Ag market proved generally mixed Monday

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

Corn was supported by slow planting prospects Monday. Although some farmers may have been able to rush some corn planting late last week, the advent of wet, chilly weather over the Corn Belt over the weekend reportedly encouraged buying. Little corn is likely to get planted during the next two weeks, which suggests diminished harvest potential next fall. May corn inched up 0.75 cent to $5.0775/bushel as Monday’s pit session ended, while December added 0.75 cent to $5.07.

Monday’s events supported soy complex divergence. The potential for planting problems weighed on deferred soy prices, since delayed corn plantings can cause acreage shifts into beans during late spring. Meanwhile, the weekly Export Inspections report showed a surprisingly larger result, thereby suggesting export demand remains quite robust. May soybeans climbed 10.25 cents to $15.0825/bushel Monday afternoon, while May soyoil dropped 0.30 cents to 42.62 cents/pound, and May soymeal advanced $6.3 to $496.9/ton.

Weather forecasts apparently moved the wheat markets. Today’s Export Inspections report seemed supportive of nearby wheat futures, but CBOT wheat ended the day quite mixed. The fact that large portions of the Corn Belt are being blessed with rain may explain the relative Chicago weakness, whereas persistent southern Plains dryness may have supported Kansas City. May CBOT wheat futures closed unchanged at $7.0025/bushel Monday, while May KCBT wheat futures ran up 7.5 cents to $7.8325 and May MWE futures gained 2.75 to $7.5025.

The COF report boosted cattle futures. Last Friday’s monthly USDA Cattle on Feed report was viewed as supportive because March placements proved surprisingly small and pulled COF as of April 1 down nearly 1% from last year. Traders may also have thought the discounts already built into summer futures are too large. June cattle futures crept up 0.05 cents to 136.82 cents/pound late Monday afternoon, while December surged 0.80 cents to 142.57. Meanwhile, May feeder cattle leapt 1.10 cents to 181.10 cents/pound, and August soared 1.72 cents to 186.35.

Surging pork prices sparked Monday’s hog bounce. Lower cash and wholesales pork prices have recently undercut the futures market. CME prices moved still lower in early trading, but bounced substantially later the day. The rebound was very likely triggered by midsession pork reports indicating big wholesale gains. June hog futures closed just 0.30 cents lower at 124.22 cents/pound in late Monday action, while December rallied 0.17 to 91.45.


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