Soy, wheat recover slightly on bargain buying

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

Corn futures closed slightly lower on Wednesday. Corn futures rebounded from overnight lows but traded very volatile within the last hour before closing bell. Futures couldn’t seem to shake pressure from the rapidly advancing corn harvest and reports that private brokerage firm FC Stone has increased its production and yield forecasts for the 2012 corn crop. December closed down 1 ¼ cents.

Soybean futures closed mixed but mostly lower on Wednesday. Soybean oil export sales and bargain buying in the palm oil market pushed soybean futures beyond session lows. Today, USDA announced export sales on 21,000 tonnes of soybean oil to China for delivery during the 2012/13 marketing year while palm oil was up significantly after sharp losses on Tuesday. Nevertheless, private projections ahead of the October WASDE for better than expected soybean yields and production output limited gains. November soybeans closed 1 cent higher.

Wheat futures closed mixed on Wednesday. Wheat futures were pulled higher by end of the day bargain buying and recovery in the soy complex. Prices at CBOT and MGE close higher while crop boosting rains across the U.S. Plains kept Kansas City prices in check. Traders will continue to keep an eye on global wheat production as Russian and Ukrainian wheat harvest is below expectations due to poor weather. December wheat at CBOT closed ½ cent higher; 1 ¼ cents lower at KCBT; and 5 ½ cents higher at MGE.

Live cattle futures closed lower on Wednesday. Cattle futures were pulled lower on sluggish trade despite respectable gains earlier during the session. Cattle futures opened higher as expected on strength in wholesale beef prices. At midday, wholesale beef prices were reported higher for both choice and select cuts. Concerning the cash trade, prices are expected to be higher due to packers being short bought. October closed 20 lower while December down 35 cents.

Lean hog futures closed mixed but mostly lower on Wednesday. Nearby hog futures saw strong support from higher cash prices and the jump in the pork carcass value. However, midday pressure in the deferred contracts pulled the market prices lower leaving only the front month contract (October) above unchanged. Processor margins are good and so demand by packers should remain steady. October closed 88 cents higher while December closed 98 cents lower.


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