Outside markets and weather weighed upon ag futures Thursday

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

Corn futures dropped sharply Thursday. The drop was somewhat surprising since the equity markets were making new highs, but concurrent U.S. dollar gains seemed to weigh upon commodities. That seemed to exaggerate the bearish impact of near-perfect summer weather. September corn futures fell 11.5 cents to $4.875/bushel at Thursday’s close, while December dove 12.0 cents to $4.67.

The soy complex was mixed Thursday. The same weather and currency developments that were depressing corm weighed upon beans and meal. Conversely, rebounding palm oil prices rather obviously boosted soyoil values as well. September soybean futures tumbled 15.5 cents to $12.3425/bushel in Thursday morning trading, while November beans plunged 13.75 cents to $11.925. September soyoil climbed 0.40 cents to 42.60 cents/pound, while September soymeal sagged $6.3 to $397.7/ton.

Wheat futures bounced from early lows Thursday. The surging U.S. dollar probably played a role in the early wheat slide as well. The weekly Export Sales report seemed neutral, but a morning report from the World Grain Council may also have undercut prices. And yet, wheat futures erased much of their early weakness later in the day, as export optimism and domestic quality concerns once again evoked support. September CBOT wheat dropped 6.25 cents to $6.585/bushel in late Thursday trading, while September KCBT wheat was unchanged at $7.0675, and September MGE futures edged 0.5 cent higher to $7.4175.

Flat cash prices dragged cattle futures downward Thursday. Despite general expectations for cash and wholesale strength during the coming weeks and months, recent events make traders wonder if the premiums already built into Chicago prices have already incorporated the rise. Midsession news that Southern Plains trading had stalled once again seemed to exaggerate early CME losses. October cattle sank 0.98 cents to 124.50 cents/pound at its Thursday settlement, while December tanked by 1.02 cents to 127.35. September feeder futures bounced 0.28 cents to 157.25 cents/pound on the corn weakness, and November added 0.20 cents to 160.25.

Hog futures bucked the general downward trend Thursday. In contrast to the cattle premiums, discounts built into hog futures seemingly leave them room to rally even when current conditions don’t seem particularly bullish. Still, late morning news of cash and wholesale weakness may have limited CME gains later in the day. October hog futures closed 0.57 cents higher at 83.90 cents/pound Thursday, while December advanced 0.40 cents to 80.90.


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


Portable Conveyors

Convey-all portable conveyors are designed to handle your crops gently and efficiently. We offer an extensive line of high capacity ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form