Most ag markets finished the week strongly

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

Corn futures moved modestly higher Friday. The ag markets continue suffering from limited information during the government shutdown. Corn prices were reportedly boosted by short-covering ahead of the weekend, talk of slowing harvest rates due to wet short-term forecasts and early strength spilling over from the wheat markets. December corn futures closed up 4.0 cents to $4.4325 Friday, while May added 4.25 cents to $4.645/bushel.

The soy complex bounced from early lows Friday. Wire service reports indicate early harvest totals are exceeding anticipated levels, thereby suggesting that trend will persist as harvesting activity moves north. However, the early-morning release of Canadian production figures posted a canola figure slightly below forecasts. Moreover, a respected Ag industry firm lowered its estimate of the U.S. bean crop. Those events sparked the late-week surge. November soybeans climbed 6.75 cents to $12.95/bushel in late Friday trading, while December soyoil slipped 0.03 cents to 40.24 cents/pound, and December soymeal rose $3.1 to $418.4/ton.

Canadian wheat data may have dragged wheat prices downward. Wheat futures had sustained an impressive advance over the past two weeks, which may have set the stage for a setback before the weekend. The spark for that selling may have come from Canada, where Stats Canada published a wheat production total modestly above predicted levels. December CBOT wheat sank 2.25 cents to $6.87 bushel at Friday’s settlement, while December KCBT wheat dropped 5.25 cents to $7.5025, and December MGE futures slid 4.0 cents to $7.4625.

Wholesale strength probably boosted cattle futures Friday. The cattle market is still feeling the lack of USDA information, which probably explains trader reluctance to push prices far in either direction in early trading. Thus, the midsession surge was quite surprising and very likely reflected supportive news. We strongly suspect private reports of wholesale gains spurred the move. December cattle futures jumped 0.65 cents to 132.42 to end the week, while April rallied 0.65 cents to 135.45. Meanwhile, November feeder cattle ran up 0.32 cents to 165.95 cents/pound, and January gained 0.55 cents to 165.95.

Hog futures posted an impressive advance to end the week. Again, the lack of USDA news is very likely limiting activity in the hog pit. However, as with cattle, prices surged just before midday Friday, which probably reflected strong wholesale and/or production news from private sources. December hog futures leapt 0.85 cents to 87.62 cents/pound as trading would down for the week, while April surged 0.67 cents to 90.32.

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 

e-Mail (required)


characters left

Portable Conveyors

Convey-all portable conveyors are designed to handle your crops gently and efficiently. We offer an extensive line of high capacity ... Read More

View all Products in this segment

View All Buyers Guides

Feedback Form
Feedback Form