Wheat Holds Firm Into the Weekend
While there are plenty of weather concerns for all three crops heading into the weekend, trading was generally quiet and results were mixed on Friday. Corn and soybeans ended modestly lower while all three wheats finished a little higher.
Livestock Gains Firm in Late Trade Friday
Livestock futures have remained sluggish through much of the morning Friday. But trade activity is starting to pick up allowing for wider price swings and increased volatility to develop near closing bell following sharp cash cattle gains during the week.
Soybeans, Corn Higher Thursday; DDG Prices Firm
Soybeans and corn turned higher Thursday, in part due to the bullish weekly export sales and shipments reports.
Spot Prices Decline
The end of the week is not looking friendly. Spot prices declined in all categories, leaving little for traders to do except sell futures. Class III contracts through October show lower prices than the close of last week. Blocks took the largest beating Friday with a decline of 4.25 cents falling to $1.48.
Ethanol Futures Mixed in Narrow Range
Light trade left ethanol futures mixed Thursday as traders countered firm corn markets against sliding RBOB gasoline markets. The aggressive losses seen in the energy markets continue to limit overall support in nearby and deferred gasoline markets. This could limit buyer summer buyer support.
Little Movement in Retail Fertilizer Prices
Average retail fertilizer prices continued to be fairly steady with no significant moves either higher or lower the third week of April 2017. With the opening of Iowa Fertilizer Company's new nitrogen fertilizer production facility near Wever, Iowa, last week, farmers in the Midwest could potentially see lower prices for nitrogen fertilizer over time.
Cotton Rallies Off Nine-Session Low to Finish Higher
July finished modestly lower for the week and slightly higher for the month. Mills added 1,113 lots to their total unpriced on-call position. U.S. Far East premium widened a bit.
Grains Narrowly Mixed to Start the Day
July soybeans are 1/2 cent higher, July canola is $.50/mt lower, July spring wheat is unchanged and July corn is 1 3/4 cents lower. The Canadian dollar is 16 basis points lower in overseas trade.