Weather concerns boost grain prices

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

Corn futures closed higher on Tuesday. Strength in beans and wheat provided upside leadership. The cash corn market is firm as farmers are tightly holding limited supplies. Shippers are closely monitoring Mississippi River water levels from St. Louis to Cairo, IL. Low water is likely to limit barge transportation. Excessive rain in Argentina is a renewed concern with 40% of the crop left to plant. December corn settled 12 3/4 cents higher at $7.60 1/4. March also closed 12 3/4 cents higher at $7.64.

The soybean market added onto its recent gains with a robust rally into the close on Tuesday. Bulls are feeding on worries that there are reasons to be concerned about the planting progress and early development of the South American soybean crops. Rumors of possible Chinese soybean buying also found new life on Tuesday. Strength in corn and wheat added to a bullish background environment. At the close, January had surged 24 1/2 cents at $14.49 1/4. New-crop November added 14 3/4 cents to close at $13.10 3/4. January soybean oil gained 83 points to close at 50.41 cents. January meal was up $6.50 per ton at $433.40.

The wheat markets closed sharply higher on Tuesday under growing agitation amongst traders about the status of the 2013 Plains wheat crop. On Monday afternoon, USDA reported that the national crop rating was down one point of total good plus excellent at 33%. While that was along the lines of prereport expectations, the news became well publicized on Tuesday with many vocalizing concerns about the risks for 2013 production. At the close, Chicago March wheat jumped 24 3/4 cents at $8.88 1/2. March Kansas City surged 31 1/2 cents at $9.33 1/4. The Minneapolis March contract gained 22 1/2 cents at $9.50 1/2.

Live cattle futures were mixed as futures consolidated following last week’s steep rally. No further cash trade was reported after some light trade in Texas on Monday. Cattle slaughter so far this week is estimated at 243k head, down from 259k last week and 256k a year ago. Beef prices were higher in morning trade on Tuesday. February cattle closed 7 cents lower at $132.32.

Lean hog futures settled lower on Tuesday. The losses were small with December down 10 cents to $82.38. The June contract settled at $100.20, down 65 cents. Cash prices were reported to be mixed at midday on Tuesday. The weakness in hog futures was generally due to end-of-month close-out activity and a little profit taking. Modest gains in corn and soybean prices provided some support to deferred hog futures contracts. The cash price index is still about $6 below the December futures contract price. Trading on Tuesday filled the gap left in the June contract last week.

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

Declining Weigh Blending System

Ranco Declining Weigh (DW) is the standard in fertilizer blending because of the speed and accuracy of the blending process. ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form