Wheat markets were mostly higher with spring wheat in Minneapolis leading the way. Extreme cold temps and snow are hampering grain movement, particularly across the Northern Plains and Canadian Prairies, where spring wheat is grown.
Kansas City also found support on continued concerns about winter kill this year after several cold snaps on poorly covered wheat plants. Chicago struggled to hold its gains, finding some spillover pressure from the corn market.
Corn appears to be stalling after a one-month rally as farmers have been active sellers on this run. Soybeans were slightly higher after a week of choppy trading in which the market saw small cancellations from China but was bracing for more. Brazil’s harvest is well underway for what is projected to be a record harvest that will compete heavily against the United States.
Beans remain well supported, however, by huge demand for soymeal. The lingering cold temperatures are increasing the demand for livestock feed, and meal is the primary feed for hogs and poultry.
The cattle market is rebounding after a few weeks of retreating from their all-time highs. Cash fed prices continued to weaken last week, however, as consumer demand stayed weak in the face of record high beef prices and quickly declining disposable income after paying high heating bills. Packers have cut back kill hours trying to prop up beef prices, but the sluggish demand has continued to weigh on the beef cut-outs. Feeder cattle are seeing strong buying in the country, with most weight classes well bid.
Crude oil pushed higher, but natural gas retreated after its swift move higher of the last week. The lingering cold temps are continuing to support the energy complex. Precious metals have managed to string together a couple weeks of higher prices with silver prices finding solid support at the early winter lows. The Dow surged higher after its early February sharp break, finding strong buying after congress agreed to raise the debt limit without threats of default.
Source:- sidneyherald.com
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