Sizeable wheat losses marked Sunday night trading

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

Weather and wheat are seemed to depress corn futures Sunday night. Traders suspect that last week’s planting window greatly accelerated corn seedings ahead of likely rain this week. The implied increase in harvest prospects, along with weakness spilling over from wheat markets probably caused the poor start to this week’s corn trading. July corn dipped -3.0 cents to $5.045/bushel early Monday morning, while December lost 2.75 cents to $4.96.

The soy complex began the week on a mixed note. Last Friday’s WASDE report implied persistent old-crop supply tightness, which has subsequently supported those contracts. The new crop situation promises to be more liquid, so deferred futures have dipped. Meal futures seem to be responding to the latter influence, whereas weekend Asian palm strength appeared to boost oil futures. July soybeans edged up 1.0 cents to $14.88/bushel to start the week, while July soyoil climbed 0.54 to 41.72 cents/pound, but July soymeal slid $1.5 to $485.8/ton.

Big new-crop prospects seem to be weighing on the wheat markets. Although the Black Sea situation seems to be deteriorating, the wheat markets fell rather sharply Sunday night. Wire service sources blamed the bearish nature of last Friday’s WASDE report, since implied global supplies will likely be quite liquid in the 2014/15 crop year. July CBOT wheat futures dropped 12.0 cents to $7.105/bushel in early Monday action, while July KCBT wheat futures tumbled 10.25 cents to $8.185, and July MWE futures fell 10.5 to $7.8475.

Talk of steady cash prices seemed to boost cattle futures Friday afternoon. CME futures fell Thursday night after big beef losses lowered expectations for the likely outcome of weekly cash trading. However, futures turned higher in the morning and kept rising into the close. That probably reflected growing talk of steady-firm country prices. Indeed strong Friday evening cash quotes probably signal a strong opening today. June cattle bounced 0.12 cents to 138.05 cents/pound at their Friday settlement, while December advanced 0.50 cents to 144.77. Meanwhile, August feeder cattle jumped 1.10 cents to 191.37 cents/pound, and October surged 1.02 cents to 192.05.

Weak cash prices weighed on hog futures last Friday. CME hog traders are hoping for a seasonal rebound in cash and wholesale prices during the days and weeks ahead. General stability last Thursday encouraged those views. However, cash hog prices were called sharply lower around midsession Friday, thereby sparking increased Chicago selling. That seems likely to persist today. June hog futures ended the week by creeping up 0.02 cents to 120.17 cents/pound Friday, while December tumbled 0.30 cents to 94.07.

Cotton futures began the week testing technical support. Last Friday’s WASDE report seemed generally bearish for the cotton outlook and left the most-active contracts resting on technical support associated with important moving averages. Those contracts barely budged Sunday night, which implies the market is beginning this week at a pivotal point. July cotton slipped 0.05 cents to 92.31 cents/pound soon after sunrise (EDT) Monday, while December cotton gained 0.05 to 83.76.

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

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