Afternoon Market Highlights


Highlights

  • Lots of rumors yesterday with no confirmations to follow up today.
  • Energy markets are mostly higher with crude oil up 1.78, at $53.85/barrel, testing the $54 area.
  • The US$ is stronger, gold lower and equity markets higher.
  • No grain markets Sunday night or Monday. Trade resumes Monday evening at 7 PM CST.
  • ND Grain Dealers this weekend. Makes plans to stop in from the cold and say hello. 

Corn

  • The corn market traded higher, in a narrow range. Prices were pressured from lack of fresh supportive news, while SA crop concerns provided underlying support to the corn market.
  • Closes: March at $3.81 ¾, up 1 ¾ cents, July at $3.79 ½, up 1 ¾ cents and December at $4.03 ¾, up ½ cent.
  • Brazil’s corn harvest in their center south area is at 1%. Harvest has been delayed from rain events.
  • Spreads: H/K 8 carry, K/N 7 ½ carry, N/U 3 carry, N/Z 6 ½ carry, Z/H 8 ¾ carry. 

Oilseeds

  • The soybean market traded higher on renewed strength in the meal market and SA crop concerns.
  • Brazil’s bean harvest is estimated at 6.1% on drier weather in their top producing state of Mato Grosso.
  • Closes: March at $9.16 ¾, up 9 cents, July at $9.42 ½, up 8 ½ cents, and November at $9.55 ¼, up 7 ½ cents.
  • No serious changes for SA over the weekend. Brazil has seen some rain events while there are still dry spots around and Argentina appears to be stuck under the rain clouds for a few more days.
  • Spreads: H/K 13 ¼ carry, H/X 39 carry, X/F 11 ¼ carry. 

Wheat

  • The wheat market traded steady to higher with Chicago unchanged, KC up 1-2 cents and Mpls up 2-3 cents.
  • Prices continue to trade in narrow ranges from lack of news and ideas of improving demand.
  • There was chatter that all the chatter about China buying US wheat turned out to be Egyptian business.
  • The jury is still out on Russian exports.Talk is that they plan to curb exports, then the news stories state that they are exporting wheat at a record pace, followed up with officials stating there is no talk of Russian exports backing off.
  • The US Southern Plains braces for snowfall this weekend and seeing frigid temps this week and into the weekend (Brrrr for the football players that are playing in the outdoors this weekend and for the concession workers going down there to provide food and beverages).
  • Spreads: Mpls H/K 4 ¾ carry, holding tight, Kansas City H/K at 10 ½ carry, sneaking in a bit as well, and Chicago H/K at a 5 ¼-cent carry. 

Livestock

  • The cattle market was mixed with front months weaker on technicals with the March feeder cattle at $142.72, down 15 cents and Feb live cattle at $126.52, down 42 cents.
  • The hog market bounced higher after yesterday’s losses with February at $61.22, up 35 cents and April at $66.27, up 1.75.
  • Pork product values were mixed on 114 loads: Carcass cutouts dipped below $70 at $69.59, bellies a bit firmer at $132.33 and hams on the defensive down 1.31.
  • Packer margins remain in the high 20’s for both beef and pork.