Ag markets proved rather volatile Thursday

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

Thursday’s Export Sales report supported corn futures. The corn market firmed around moving average support Wednesday night, with news of a sizeable purchase by a South Korean firm seemingly encouraging traders. They apparently started buying more aggressively after the weekly USDA Export Sales report stated last week’s corn total well above forecasts. March corn closed 2.25 cents higher at $4.28/bushel Thursday afternoon, while May gained 2.0 to $4.355/bushel.

Profit-taking seemed to hit the soy complex Thursday. Talk of strong export demand, droughty conditions in Argentina and the NOPA crush report boosted the soybean sector Wednesday and again this morning. Oil seemed to be suffering from its position on the wrong side of the crush equation. However, beans and products reversed recent trends in late trading, which seemingly reflected profit-taking by heavily invested traders. March soybeans slipped 3.0 cents to $13.15/bushel at their Thursday settlement, while March soyoil bounced 0.06 cents to 38.05 cents/pound, and March soymeal sank $2.5 to $432.0/ton.

The wheat markets posted a surprising surge Thursday afternoon. The weekly USDA Export Sales report probably disappointed wheat bulls. However, they got a nice gift around midsession, when Egypt announced that it had bought a sizeable tranche of U.S. wheat. Weather maps suggesting the Great Plains are set for renewed drought also boosted prices. March CBOT wheat futures surged 5.0 cents to $5.7275/bushel in late Thursday trading, while March KCBT wheat futures rallied 9.0 cents to $6.25, and March MWE futures jumped 10.0 to $6.23.

Cattle futures backed away from early highs. Cash cattle prices in the Southern Plains jumped to the $141-$142 area Wednesday. That news was followed by the midday quotes well above the records posted yesterday. CME prices also leapt in early trading, but proved able to sustain only a portion of the advance. That suggests short-term consolidation. February cattle futures closed ‘just’ 0.72 cents higher at 140.15 cents/pound Thursday, while April futures added 0.27 to 139.22. Meanwhile, March feeder cattle futures gained 0.22 cents to 168.25 cents/pound, whereas May settled unchanged at 169.90.

Cash weakness probably limited hog futures Thursday. After proving generally strong Wednesday, the cash hog markets were called sharply lower around noon today. The ongoing cattle/beef spike, as well as wholesale strength apparently supported the nearby contracts, but the fact that the Chicago market is already trading at sizeable premiums to the official cash quote apparently limited bullish moves. February hogs gained 0.27 cents to 86.77 cents/pound at their Thursday settlement, while June lifted 0.35 at 101.75.


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


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