Ag markets generally weak early on Friday

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

Favorable weather forecasts and long liquidation depressed crop prices Friday morning. The latest weather forecasts seemed somewhat more favorable for growing crops, but were not drought breakers either. Still, traders began exiting long positions ahead of the three-day weekend Thursday night. September corn slipped 2.0 cents to $4.9525/bushel early Friday morning, while December slid 5.25 cents to $4.7625.

The soy complex proved surprisingly vulnerable in early Friday trading. The latest weather forecasts suggest Corn Belt conditions will improve modestly from previous readings during early September. That probably weighed upon soy values to some extent, but the drop was probably exaggerated by bullish profit-taking ahead of the long weekend. September soybeans fell 14.75 cents to $15.25/bushel in overnight action, while November beans dove 18.25 to $13.1525. September soyoil dropped 0.32 cents to 43.46 cents/pound, and September soymeal lost $4.3 to $463.1/ton.

Wheat futures were mixed to lower Thursday night. Wire service reports suggested that recent price declines had triggered fresh wheat buying on the international market. Conversely, the latest weather forecasts implied better chances of rainfall over the northern Plains in early September, which probably accounts for the slippage in Minneapolis futures. September CBOT wheat rose 0.75 cent to $6.42/bushel around dawn Friday, while September KCBT wheat dipped 2.0 cents to $6.99, and September MGE futures declined 1.25 cents to $7.23.

Thursday’s late wholesale slide apparently undercut cattle futures. CME traders have been tracking shifts in beef prices this week, thinking those could presage late-week cash trading. That probably explains the slippage seen in Chicago Thursday night, since beef cutout values fell significantly on the late afternoon report. October cattle futures inched 0.10 cents lower to 126.87 cents/pound around sunrise Friday, and December slipped 0.10 cents to 130.15. September feeder cattle futures bounced 0.60 cents to 156.82 cents/pound, while November climbed 0.27 to 159.05.

Hog traders were disappointed by late Thursday pork news. Ideas that the strong midsession report released Thursday foreshadowed fresh strength in hog prices next month boosted hog futures yesterday. However, late afternoon reports indicated that the midday rise had been quite temporary, so the weakness displayed overnight was not terribly surprising. October hog futures skidded 0.05 cents to 87.27 cents/pound in early Friday trading, while December was steady at 84.30.


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


Smooth Wall Grain Bins

Meridian’s SmoothWall bins are the ultimate storage bins, used to handle and store fertilizer, grain, feed and seed, and extend ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form