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Soybean Futures Prices Jump Higher.

 

Monday's Closing Grain and Livestock Futures
Mar. corn closed at $6.85 and 1/2, up 5 and 1/4 cents

Mar. soybeans closed at $13.88 and 1/2, up 21 and 1/4 cents
Mar. soybean meal closed at $408.90, up $9.90
Mar. soybean oil closed at 49.96, up 6 points
Mar. wheat closed at $7.51 and 1/4, up 4 cents
Feb. live cattle closed at $133.00, up 5 cents
Feb. lean hogs closed at $86.30, up 7 cents
Feb. crude oil closed at $93.19, up 10 cents
Mar. cotton closed at 75.71, up 66 points
Jan. Class III milk closed at $17.97, down 6 cents
Feb. gold closed at $1,646.30, down $2.60
Dow Jones Industrial Average: 13,384.29, down 50.92 points

For overnight futures prices click: http://www.farms.com/markets

Market News and Recap 

Soybeans were higher on technical and commercial buying. Contracts were due for a bounce after the recent losses and even if export demand has been slow, the fundamentals look solid thanks to the tight supply. Past that – the trade’s getting ready for Friday’s final 2012 production figure, along with ending stocks and quarterly supply numbers. Soybean meal was higher, following beans and showing evidence of commercial demand, while oil was up modestly, mostly due to the firm crude oil. Areas of southern Brazil could see localized flooding, but areas further north will benefit from the rain, and Argentina is expected to be dry over the near term.

Corn was higher on commercial and technical buying, along with spillover from beans. Corn was also getting squared up ahead of those USDA numbers out on Friday. Unknown destinations bought 102,200 tons of U.S. corn for delivery during the current marketing year. According to Dow Jones Newswires, the Gulf cash basis for corn firmed up Monday thanks to that export sale. Ethanol futures were higher.

The wheat complex was higher on technical and commercial buying. There’s some precipitation headed for the Southern Plains, but coverage should be light, not nearly enough to break the drought, and in any event, the market has largely been ignoring weather lately. Along with all the other reports, USDA will be releasing winter wheat acreage estimates on Friday at the new release time of Noon Eastern/11 AM Central. European wheat was lower on the higher euro and traders waiting for Friday’s USDA numbers.

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Trending Video

AJ Armstrong Takes the Helm as Manitoba Seed Growers President

Video: AJ Armstrong Takes the Helm as Manitoba Seed Growers President

The Manitoba Seed Growers Association (MSGA) held its first annual SeedLink Conference in Brandon last week, where a new president was appointed to take the helm of the organization.

A.J. Armstrong of Armstrong Seeds in Boissevain took the gavel from Past-President Tom Greaves. In a sit-down interview, Armstrong shared insights into his personal journey within the seed industry. Born into a family deeply rooted in seed cultivation, he took the reins of the family business in 2003, building on a legacy initiated by his father in 1980.

Regulatory modernization emerged as a significant focus of the conversation. While acknowledging the complexities of the process, Armstrong expressed optimism about the potential benefits for seed growers once the regulatory framework is finalized.

Discussing the dynamics of working with family in a business setting, he stressed the importance of open communication.

Operating with a streamlined team that includes his mom as the bookkeeper, his father as the “gopher” handling specific tasks, and a dedicated employee for day-to-day operations, the Armstrong family has successfully navigated the intricate balance of personal and professional relationships.

Open discussions about roles, responsibilities, and business plans contribute significantly to the smooth functioning of a family-operated seed business,” he said.

SeedLink is a new event; the decision to explore a return to a two-day annual meeting format sparked enthusiasm among industry partners, including key players and sponsors like SeCan, FP Genetics, Canterra Seeds, and numerous others.