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EPA news affected the crop markets on Friday

EPA news affected the crop markets Friday. Corn continued recovering from fresh 2015 lows Thursday night, with pragmatic and technical buying before the weekend seeming to power gains. However, the EPA released its long-awaited interpretations of Congress’s “Renewable Fuels Mandate” at midmorning; those were seen as being somewhat bearish for corn, which pushed prices modestly lower. July corn futures settled 2.0 cents lower at $3.515/bushel Friday afternoon, while December lost 2.0 to $3.68.

Markets

Natural gas prices fall modestly

Prices fall modestly through the week at most locations. Prices at most market locations outside of the Northeast fell this week, generally by less than 10%. The Henry Hub spot price began the week at $2.99/MMBtu, fell through the week, and settled yesterday at $2.82/MMBtu. Prices at other major trading hubs moved in a similar pattern; the PG&E Citygate price, serving Northern California, fell from $3.34/MMBtu last Wednesday to $3.19/MMBtu yesterday. Prices at the Chicago Citygate fell from $3.01/MMBtu last Wednesday to close the week at $2.76/MMBtu yesterday.

Markets

Morning Farm Report: Livestock prices jump to end the week

Live cattle prices rose on Thursday from $152.48 on Wednesday to $153.50 on Thursday. The $1.02 change brought the 27-day average price to $153.36. Feeder cattle prices saw a large increase on Thursday of $3.52 to hit $224.95.

Lean hogs also increased by 82 cents to $84.60, bringing the 27-day average price to $83.78.

Corn prices fared well with a four cent increase, with wheat also increasing one cent on Thursday.

Markets

Wheat ends Thursday on a mixed note

Traders seemingly thought Wednesday’s grain losses were overdone today. Corn and wheat futures tumbled yesterday in apparent response to forecasts for drier weather next week, with the yellow grain decline putting the market at its lowest levels since last October. Talk of firm spot quotes as farmers work fields and ignore old-crop sales seemed to spark renewed bullishness. July corn futures rallied 4.0 cents to $3.535/bushel at Thursday’s close, while December added 3.25 to $3.70.

Markets

Soy complex mixed Thursday morning

Traders seemingly think Wednesday’s grain losses were overdone. Corn and wheat futures tumbled yesterday in apparent response to forecasts for drier weather next week, with the yellow grain drop putting the market at its lowest levels since last October. Talk of firm spot quotes as farmers work fields and ignore old crop sales seemed to spark renewed bullishness. July corn futures rose 3.0 cents to $3.525/bushel late Thursday morning, while December added 2.25 to $3.69.

Markets

USDA data weighs on grain markets

USDA data is weighing on the grain markets. Tuesday’s belated release of the weekly USDA Crop Progress report likely spurred overnight selling; that apparently continued this morning. Not only did the report indicate corn plantings still ahead of normal, the initial corn condition rating at 74% good-to-excellent was better than normal. The market may also be suffering from follow-through selling in the wake of yesterday’s dollar-driven drop. Traders cited dollar strength for midday losses.

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