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Soybean futures push higher on Monday
- Fire kills more than 50 cattle in Pennsylvania
- Fly season could be intense
- Quarantines lifted at 2 Calif. dairies associated with BSE case
- Milk production up 3.2 percent in April
- Cattle prices remain strong on bullish COF expectations
- Farmers have time to switch to corn if alfalfa doesn't work
- Mo. Senate passes diluted “ag-gag” bill
- Decades of partnership in research
- Dry weather continues to drive wheat prices at midday
- What is a starting point for estimating the 2012 U.S. corn yield?
- Death of 3-year-old serves as reminder for better farm safety
- California TV station investigates 'What’s in your milk'
- Fight pain with Greek yogurt
- $1 to watch a video of farm animal abuse
- HSUS ads deceive 90% of donors
- Co-ops start reacting to milk surplus
- Top 100 ag banks of 2011 posted
- Commentary: You need to thank Domino’s
- Say 'yes' to Domino’s Pizza by paying it forward
- Abused lawyers in parody of HSUS ad
- What you need to know about the latest case of BSE
- Mother warns against feeding raw milk to children
- Dairy group endorses Wisconsin governor in recall election
- Stand up for Dairy Security Act
- Domino’s Pizza says “no” to HSUS
- Commentary: Stand up for Dairy Security Act
- New study blames dairy farms for much of LA’s smog
- Poll: Of the two presidential candidates, Barrack Obama and Mitt Romney, which would be the most aggressive in pursuing immigration reform, if elected?
- Abused lawyers in parody of HSUS ad
- Senate urged to cut milk supply limits from Farm Bill
Corn futures are trading higher at midsession. Weakness in the dollar index, strength in the cash market and continued talk about a smaller-than-expected corn crop in Argentina due to the hot and dry growing season are supporting the market. Weekend rainfall was disappointing in key corn growing regions in Argentina. March is 3 1/2 cents higher at $6.15 and May is 4 cents higher at $6.20 3/4.
Soybean futures are strongly higher at midday. Weather concerns for the soybean crop in South America and weakness in the dollar index are pushing prices higher this morning. Weekend rainfall was disappointing in key soybean growing regions in Argentina and forecasts call for stressful crop conditions in southern Brazil. Export demand has been strong recently, although China’s purchases are expected to slow over the next couple of weeks due to New Year’s celebrations. March is 26 1/2 cents higher at $12.13 1/2 and May is 26 cents higher at $12.21 1/2.
Wheat futures are higher at midsession. The market is being supported by weakness in the dollar index and spillover support from corn and soybeans. Short-covering is also a factor following the break in prices following the USDA reports earlier this month. However, gains are being limited by bearish global supplies and demand fundamentals. World wheat supplies remain abundant. CBOT March is 5 1/4 cents higher at $6.15 3/4, KCBT March is 4 3/4 cents higher at $6.71 3/4 and MGE March is 4 1/2 cents higher at $8.03 1/4.
Cattle futures are trading mixed at midsession. The nearby contract is at a discount to the cash market last week, but there is concern that current prices are unsustainable given the poor processing margins for packers. The Cattle on Feed report Friday afternoon was near trade expectations. Placements were 94% of year ago, but cattle on feed are still up 3% compared to last year. February is 5 cents lower at $124.50 and April is 28 cents higher at $128.00.
Lean hog futures are solidly higher at midday. The market is being supported by pork cutout values being up 87 cents on Friday and the steady to firm tone in the cash market. USDA reported pork in storage as of the end of December at 475.8 million pounds. Traders were expecting a small increase, but instead stocks fell 3.3 million pounds from the previous month. February is $1.13 higher at $86.45 and April is $1.43 higher at $88.48.
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