Ag markets proved generally firm again Thursday

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

The crop markets showed exhibited varying strength Thursday. The U.N. Food & Agriculture Organization (FAO) reduced its prediction for 2014 small grain carryout approximately 2 percent Wednesday night, which probably supported the crop markets. When combined with talk that the storm system now moving across the Great Plains will bring strong winds with it, thereby posing a danger to drying corn stalks, traders viewed the news as supportive of corn prices. December corn futures closed up 0.25 cent at $4.3925 Thursday, while May added 0.5 cent to $4.6025/bushel.

The soy complex built upon Wednesday night gains. Although the FAO’s small grains report didn’t apply to soybeans, it also seemed to encourage bulls in the legume market. Talk of the Corn Belt storm may also have sparked buying, since it could cause significant delays in the soybean harvest. Wire service reports also indicated bullish bargain hunting. November soybeans jumped 14.5 cents to $12.8825/bushel late in Thursday’s session, while December soyoil leapt 0.89 cents to 40.27 cents/pound, and December soymeal ran up $3.6 to $415.3/ton.

The ongoing wheat rally persisted Thursday. The FAO’s forecast of a lower global small grains carryout next year very likely encouraged fresh wheat buying today. That seems especially apt in the current environment, where so many interests are apparently seeing vigorous export demand boost golden grain prices. December CBOT wheat gained 3.25 cents to $6.8925 bushel at their Thursday settlement, while December KCBT wheat edged 1.0 cent higher to $7.555, and December MGE futures rose 3.5 cents to $7.5025.

Cattle futures turned mixed late in Thursday’s CME session. The lack of USDA information continues hampering the livestock markets, with many traders apparently opting to stand aside at this time. Pessimism about this week’s cash outlook reportedly weighed upon CME prices in earlier trading, but news of firm Southern Plains prices gave the Chicago market a temporary boost. Conversely, flat Nebraska quotes undercut prices at the close. December cattle futures settled 0.05 cents lower at 131.77 cents/pound Thursday, while April sank 0.12 cents to 134.80. Meanwhile, November feeder cattle slid 0.57 cents to 165.62 cents/pound, and January sagged 0.37 to 165.40.

Hog futures moved mostly higher today. Again, the lack of USDA news is very likely limiting activity in the hog pit. Talk of steady-weak prices at the various country markets probably supported CME prices, since the nearby contracts have significant discounts built into them. We also suspect wholesale pork prices are holding up rather well at this time. December hog futures rallied 0.60 cents to 86.77 cents/pound in late Thursday morning action, while April lifted 0.45 cents to 89.65.


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


Tube Series (TS) Conveyors

USC’s Tube Series Conveyors combine the gentleness of the signature Seed Series with the traditional stability of a tube-style conveyor, ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form