Soy, cotton futures led the ag markets Wednesday morning

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

Continued talk of accelerated plantings is depressing corn futures. Although surging soy prices are likely supporting the corn market, forecasts for persistent short-term dryness have persuaded traders that Midwest plantings will accelerated during the days ahead. The resulting sales, along with weak technical conditions, seem to be depressing CBOT prices. May corn sank 5.25 cents to $4.985/bushel late Wednesday morning, while December dipped 3.5 to $4.9975.

Talk of vigorous demand is boosting the soy complex. Tuesday’s NOPA crush report showed strong U.S. activity last month and implied that U.S. demand for soybeans and products remains extremely strong. That news powered prices higher yesterday and again overnight. However, beans and meal backed away from early highs. May soybeans surged 16.0 cents to $15.1725/bushel around midsession Wednesday, while May soyoil jumped 0.82 cents to 43.65 cents/pound, and May soymeal added $3.4 to $490.8/ton.

The wheat markets were little changed Wednesday morning. The Russia-Ukraine situation is probably supporting wheat futures, but prices have seemingly stalled. The fact that weather conditions aren’t looking as bad as might have been the case may be robbing the market of bullish momentum after Tuesday’s big move. May CBOT wheat futures inched 0.25 cent lower to $7.015/bushel in late Wednesday morning action, while May KCBT wheat futures stabilized at $7.655, as did May MWE futures at $7.385.

Tuesday’s cash cattle news had mixed implications. Although CME cattle traders expect a seasonal cash market decline during the coming days and weeks, they seem confused by the latest news. That is, having a few cattle change hands at slightly lower prices suggested price weakness, but having packers pay up at this point suggests strong cattle demand. June cattle futures skidded 0.05 cents to 135.37 cents/pound shortly before lunchtime Wednesday, while December slid 0.20 to 139.65. Meanwhile, May feeder cattle stumbled 0.27 cents to 179.50 cents/pound, and August lost 0.17 to 182.40.

Hog futures firmed in the face of fresh selling. Anticipation of seasonal strength has been supporting the hog and pork complex lately, with bulls apparently thinking prices will come back from recent losses. cash and wholesale prices dove Tuesday afternoon, but talk of renewed firmness appeared to bring the market back from overnight lows. June hog futures slipped 0.22 cents to 122.30 cents/pound by late Wednesday morning, while December dropped 0.35 to 88.35.

Forecasts for reduced Chinese plantings may be spurring cotton buying. Last night officials with a Chinese industry association predicted the nation’s 2014 cotton plantings will fall 12% short of last year, thereby implying a commensurate cut in forthcoming production and improving price prospects. May cotton rallied 0.59 cents to 90.51 cents/pound around midday Wednesday, while December cotton ran up 0.77 to 81.67.

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