Soybeans Slide Lower With Rain in the Southern Forecast
January soybeans fell 11 1/2 cents to within a cent of their November low as bullish traders may be losing patience with the latest forecasts of rain for Argentina. Corn ended slightly lower and all three wheats were a little higher with news of increased dryness in the western U.S. Plains.
Cattle Futures Close Generally Higher
For the most part, the cattle complex settled moderately higher, supported by short covering and pre-cash positioning. Lean hog contracts closed on a mixed basis with nearbys gaining on deferreds.
Soybeans, Corn Higher Midweek
Soybeans and corn closed higher Wednesday with some help from the weaker USD.
Milk Supplies Increase
Class III futures closed steady to higher in all contracts through 2018, with the exception of front-month December. December reacted to the decline of the weekly AMS dry whey price, which fell below 30 cents. The large increase of block cheese price triggered both short-covering and renewed buying. Blocks are coming up to close the block/barrel price gap.
Ethanol Futures Post Sharp Losses
Nearby ethanol contracts continue to post lows as traders try to find long-term support levels. Strong losses developed in nearby ethanol trade while buyers pushed energy markets higher.
Fertilizer Prices Still Mixed
Average retail prices for most fertilizers continued to move higher, while the price for two fertilizers moved lower during the first week of December 2017.
Cotton Scores Second Day of Triple-Digit Gains
March got within a tick of its contract high and May and July hit new contract peaks. U.S. export commitments stand at 73% of USDA's 2017-18 projection. Cotton Council pleased with U.S. team's WTO efforts.
Soybeans Post Double-Digit Losses
Soybeans ended 10 1/2 to 11 3/4 cents lower, canola settled $4.70 per metric ton (mt) to $4.90/mt lower, corn closed 1/2 cent lower and spring wheat ended 3 1/2 to 4 1/2 cents higher.