K.C. Wheat, Soybean Meal Earn Modest Gains
On a day when the Dow Jones Industrial Average was down over 400 points, the grain sector showed little concern, posting mostly small gains on light trading volume. July K.C. wheat led grains with a 6 1/4-cent increase, followed by May soybean meal with a gain of $3.50 -- both of which were related to ongoing drought concerns.
Cattle Futures Finally Catch Corrective Bounce
Live and feeder contracts closed with significant gains thanks to aggressive short-covering and the technical correction of oversold charts. Conversely, lean hog futures closed sharply lower, pressured by building threats of a trade war with China.
Soybeans, Corn Slightly Higher Midweek
Soybeans and corn closed slightly higher midweek as news was scarce to give either much direction.
February Cheese and Butter Inventories Increased
Cheese prices remained steady Thursday, but Class III futures came under pressure. Traders decided to take profits without further price increases. The February Livestock Slaughter report showed an increase from last year, but that had little meaning. Cold storage showed increases in all categories except Swiss cheese.
Ethanol Futures Shift Higher on Firming Demand
Growing ethanol demand through the spring months is helping draw buyer support back to the complex. This pushed nearby ethanol futures nearly one cent per gallon higher, even though pressure started to trickle into the energy complex.
Retail Fertilizer Prices Continue to Climb Higher
Prices for all eight of the major fertilizers were higher the second week of March 2018 compared to last month.
Cotton Eases Back a Second Day
May cotton closed down 0.44 cent Thursday, pulling back a second day as outside concerns of a falling stock market and trade issues with China countered bullish concerns of adverse weather. Extreme drought in northern Texas remains a concern for 2018 production.
Canola Follows Global Veg Oils Lower
Soybeans ended unchanged to 3/4 cents higher, canola settled $1.90 to $2.80 per metric ton lower, corn ended 1 to 1 3/4 cents higher, HRW ended 5 1/2 to 7 1/2 cents higher and spring wheat closed 1/2 to 3 3/4 cents higher.