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Ag markets ended the week in decidedly mixed fashion

Doane Advisory Services | Hagadone News Network | UPDATED 10 years, 10 months AGO
by Doane Advisory Services
| September 12, 2014 1:30 PM

Large supplies again weighed on the crop markets. Corn futures stabilized Thursday night in the wake of the bearish USDA reports and subsequent price drops to fresh lows. However, prices subsequently weakened in Friday trading, despite early morning news of a sizeable corn sale to an unknown destination. December corn futures settled down 2.5 cents to $3.385/bushel Friday, while May sank 2.5 to $3.595.

Vegoil gains may have supported bean and meal prices Friday. Thursday’s reports were also bearish for the soy outlook, thereby undercutting CBOT futures. Beans bounced later that day and continued rising in early Friday action in apparent response to the concurrent palm oil surge. Soyoil futures led the way higher, with beans inching up and meal declining only slightly despite another sizeable sales announcement. November soybean futures gained 3.75 cents to $9.8525/bushel at Friday’s close, while October soyoil soared 1.05 cents to 32.55 cents/pound, and October soymeal skidded $0.3 to $338.5/ton.

The wheat markets remain quite weak. Thursday’s crop reports also held generally bearish implications for wheat values. The domestic situation doesn’t seem that bad, but current U.S. prices are above those quoted on the glutted global market. That implies weak export demand, along with feed market competition from the depressed corn market. December CBOT wheat tumbled 7.0 cents to $5.025/bushel as Friday’s session ended, while December KC wheat fell 13.0 cents to $5.9325/bushel, and December MWE wheat dove 14.75 to $5.78.

Beef losses apparently weighed on cattle futures. This week’s technical failure and growing cash market pessimism seemed to spark Thursday’s drop in cattle futures. Prices firmed in early trading, but moved lower as the session passed; that probably reflected the sizeable beef losses posted at midday. October live cattle futures dropped 1.10 cents to 156.27 cents/pound in late Friday action, while December futures slumped 0.45 to 159.25. However, October feeder futures bounced 0.32 cents to 225.92 cents/pound, while January feeders lost 0.20 to 217.77.

Hog futures struggled amidst mixed spot market signals Friday. Seasonal price optimism powered recent gains in hog futures. But cash and wholesale prices turned decidedly mixed later in the week, thereby undermining the bullish bias built into nearby CME futures. October hogs ended the week having fallen 0.67 cents to 105.70 cents/pound, while December dove 0.90 to 96.30.

Cotton futures ended the week on a mixed note. Recent gains suggest ICE cotton traders had anticipated the tighter U.S. supply implied by Thursday’s USDA reports, although the news of surprisingly weak exports likely mitigated the bullish impact. The market rose again Friday morning, but the position-squaring likely undercut the most-active December contract at the weekly close. December cotton futures closed 0.09 cents lower at 68.00 cents/pound Friday, while March futures ran up 0.47 cents to 67.43.

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ARTICLES BY DOANE ADVISORY SERVICES

Sliding soy meal futures took starch out of crop markets Tuesday
October 28, 2014 1:30 p.m.

Sliding soy meal futures took starch out of crop markets Tuesday

Corn futures set back in concert with soybeans. Soybeans and meal led the crop markets sharply higher Monday night and Tuesday morning, with bulls apparently banking on robust demand and slow harvests to power prices higher. However, the surge ran out of momentum and bullish profit-taking and fresh selling greatly reduced the gains. Corn did close slightly higher. December corn futures ended Tuesday having gained 1.5 cents to $3.645/bushel, while May added 1.25 to $3.8675.

Tuesday's early meal reversal weighed on crop markets
October 28, 2014 9 a.m.

Tuesday's early meal reversal weighed on crop markets

Talk of slow harvesting is again boosting corn futures. Soybeans and meal led the crop markets higher overnight, but have set back from their highs. However, that has done little to discourage corn bulls, who reportedly were encouraged by the persistently slow harvest. December corn futures climbed 4.75 cents to $3.6775/bushel late Monday morning, while May added 4.0 to $3.895.

Ag markets posted mixed closes ahead of Thursday's USDA reports
September 10, 2014 1:30 p.m.

Ag markets posted mixed closes ahead of Thursday's USDA reports

Traders were looking forward to Thursday’s USDA reports Wednesday. Expectations for a massive corn harvest have weighed heavily upon the market this summer. However, the possibility that tomorrow’s USDA Crop Production and WASDE reports will hold surprises apparently spurred short-covering ahead of their release. Thus, corn futures traded slightly higher. December corn futures closed up 1.5 cents to $3.4575/bushel Wednesday, while May rose 1.25 to $3.6675.