Ag markets narrowly mixed in Monday night trading

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


Corn futures dipped in Monday night action. After posting a surprising bounce Monday afternoon, the corn market slid slightly in overnight trading. Concerns about Chinese demand after that country’s officials recently discovered that several shipments of U.S. corn were contaminated with an unapproved GMO strain. March corn slipped 0.75 cent to $4.2375/bushel early Tuesday morning, while May dipped 0.75 to $4.3225.

Soybeans proved mixed in early Tuesday trading. Slumping palm oil prices weighed upon soybean oil futures Monday night, but there little fresh news concerning beans or meal emerged. Traders are probably looking to see how the global situation plays out over the short run, with huge supplies being met by vigorous demand. January soybean futures inched up 0.75 cents to $13.22/bushel around dawn Tuesday, while January soyoil declined 0.08 cents to 40.52 cents/pound, and January soymeal lost $0.9 to $427.9/ton.

Wheat markets proved surprisingly firm overnight. Early this morning Australia’s agriculture department ABARE announced that its forthcoming wheat harvest will total 26.213 million tonnes, thereby topping the prior estimate at 24.467 MMT. And yet U.S. futures rose moderately in early trading. That may have reflected widespread bargain hunting and a sustained reaction to forecasts for frigid Great Plains weather during the days just ahead. March CBOT wheat futures inched up 0.75 cent to $6.625/bushel in early Tuesday action, while March KCBT wheat futures gained 1.0 cent to $7.0675, and March MWE futures added 2.5 to $7.05.

Cattle futures moved mostly higher Monday night. Talk of frigid Great Plains weather later this week and the potential for a seasonal advance through early December may have supported cattle futures overnight. Cutout values rose yesterday afternoon, but the modest increase in the choice quote was not impressive. February cattle futures ran up 0.17 cents to 134.45 cents/pound as the sun rose over Chicago Tuesday, while the April contract added 0.07 cents to 135.07. Meanwhile, January feeder cattle crept up 0.12 cents to 165.47 cents/pound, and March feeders gained 0.12 to 165.80.

Hogs also posted a modest general rally in early trading. Ideas that cash hog prices have posted a seasonal low and have begun a winter rally seem to be supporting CME lean hog futures at this point. Monday’s big pork price increase very likely encouraged bulls, but mixed-to-weak cash quotes probably stifled gains. February hog futures advanced 0.10 cents to 90.55 cents/pound early Tuesday morning, while June slid 0.02 to 100.37.


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


Wireless Data Transfer

Enables wireless transmission of data between the GreenStar™ 3 2630 display, MyJohnDeere.com, and the producer’s farm management information system. This ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form