HRW Wheat Charges Higher Into Hot Holiday Weekend
July K.C. wheat closed up 15 cents, nearly reaching it highest prices in 10 months with hot temperatures in store for the southwestern Plains through Memorial Day weekend. Friday's trading was light, but also saw modest gains posted for corn and soybeans.
Feeder Cattle Futures Rally Late Friday
Buyer support moved back into the cattle complex late Friday. The support developed following the early release of the cattle on feed report, which posted a 92% cattle placement compared to year ago levels. Light buyer interest was seen in most other livestock futures despite the limited trade activity.
Price Pressure Develops Friday
Limited trade volume is seen through the entire feed complex, following light to moderate pressure developing in both corn and soybean meal markets. Markets will remain closed Monday in observance of Memorial Day, with sluggish activity likely heading into the long holiday weekend.
Weekly Price Pattern Remains Intact
Class III futures closed lower on the day, but higher than a week ago. This is the fifth consecutive week during which futures increased early in the week and fell back at the end of the week. The trend is still up, but may be near a level of resistance.
Ethanol Prices Move Fractionally Higher
Ethanol futures trickled higher at the end of the week following the narrow support in the corn market. Sharp losses swept through energy markets, allowing for soft market direction going into the long holiday weekend.
Fertilizers Continue Mostly Higher
Prices in the second week of May 2018 continue to be mostly higher, even though in the last few months, there have been signs that prices may be turning lower.
Cotton Settles on Sharp Gains
Weather forecasts, as crop insurance planting deadlines approach for cotton on the droughty Texas Plains, and a big batch of outstanding mill sales in July, lifted prices. Steep drop in oil prices also lent support as U.S. dollar index futures strengthened.
HRW Leads US Grains Higher
Corn ended 1 3/4 to 3 cents higher, soybeans ended 2 1/4 to 6 1/4 cents higher, canola finished $.10/mt higher to $.90/mt lower, HRW closed 13 3/4 to 15 cents higher, and spring wheat ended 7 to 9 1/2 cents higher.