Soy, wheat markets surged Tuesday

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

Spillover strength supported corn futures Tuesday. The latest forecasts point to cool mid-April temperatures, but they also imply a stretch of dryness. That may allow farmers to take advantage of the dry spell and get lots of corn planted, which weighed upon prices late this morning. However, strength spilling over from the wheat and soy markets apparently pulled prices upward. May corn settled up 0.75 cent to $5.0375/bushel Tuesday afternoon, while December skidded 0.25 to $5.0325.

The bullish NOPA crush report boosted the soy complex. CBOT traders expected the monthly NOPA crush report to indicate vigorous domestic soy usage, but they did not anticipate the powerfully bullish result. Beans and the products proved very strong after the report’s release. May soybeans leapt 25.0 cents to $15.0125/bushel at Tuesday’s close, while May soyoil climbed 0.57 cents to 42.83 cents/pound, and May soymeal advanced $8.3 to $487.4/ton.

The wheat markets posted a big Tuesday surge. Russia still looks ready to take over Ukraine during the days and weeks just ahead. Traders obviously worry about the possibility of disruptions to the winter wheat harvest, spring wheat plantings and exports in that region. Relatively cold, dry weather over the central U.S. looks bullish as well. Wheat futures were mixed early Tuesday morning, but turned sharply higher as the day passed. May CBOT wheat futures jumped 23.0 cents to $7.0175/bushel as trading ended Tuesday, while May KCBT wheat futures soared 23.5 cents to $7.655, while May MWE futures vaulted 21.25 cents to $7.385.

Traders seemed to anticipate seasonal cattle/beef weakness. Although the cash cattle markets remained surprisingly firm last week, the industry is expecting a sizeable seasonal drop during the days and weeks ahead. That likely explains Tuesday’s slippage, although the fact that CME futures are already priced at large discounts probably limited the losses. June cattle futures dipped 0.47 cents to 135.42 cents/pound Tuesday afternoon, while December slumped 0.43 to 139.85. Meanwhile, May feeder cattle tumbled 0.65 cents to 179.77 cents/pound, and August lost 0.20 to 182.57.

Hog futures set back from early highs. Anticipation of seasonal strength is supporting the hog and pork complex at this point, especially with traders expecting production to fall far below year-ago levels during the next few weeks. The setback from early highs reflected morning signs of wholesale weakness. June hog futures closed 0.12 cents higher at 122.52 cents/pound in concluding Tuesday’s trading, while December fell 1.15 to 88.70.


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


Conveyor Equipment

Adams Fertilizer Equipment manufactures several styles and types of conveying equipment including: chain drag conveyors, bucket elevator legs, stationary and ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form