Livestock futures surged Thursday, crop markets mixed

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

Bargain hunting reportedly boosted corn futures Thursday afternoon. The weekly USDA Export Sales report indicated modest U.S. corn marketings last week, which met industry expectations. CBOT futures proved weak in response to favorable Midwest forecasts in early action, but traders seemingly concluded the market was relatively cheap later in the day. July corn closed up 3.0 cents to $4.44/bushel Thursday afternoon, while December gained 2.0 cents to $4.4375.

The soy complex came under increasing pressure. Although the Export Sales report seemed rather favorable, the Chicago bean and meal markets turned decidedly lower once again. Favorable forecasts probably weighed on new crop prices to some extent, but it looked as if strong technical selling was depressing old crop prices. Asian palm strength apparently supported the oil market. July soybeans plunged 30.25 cents to $14.1525/bushel as Thursday’s pit session ended, while July soyoil advanced 0.16 cents to 38.58 cents/pound, and July soymeal tumbled $13.1 to $469.2/ton.

The wheat markets proved rather mixed Thursday. Export sales of new crop wheat far exceeded industry expectations, which in more normal circumstances might have sent prices sharply higher. Bearish global fundamentals kept the pressure upon prices, as did generally favorable weather forecasts. Conversely, forthcoming rains might hurt the winter wheat crop, which may explain the KC bounce. July CBOT wheat futures slid 4.0 cents to $5.8525/bushel at their Thursday close, while July KCBT wheat rose 1.25 cents to $7.055 and July MWE futures sagged 2.0 to $6.82.

Surging cash bids sent cattle futures higher Thursday. Anticipation of late-week wholesale losses seemed to trigger CME cattle selling Wednesday. However, futures reversed sharply higher today, which reflected reports that packers had boosted their bids above last week’s cash levels. August cattle spiked 2.97 cents to 146.00 cents/pound at Thursday’s settlement, while December jumped 2.05 to 150.65. Meanwhile, August feeder cattle soared 2.97 cents to 205.85 and October leapt 2.85 to 206.67.

Hog futures followed cattle higher. Trader disappointment with Wednesday’s late-afternoon cash and wholesale reports caused a weak start to today’s hog trading. However, strong cash and wholesale news at midsession, along with soaring cattle futures apparently powered increasing gains as the day passed. August hog futures ended Thursday having climbed 0.85 to 130.80 cents/pound, while December ran up 2.40 cents to 98.65.

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...

Comments (0) Leave a comment 

e-Mail (required)


characters left

Smooth Wall Grain Bins

Meridian’s SmoothWall bins are the ultimate storage bins, used to handle and store fertilizer, grain, feed and seed, and extend ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form