Soybeans lead grain complex lower

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

Corn futures closed lower on Friday. Today has been a very volatile day for the corn market. Futures are moved higher during early morning trade on technical support, despite bearish production projections contained in the November WASDE. Corn production was estimated 19 million bushels higher than the previous month which was approximately 60 to 75 million bushels higher than trade expectations. However, spillover pressure from the soy complex pulled prices lower the last hour of trade. December corn futures settled 2 cents lower at $7.41 ¼.

Soybean futures settled sharply lower on Friday. USDA’s WASDE report was quite bearish for the soybean market today. USDA revised soybean production estimates upward by over 100,000 million bushels as a result of the increase in soybean yield estimates. Yield estimates were raised 1.5 bushels per acre. Total new crop production was pegged at 2.97 billion bushels. Soybean oil and soybean meal closed significantly lower as well. January soybean futures closed 44 ½ cents lower at $14.51. January soybean oil closed 98 points lower at 48.20 cents. Lastly, January soybean meal futures closed $13.80 lower at $445.00.

Wheat futures closed with moderate losses on Friday. WASDE estimates for wheat were bearish for both the U.S. and global balance sheets. Not to mention the sharp losses in the soy complex added even more downward pressure to wheat futures. In regards to the report, USDA revised U.S. ending stocks upward 50 million bushels. Global ending stocks were reported approximately 1 million tonnes higher versus expectations of a 1.5 million tonne decline. Global production was cut less than expected while global usage was cut more than expected. December wheat futures at CBOT closed 16 cents lower at $8.86 ½; KCBT closed 14 ¾ cents lower at $9.22 ¼; and MGE closed 8 ¼ cents lower at $9.50 ½.

Live cattle futures closed higher on Friday. Cattle futures bucked pressure from sharply lower beef prices. Midday prices were reported over $1 lower for both choice and select cutouts. Buying interest started to gain momentum after midday although there remains no fundamental reasoning behind the lift in prices. However, some traders believe the market is pulling support from yesterday’s solid export sales. The market is closed but cash trade is still underway, with prices called steady to lower versus the previous week. December cattle futures settled 33 cents higher at $125.75.

Lean hog futures closed higher on Friday. Hog futures traded fairly choppy today. Prices traded on both sides of the board as the market searched for direction. During early morning trade gains were trimmed on profit taking and supply worries, but prices received a boost on spillover buying in the cattle complex. However, long term demand and lower cash prices are expected to negatively affect prices. December hog futures settled 55 cents lower at $80.75.

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

LPV Seed Treater

The LPV Seed Treater has set a new standard boasting three configurable weighing methods for any-sized operation, a standard 42” ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form