Market Recap: Soybeans Surge to Start Week

Posted on 02/12/2018 3:10 PM

Corn: Corn futures settled high-range and up 4 1/4 to (mostly) 5 cents. The market closed at its highest level since October. Corn futures enjoyed gains throughout the session thanks to South American weather concerns as well as spillover support from the soybean and wheat markets.

Soybeans: Soybean futures settled 16 1/2 to 19 cents higher in old-crop contracts. New-crop November futures ended 14 1/4 cents higher. Soybeans finished high-range. Argentine weather concerns fueled strong buying in the soybean and soybean meal markets to kick off the week.

Wheat: Futures prices ended the day with solid gains, with nearby SRW contracts finishing up 14 1/4 to 15 cents and at four-month highs. HRW wheat settled 12 to 15 cents higher and at six-month highs. HRS wheat futures posted more modest gains of 5 1/4 to 7 1/2 cents. The latest commitments of traders report showed large fund managers in the wheat futures markets heavily covering their short positions.

Cotton: Cotton futures finished narrowly mixed today, with March through July contracts down 14 to 23 points, while the October and December contracts firmed 9 points and 22 points, respectively. U.S. cotton producers intend to plant 13.1 million cotton acres this spring, up 3.7% from 2017, according to the National Cotton Council’s annual survey

Cattle: February live cattle futures contracts closed up 75 cents on the day, while the April through August contracts ended a dime to 17 1/2 cents lower.  For the week, February live cattle were down 32 1/2 cents. Feeder cattle ended with losses of 60 cents to $1.05 through the May contract today. March feeders ended down $4.725 for the week. As of mid-afternoon Friday, cash cattle trading activity had not been reported.

Hogs: February lean hog futures settled a dime lower, while the April through August contract finished $1.25 to $1.675 higher. February lean hog futures tried at times to work higher today, but buyer interest was ultimately limited by weakness in the cash hog market.

 

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