Wheat markets are leading commodities higher Monday

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

Corn followed wheat higher Monday morning. Although forthcoming Corn Belt weather looks likely to spur corn planting and improve the potential of the fall harvest, spillover wheat strength have boosted yellow grain prices to start the week. Today’s Export Inspections data also implied robust demand, thereby spurring purchases as well. July corn rallied 9.0 cents to $5.085/bushel late Monday morning, while December moved up 5.5 cents to $4.995.

A private forecast of Brazilian production undercut the soy complex. Accelerating corn plantings may also mean the soy crop will be planted in timely fashion, which might produce a comparatively large crop next fall, but beans also gathered early support from surging wheat prices. However, a midmorning private industry estimate for Brazil’s current crop seemed to depress soy quotes. July soybeans dipped 4.0 cents to $14.6675/bushel in late Monday-morning action, while July soyoil dropped 0.25 cents to 41.26 cents/pound, and July soymeal skidded $0.1 to $480.3/ton.

Weather and war possibilities are again boosting the wheat markets. The southern Plains remain very dry and have now turned hot, which bodes ill for plants in that region. Moreover, the Black Sea situation is clearly deteriorating, thereby lowering productive potential for the region and boosting spring wheat prices. July CBOT wheat futures leapt 18.0 cents to $7.34/bushel in early Monday action, while July KCBT wheat futures jumped 16.25 cents to $8.38, and July MWE futures soared 17.75 to $7.9275.

CME cattle discounts reportedly encouraged cattle bulls this morning. Although cash cattle prices ended last week rather poorly, the summer CME contracts remain rather heavily discounted below spot values. Wire service sourced cited those differences as playing a role in today’s early Chicago strength. June cattle advanced 0.50 cents to 138.55 cents/pound shortly before lunchtime Monday, while December edged up 0.30 cents at 144.47. Meanwhile, August feeder cattle surged 1.02 cents to 191.35 cents/pound, and October gained 0.47 cents to 191.80.

Anticipation of seasonal strength may be supporting summer hogs. The CME lean hog index has moved consistently lower lately, thereby dragging the expiring May contract downward. However, traders rather obviously believe the market will turn decidedly higher during late spring and summer, so it wasn’t terribly surprising to see those contracts rallying Monday morning. June hog futures ran up 0.47 cents to 122.70 cents/pound late Monday morning, while December advanced 0.40 to 94.87.


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


Direct Drive Rotary Blender

The Doyle 8, 10, 13, & 16 ton Direct Drive Rotary Blender’s are the industry’s fastest rotary blenders. These units ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form