A24—Lancaster Fanning, Saturday, May 12,1984
Look into Futures
By Dick Slay
THOMSON MCKINNON SECURITIES INC.
GRAINS Grain traders were
preoccupied this week with
soybean oil as leader of recent
grain rallies. Oil has moved above
36 cents per pound causing beans
to break out their 7 week trading
range between 7.80 and 8.20. July
soybeans settled Thursday at
8.40%. What continues to concern
traders is that May palm oil
production should be increasing
soon. In European markets soy
and palm oil are both trading
around 41 cents per pound. Poor
soymeal demand will lend little
support to soybeans if the oil
cannot sustain current highs.
Com seems to be rallying in
sympathy with the beans. But
market watchers believe that
recent highs of 3.60 will be difficult
to overcome. More likely, with
adequate stocks and a very strong
dollar, com should be steady.
New crop prices have began to
trade closely with weather
prospects. Continued cool wet
weather has supported all grain
prices. However, indications of
clearing field conditions has
caused softening in those prices.
After touching 3.10, December
com has moved back below 3.00;
November beans are threatening
to dip below 7.20 again; and July
wheat has found difficulty
reaching the 3.50 level again.
Wheat prices have been supported
by the delayed crop development
and tightness of deliverable
supplies at export terminals. The
recent USDA projection of 1.9
billion bushels should have been
reason for a wheat rally. However,
indications of a record European
and world wheat crop should keep
a lid on prices
LIVESTOCK Some signs of
recovering in livestock futures are
evident. However, the cash market
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demand has not been sufficient to
fuel the rally that farmers and
traders are anticipating.
Both hogs and cattle have found
some support below the current
levels but appear hesitant about
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Roy L Doane
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Peach Bottom
Wyalusing
further gains. Recent declines
have found support at 57.00 in the
July hogs and 66.00 in the June
cattle, but several factors are
pressuring further advances.
Although kills have declined
somewhat, they are still around
300,000 and 125,000 per day for hogs
and cattle respectively. Part of
this can be attributed to forced
liquidation of cattle in Texas due to
dry conditions. Some people
believe the still heavy hog
slaughter can be attributed to the
understand USDA Hogs & Pigs
report and also to poor weather
conditions causing premature hog
marketings.
Midwest cattle feeders have
been aggressive sellers to packers
who can accumulating inventories
in anticipation of better weather
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