Livestock futures remained under pressure Friday

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

Favorable weather depressed corn futures Friday. Widespread rainfall fell over the Corn Belt this week and precipitation is expected both next week and the week after. Thus, it looks like the corn crop will finish well, which seems quite bearish. September corn slumped 7.75 cents to $3.5175/bushel late Friday, while December dipped 7.75 to $3.635.

Tight old-crop supplies supported the soy complex. Talk of strong Chinese bean imports offered fresh support for bean and soymeal prices Friday. Bulls reportedly keyed upon expectations for a low 2013/14 carryout on next Tuesday’s WASDE report. Those considerations offset weather-driven selling in new crop futures. Weak Asian palm prices dragged oil values lower. September soybean futures climbed 14.5 cents to $11.1375/bushel as Friday’s pit session ended, while November futures rose 6.75 cent to $10.8475. September soyoil dropped 0.18 cents to 35.52 cents/pound, whereas September soymeal gained $3.8 to $367.9/ton.

The wheat markets ended the week poorly. The prospect of good growing weather for the spring wheat crop seemed to weigh upon the golden grain markets Friday. Traders may also have exited positions prior to the weekend, since big USDA crop reports are looming next Tuesday. Concerns about Russian adventurism in Ukraine seemed muted as well. September CBOT wheat fell 12.25 cents to $5.4925/bushel at their Friday close, while September KC wheat dove 17.0 cents to $6.2925/bushel, and September MWE wheat sank 15.75 to $6.1875.

Weak country trade apparently sparked another break in cattle futures. CME cattle prices plunged Thursday in response to news of weak Nebraska trading Wednesday afternoon. Western Plains cash prices subsequently fell even farther, which probably explained the follow-through Chicago dive posted Friday. October and December live cattle futures plummeted the daily 3.00-cent limit to 150.00 and 150.25 cents/pound, respectively, at their week-ending close. Meanwhile, September and November feeder futures posted respective 3.00-cent crashes to 214.72 cents/pound and 212.60 cents/pound.

Hog futures recovered from early lows in late Friday trading. Hog futures also fell sharply in early Friday action. Selling spilling over from the cattle market, as well as concerns about continued cash weakness, appeared to power the drop. However, prices rebounded from the early lows, with technical and pragmatic factors likely playing significant roles in the bounce. October hog futures settled 0.92 cents lower at 99.32 cents/pound Friday afternoon, while December tumbled 2.67 cents to 89.15.


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


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