakness. Big losses in the hog pit seemed to spill over into cattle futures Friday. That may have exaggerated concerns about a potential drop in country cattle prices, especially with wholesale beef prices reportedly proving quite weak as well. The futures drop may be a self-fulfilling prophecy for today’s cash trading. June cattle futures plunged 2.57 cents to 134.80 cents/pound as pit trading ended Friday, while December dove 2.07 to 138.85. Meanwhile, May feeder cattle sank 1.62 cents to 178.52 cents/pound, and August lost 1.60 to 180.22.

Big wholesale losses sparked strong hog selling. Cash hog quotes proved quite firm Thursday afternoon, but pork cutout values plummeted. That breakdown clearly triggered active selling in CME hog futures Friday morning. Most contracts locked at limit-down levels despite signs of a wholesale rebound. June hog futures crashed the daily 3.0-cent limit to 120.55 cents/pound in late Friday action, while December tumbled 2.40 to 89.10.


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


Tube Series (TS) Conveyors

USC’s Tube Series Conveyors combine the gentleness of the signature Seed Series with the traditional stability of a tube-style conveyor, ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form