Most ag markets are higher, but hog futures are tumbling Thursday

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

Grain futures followed soybeans higher again Wednesday night. There’s little fresh news concerning corn ahead of the weekly Export Sales report. The Doane Crop Tour found outstanding yield potential in northwest and western Iowa and eastern Nebraska yesterday. It’s pretty clear that corn is following beans higher at this point. September corn rose 3.25 cents higher at $3.6575/bushel early Thursday morning, while December added 2.5 cents to $3.7325.

Talk of potential August dryness is spurring soy buying. Soybean plants across the Midwest have benefitted from virtually ideal weather this year. However, the latest forecasts imply growing dryness across the region over the next two weeks, which given the critical time of the year, might hurt bean yields this fall. Traders are reacting quickly to the news. August soybean futures jumped 19.5 cents to $12.205/bushel Wednesday night, while November futures climbed 15.0 to $10.915. August soyoil ran up 0.22 cents to 36.42 cents/pound and August soymeal gained $6.0 to $397.5/ton.

The wheat markets are also rebounded. Scouts touring North Dakota spring wheat fields found good productive potential, which might easily be weighing upon Minneapolis prices. However, wheat futures are following their counterparts in the soybean pit higher, with the size of recent breakdown likely spurring short-covering and bottom picking. September CBOT wheat rallied 4.75 cents to $5.355/bushel in early Thursday trading, while September KC wheat advanced 7.5 cents to $6.31/bushel, and September MWE wheat moved up 6.0 cents to $6.27.

Cattle futures resumed their strong advance last night. The cattle market seemed to lose its upward momentum Wednesday, possibly due to ideas that wholesale prices will decline through the balance of July. Afternoon cutout levels actually proved mixed. Ultimately, we suspect packers raised their bids for fed cattle in the West and/or paid up for cattle sold Wednesday evening. August live cattle leapt 1.72 cents to 157.77 cents/pound as Thursday’s trading accelerated, while December vaulted 0.85 cents higher to 158.57. Meanwhile, August feeder futures surged 1.15 cents to 218.40 cents/pound and October feeders gained 0.25 to 218.42.

Hog futures continued falling on cash and wholesale weakness. Wednesday’s hog breakdown had lots of bearish technical implications. Thus, news of sizeable cash and wholesale losses later in the day apparently triggered fresh CME selling. August hog futures dove 1.17 cents to 123.40 cents/pound as Thursday dawned over Chicago and December plunged 2.30 cents to 99.20.

Cotton futures dipped in Wednesday night action. Little fresh news concerning cotton emerged overnight, but instead of following beans higher as did the grains, the fiber market dipped. We wonder if traders are wondering if the path of least resistance points lower after the minimal gains posted early this week. December cotton slid 0.16 cents to 67.92 cents per pound shortly after sunrise Thursday, while March futures sagged 0.20 to 68.53 cents/lb.


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


X-TENDED REACH GRAIN CARTS

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