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DTN Cotton Open: Market Eases Off, Awaits Data
Tractor lining up cotton modules during harvest. ©Debra L Ferguson After an impressive Monday rally, the cotton market is subsiding Tuesday morning. With the omicron virus deemed less violent, traders may turn their attention more to the traditional drivers of its prices such as export sales and supply-demand data. Wednesday, spot December cotton will expire. It originally came on the board in January 2019 at 73.25.
DTN Grain Open: Ag Markets All Weaker
©Debra L Ferguson Stock Photography Pre-6 a.m. Globex Prices: March corn is down 1 3/4 cents per bushel, January soybeans are down 9 3/4 cents, and March KC wheat is down 8 cents. CME Globex Recap: Grain markets are all weaker overnight with losses being led by soybean oil, which follows through on the sharp selling Tuesday. Global equity trade was mixed overnight with Asian bourses higher, but European weaker while U.S. futures trade just below Tuesday’s settlements.
DTN Livestock Open: Uncertain Trading Anticipated
Trading in cattle was not very volatile. After spending some time in negative territory, futures were able to climb and close higher. Hogs moved in the opposite direction and continued to show weakness as the day progressed. The boycott of the 2022 Olympics held in Beijing by U.S. officials may result in “resolute countermeasures’ if the boycott takes place. This could have implications for meat exports.
DTN Cotton Close: Sharply Higher on Technicals, Dow
Cotton modules in front of cotton gin. ©Debra L Ferguson The cotton market finished sharply up Monday, as the Dow Jones and surging energy prices encouraged the buyers of all stripes. Over the weekend, Saudi Arabia raised the price of crude oil globally, causing the synthetic/natural fiber relationship to gyrate. The Dow jumped over 1% as economy-linked banks and less fears with the omicron variant rallied prices.
DTN Grain Close: Soybeans Finish With Losses, but Recover Some
©Debra L Ferguson Stock Images Corn, soybeans and soybean meal were under pressure for much of Monday, with corn bouncing back near unchanged and soybeans and meal finishing with solid losses. There was not a lot of news to drive the markets Monday, other than continued fallout from the new COVID variant and still-weak soybean demand. GENERAL COMMENTS: December corn closed down 2 1/2 cents per bushel and March corn was down 1/2 cent.
DTN Livestock Close: Cattle Finish Higher, Hogs Plunder
Photo: Adam Russell, Texas A&M AgriLife Extension Service Heading into Tuesday’s trade, the hog market is hoping to find some support as Monday was a rough day for the market. GENERAL COMMENTS: The cattle contracts ending up rounding out the Monday fully higher, but hogs struggled throughout the cash and futures markets. Feedlots have yet to disclose their asking prices for the week, but they aren’t going to be easily persuaded into selling cattle for steady money this week.
DTN Grain Midday: Trade Mostly Lower
©Debra L Ferguson Stock Images Corn futures are 5 to 6 cents lower; soybean futures are 7 to 9 cents lower; wheat futures are 1 to 7 cents lower. CORN: Corn futures are 5 to 6 cents weaker at midday Monday with trade remaining squarely in the middle of the existing range as there is little fresh news to start the week and overall softer ag action.
DTN Livestock Midday: Hogs Hungry for Technical Support
The cattle contracts are trading mixed into Monday’s afternoon, but the lean hog complex desperately needs interest from traders to help its dreary trade. GENERAL COMMENTS: The live cattle complex has found support for nearby contracts, but the marketplace is looking for support in both the deferred live cattle contracts and in the hog sector.
Grain Transportation: Barge Traffic Ends on Far Upper Mississippi River - DTN
Photo: Iowa Farm Bureau Parting is such sweet sorrow. Every year, in late November, those of us river watchers in St. Paul, Minnesota, stare sadly at an empty river devoid of barges. At the height of summer, about 100 barges line the Mississippi River in downtown St. Paul and around the bend heading south until tows claimed them and moved them south down river either full or empty.
DTN Cotton Open: Higher on Dow Rebound
Cotton module on conveyor belt at Mill Creek Gin. ©Debra L Ferguson The cotton market is posting a triple-digit recovery Monday morning, somewhat encouraged by an improving Dow Jones. Weekend news suggests the omicron variant has not demonstrated strong transmissions as hospitalizations in Africa are not soaring. Still, it will take more time for an accurate assessment. USDA ended its reporting on the 2021 harvest last week.
DTN Grain Open: Markets Lower, Treasury Yields Drop
©Debra L Ferguson Stock Images Pre-6 a.m. Globex Prices: March corn was down 4 cents, January soybeans were down 7 1/2 cents and March KC wheat was down 4 1/4 cents. CME Globex Recap: Early Monday, Dow Jones futures and European stocks are off to a higher start with the yield on 10-year Treasury notes at 1.34%, its lowest level in two months. There are no significant reports anticipated Monday and investor concerns over the omicron variant appear to be easing.
DTN Livestock Open: Feedlots Will Look for Higher Cash
©Debra L Ferguson Stock Photography Friday’s trade was somewhat lackluster as there was little remaining for traders to get excited about. There was a limited amount of cattle traded at prices in line with earlier in the week. Hog cutouts are on a yoyo with traders unable to guess each day what they will be, much less a trend.
Thompson on Cotton: Funds, Outside Forces Driving Market
The hope of a post-holiday market rebound was dashed as the selloff continued last week, highlighted by a limit down move of five cents on Tuesday. Since hitting an intraday trading high of 118.50 three weeks ago, March futures has given up over 14 cents closing the week at 104.20, a decline of almost 15 percent. New crop prices fared somewhat better but still dropped below 90 cents as December 22 futures settled at 87.75. Even excellent export sales did little to excite traders.
Ag Economy: Nov. Observations from the Federal Reserve - Beige Book
On Wednesday, the Federal Reserve Board released its November 2021 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. The report included several observations pertaining to the U.S. agricultural economy. Graph of Fed Districts from, “The Beige Book.” Click Image to Enlarge * Sixth District- Atlanta– “Agricultural conditions remained mixed. Most of the District remained drought free.
Texas Pecan Prices: Steady to Slightly Lower
The weather forecast has mild and sunny days in the high 70s cooling down to the low 60s by Monday and Tuesday for next week. Evenings will be in the low 60s dropping to the mid 40s and low 50s early next week. Prices remain steady for Improved varieties and slightly lower for Native/Seedlings. Large lots of Blends (nut count 55-60) 50-52% meat yield sold for about $4.20 per point.
Wildfires Hit Montana Grain Elevators - DTN
Four grain elevators in Denton, Montana, were lost to one of the wildfires this week that have been sweeping through parts of Montana as the state faces unusually dry, warm and windy conditions. The grain elevators that were lost were owned by CHS Inc. and were operational before the fire, according to the Fergus County, Montana, Sheriff’s office. The elevators had more than 100,000 bushels of grain (likely wheat and/or barley) in them when the fire struck Wednesday.
Why Now for Mahindra Roxor Rerelease - DTN
Mahindra's 2022 Roxor. Photo: roxoroffroad.com Some days, Viren Popli said, there are tires on hand at the assembly plants but no wheels. And some days there are wheels but no tires. Some days, the president and CEO of Mahindra North America said, they have both wheels and tires but no vehicle bodies to install them on.
Cleveland on Cotton: Outside Factors Could Send Market Lower
It’s a mixed bag, yet nothing to celebrate except for the textile mills. The past two-week price drop was not so much unexpected as it was much deeper than had been expected, especially this soon. We had cautioned growers several times not to let red December fall before 90 cents without pricing as much as 50 percent of expected production. It is doubtful 90 cents will be visited again, given any sibilance of a normal production season.
Biofuels, Ag Push EPA to Enforce RFS - DTN
With rumors swirling EPA will cut Renewable Fuel Standard volumes perhaps in the coming days, biofuels and agriculture groups on Friday pressed the agency to get the law back on track during a public hearing on a proposal to extend 2019-2021 compliance deadlines for refiners. EPA missed the statutory deadline to finalize volumes for 2022 on Tuesday and is more than one year overdue on finalizing 2021 volumes.
Minnesota Corn: Choose the Right Hybrid by Checking Trial Results
The husk has been pulled away from a yellow ear of dried corn in a field. Photo: Kevin Hudson, Mississippi State University Hybrid selection is one of the most important factors affecting corn yield and profitability. In trials where many corn hybrids are compared, it is common for grain yield to vary by 30 to 50 bushels per acre or more among hybrids. Seed costs should also be considered when selecting corn hybrids, as several hybrids often produce yields that are among the highest in a trial.
Weekly Cotton Market Review - USDA
Truck backing up to unload cotton module onto gin conveyor belt. ©Debra L Ferguson Spot quotations averaged 846 points lower than the previous week, according to the USDA, Agricultural Marketing Service’s Cotton and Tobacco Program. Quotations for the base quality of cotton (color 41, leaf 4, staple 34, mike 35-36 and 43-49, strength 27.0-28.9, and uniformity 81.0-81.9) in the seven designated markets averaged 104.86 cents per pound for the week ending Thursday, December 2, 2021.
Minnesota: 2021 Variety Crop Trial Results Available Now
Corn variety trials. Photo: Mississippi State University The Minnesota Agricultural Experiment Station (MAES) and the College of Food, Agricultural and Natural Resource Sciences (CFANS) have published the 2021 Minnesota Field Crop Trials. Visit here to see variety trials for 10 different Minnesota crops Follow these links to find the alfalfa, barley, canola, corn grain, corn silage, oat, soybean, spring wheat, winter rye, and winter wheat trials directly.
DTN Livestock Close: Contracts Drift Into Weekend Without Much Excitement
It was a quiet day for the livestock complex as the market slowly drifted into Friday’s close. GENERAL COMMENTS: It was a lackadaisical day for the livestock contracts as not a lot rattled the market in either direction. Looking ahead to Monday, feedlots will be taking a through inventory of their pens and hoping that packers are aggressive in next week’s market again.
Minnesota: Nitrogen, Nutrient Management Conferences, Feb. 8, 15
Corn nitrogen application. Photo: University of Minnesota The 14th annual Nutrient Management Conference and the 8th annual Nitrogen Conference will be available in-person and online February 2022. The Nutrient Management Conference will be on February 8th in Mankato while the Nitrogen Conference will take place on February 15th in St. Cloud. Learn more and register below. In-person attendance will be limited to 100 people for each conference, with a fee of $20 payable at the time of registration.
Oklahoma Pecan Prices: Buyers Still Looking to Other Areas
Photo: Mary Hightower, University of Arkansas The weather forecast shows mild temps for the week with evening lows in the low 50s cooling down to the low to mid 30s on Sunday thru next Tuesday. Daytime temps should have sunny days in the mid to high 70s. The gift pack and retail candy businesses are still busy buying pecans from other areas and online sales are fairly active.
Georgia Pecan Prices: Several Large Lots Hit Market
The weather for this week has mild sunny days in the mid 70s cooling slightly by Tuesday. Evenings and early morning hours are expected to be in the mid 40s to low 50s and rain is expected in the North Georgia areas for Monday December 6, 2021. Several large lots came onto the market this week that were in storage awaiting a stronger market and were sold this week. Some growers may have one more time to go back through the orchards and collect what is left to work with.
Minnesota: Cover Crops - How Much Do They Cost in the Long Run?
Heavy cover crop mixture planted green in no-till field. Photo: Dave Wilson, Pennsylvania State University How much cover crops cost to implement and whether they can make you money is a subject of heated debate. Costs are obvious: seed, time and fuel to plant and terminate them. The benefits tend to be less tangible and slower to accumulate: cover crops stabilize yields, but don’t necessarily increase them, and sometimes they lead to lower nutrient or herbicide applications over time.
Rice Market Update: 2022 Calm Before the Storm?
Rice field. ©Debra L Ferguson Stock Photography The holidays have descended upon the U.S. rice market, resulting in relative calm in the pricing. Milled rice for Haitian shipments has been steady, while Iraq business is in the rearview. Domestic business is steady, and the Omicron variant of COVID isn’t expected to make significant impacts in the future food distribution to schools.
Indiana Corn: Planting Considerations for 2022
Planter in field. Photo: Mississippi State University The key to maximizing corn yield is largely driven by minimizing the impact of potential yield-limiting factors during the growing season. The moment the corn seed is moved into the planter and placed into the ground in the spring, yield-limiting factors begin to go to work to limit potential corn yield.
4 Tips for Navigating Nutrient Additive Products - DTN
Corn fertilizer application. ©Debra L Ferguson Stock Photography Looking to get more out of each pound of fertilizer you use? There’s a growing industry eager to meet that need, with companies each year marketing more soil or plant additives to farmers. Some are biologicals, some are synthetics and all aim to boost a crop’s ability to unlock and uptake more nutrients from the soil.
DTN Cotton Open: Market Rebounds Overnight
Tractors preparing to add cotton modules tp a long row. ©Debra L Ferguson The cotton market is higher Friday morning with short-covering and bargain-buying from traders. From Friday one week ago, cotton imploded some 1300 points when the panic over the new omicron variant reached fever pitch. That new COVID twist upended the financial and energy markets, which in turn forced cotton and the Chicago grains markedly lower. However, this Friday, it seems the proverbial tables are somewhat turning.
DTN Grain Open: Mixed Trade Overnight
Pre-6 a.m. Globex Prices: March corn is up 1 1/2 cents per bushel, January soybeans are up 8 1/2 cents, and March KC wheat is down 6 3/4 cents. CME Globex Recap: Equity markets are firmer around the globe overnight but U.S. futures are off a bit. Energy markets are up sharply overnight with crude oil posting 2.4% gains. The U.S. Dollar Index is flat. Metals markets are firmer overnight. Grains are mixed in the overnight with wheat lower while row crops and products are higher.
DTN Livestock Open: Follow-Through Strength Expected
The livestock complex was higher Thursday with the exception of January feeder cattle. Active cash trading as much as $3.00 higher provided the catalyst for higher futures. Hogs were the recipients of a large increase of cutouts values as well a supportive export sales report. Cattle: Higher Futures: Higher Live Equiv: $203.41 +$0.61* Hogs: Steady Futures: Higher Lean Equiv: $94.90 +$5.72** *Based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv.
Drought Monitor Weekly: Mostly Warm and Dry
Summary Several Pacific weather systems moved across the contiguous U.S. (CONUS) during this U.S. Drought Monitor (USDM) week. An upper-level ridge over the western CONUS directed the systems across the northern states, while a cutoff low trekked across Texas then into the Gulf of Mexico. The Pacific systems dragged cold fronts with them that stretched the width of the CONUS, from the Great Lakes to the Gulf of Mexico coast.
Wheat: Historic Drought Continues to Hamper Northern Plains - DTN
A look at the catastrophic drought which covered the U.S. Northern Plains and Canadian Prairies during crop year 2021 in relation to another severe drought just a few years ago in 2017 shows just how extensive and long-lasting the 2021 drought has been — and continues to be in its impact on world wheat supplies.
Duties Likely on Certain UAN Imports - DTN
Corn fertilizer application. ©Debra L Ferguson Stock Photography As shocking as nitrogen fertilizer prices may seem to farmers right now, those price concerns did not sway the U.S. Commerce Department on Wednesday in a complaint filed by CF Industries that could lead to countervailing tariffs against urea ammonium nitrate imports from Russia and Trinidad and Tobago.
Moving Grains: Upper Mississippi River Navigation Season Ends
The Port of Rosedale - Rosedale, Mississippi - Mississippi River ©Debra L Ferguson Stock Photography Upper Mississippi River 2021 Navigation Season Comes to an End On November 23, the U.S. Army Corps of Engineers (USACE), St. Paul District, locked the last tow to depart St. Paul, MN, marking the end of the 2021 navigation season on the Upper Mississippi River.
Wheat Market: Stocks-To-Disappearance Ratio Suggests Continuing Volatility
The Food and Agriculture Organization (FAO), a branch of the United Nations (UN), in a biannual report published this month, said “the ratio of major wheat exporters’ closing stocks to their total disappearance is expected to fall to 12.5 percent.” The report also noted that, if realized, this will be the lowest level in more than two decades. From January to October 2021, wheat prices have been 29.1 percent higher compared to the same period in 2020 FAO reported.
DTN Cotton Close: Market Ends Week on Higher Note
After getting beat down every day, the cotton market did manage a positive close Friday, albeit a small positive close. From last Friday to this Friday, the cotton market suffered an extraordinary loss encompassing some 13.00 cents or about a 12% decline. Of course, the big, bearish driver of cotton this week, and the rest of the financial and commodities markets, was the emergence of the omicron variant. Adding to some of Friday’s general negativity was the poor jobs number report for November.
DTN Grain Close: Renewed Buying in Soy Meal Helps Row Crops End Higher
©Debra L Ferguson Stock Images January soybean meal closed up $9.80 Friday and was the leading percentage gainer in the grain sector, encouraging corn and soybean prices to higher closes. All three U.S. wheats suffered double-digit losses, influenced by news of a possible export quota coming to Russia. GENERAL COMMENTS: March corn closed up 7 1/4 cents and July corn was up 6 1/2 cents. January soybeans closed up 23 cents and March soybeans were up 21 1/4 cents.
2021 Farm Sector Income Forecast - Dec. Update
The USDA’s Economic Research Service (ERS) indicated on Wednesday that, “Net farm income, a broad measure of profits, is forecast to increase by $22.0 billion (23.2 percent) from 2020 to $116.8 billion in 2021. This expected increase follows a forecast increase of $15.7 billion (19.9 percent) in 2020.” U.S. Department of Agriculture, Economic Research Service. Farm Sector Income & Finances: Highlights From the Farm Income Forecast, December 1, 2021.
DTN Grain Close: Wheat Markets Lead Risk-On Day
©Debra L Ferguson Stock Images Grains and the soy complex moved sharply higher Thursday, led by wheat futures markets. The markets in general, appear to be more at ease with early indications that the new omicron variant of COVID seems to be milder and risk managers are re-entering the long side of energy, equity and ag markets. Wheat is also gaining some support on reports of increasing tensions between Russia and Ukraine and rumors of hard red interest.
Mississippi Corn: Researchers Look to Make Cover Crops More Viable
Young corn in cover crop residue. Photo: Erick Larson, Mississippi State University Researchers at Mississippi State University looking at how to successfully use cover crops in corn production systems must develop strategies to overcome challenges unique to this row crop. Cover crops are plants grown outside of the normal cropping season mainly for conservation purposes. They often are terminated before the cash crop is planted.
Grain Markets: 1st Delivery Notice Prompts Traders to Lose Long Positions - DTN
©Debra L Ferguson Stock Photography You know that classic fear of first-time futures traders, that someday they will end up having to pay for 5,000 bushels of real, actual, physical grain instead of merely taking a financial profit or loss as the price of a futures contract changes? Well, now we’re in the timeframe when that can become a reality for traders who still have open December futures positions, which will expire in two weeks.
USDA: Peanut Price Highlights
Photo: Clemson University Peanut prices received by farmers for all farmer stock peanuts averaged 26.2 cents per pound for the week ending November 27, up 2.0 cents from the previous week. Marketings of all farmer stock peanuts for the week ending November 27 totaled 41.6 million pounds, down 15.9 million pounds from the previous week. Runner-type peanut prices averaged 25.1 cents per pound for the week ending November 27, up 1.5 cents from the previous week.
DTN Cotton Open: Mixed on Omicron, Exports
Cotton modules lined up in a gin yard. ©Debra L Ferguson The cotton market has fleeting moments of bullishness, quickly followed by bouts of bearish nauseousness. To that end, March cotton has fallen over 10% in value as the market is dealing with a big harvest, a strong U.S. dollar, and the Omicron situation. USDA reported much improved sales Thursday, but poorer shipments.
DTN Livestock Open: Markets May Consolidate
Photo: Adam Russell, Texas A&M AgriLife Extension Service The cattle complex regained some ground but not as much as one would have anticipated given the resolve of feedlots to hold out for higher cash this week. Hogs were higher in nearby months as a result of cash strength. Cattle: Higher Futures: Higher Live Equiv: $202.80 -$1.22* Hogs: Steady Futures: Higher Lean Equiv: $89.18 -$4.33** *Based on formula estimating live cattle equivalent of gross packer revenue. (The Live Cattle Equiv.
DTN Grain Open: Wheat Leads Overnight Bounce
©Debra L Ferguson Stock Images Pre-6 a.m. Globex Prices: March corn is up 6 cents per bushel, January soybeans are up 5 3/4 cents, and March KC wheat is up 13 3/4 cents. CME Globex Recap: Grain markets are solidly higher overnight, led by wheat markets which are bouncing sharply away from Wednesday’s lows. Overnight strength is being led by Paris milling wheat futures which are up nearly 3.0%. It would appear end users are taking advantage of the weakness from the recent highs.
DTN Fertilizer Trends: Anhydrous Leads as Price Climbs Continue
Nitrogen fertilizers maintained their spot as the clear leaders as average retail fertilizer prices continued to climb higher the fourth week of November 2021, according to sellers surveyed by DTN. Seven of the eight major fertilizers recorded considerable moves higher compared to last month. DTN designates a significant move as anything 5% or more. Leading the way higher was anhydrous, which was up a mammoth 33% from a month prior.
Texas Field Reports: Drier Weather Pattern Expands Drought Conditions
Conditions are drying around much of Texas, and forecasts are calling for winter weather to be warmer and drier than average. Commodity producers in much of the state, including the High Plains, experienced a banner year in 2021 due to high commodity prices and above-average precipitation that started in May and delivered timely moisture throughout the growing season.
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