Corn, Wheat Futures Lower, Soybeans Higher.

Aug 08, 2014

Friday's Closing Grain + Livestock Futures Prices.

 Sep. corn closed at $3.51 and 3/4, down 7 and 3/4 cents
Aug. soybeans closed at $12.84 and 3/4, up 34 and 3/4 cents
Aug. soybean meal closed at $397.50, up $6.90
Aug. soybean oil closed at 35.44, down 18 points
Sep. wheat closed at $5.49 and 1/4, down 12 and 1/4 cents
Aug. live cattle closed at $155.55, down $3.00
Aug. lean hogs closed at $115.22, down $1.17
Sep. crude oil closed at $97.65, up 31 cents
Oct. cotton closed at 63.81, up 24 points
Aug. Class III milk closed at $21.77, up 1 cent
Aug. gold closed at $1,308.90, down $1.90
Dow Jones Industrial Average: 16,553.93, up 185.66 points

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Soybeans were higher on fund and commercial buying. Old crop led the way up on continued support from the strong demand and tight supply, with a better than expected month for Chinese imports. New crop was modestly higher, watching the weather. Rainfall over the past week was welcome, but it did miss some dray areas of the Midwest. August soybeans complex contracts expire on the 14th. Soybean meal was up and bean oil was down on the adjustment of product spreads. According to China’s General Administration of Customs, July soybean imports were 7.47 million tons, up 17% from June.

Corn was lower on fund and technical selling. Corn’s also watching the weather, along with waiting for the upcoming USDA production numbers, out on the 12th. Fundamentals remain bearish with the trade expecting a big crop this year. A lot of estimates are around 14 billion bushels with an average yield of 170 bushels per acre. Ethanol futures were higher.

The wheat complex was lower on fund and technical selling. There’s been more rain in the Southern Plains, recharging the soil ahead of winter wheat planting. The trade’s also watching Europe’s crop quality, AgriTel in France reports a big crop with varied quality, and the situation in Ukraine. Australia’s also expecting a very large crop and could step in and take over some European market share. In any event, USDA will more than likely increase its world production estimate next week.

Chicago Mercantile Exchange live cattle futures were limit down on follow through from Thursday’s drop, the lower than a week ago cash trade, and demand concerns. The U.S. isn’t a big supplier of beef to Russia, but Moscow’s ban on U.S. chicken could lead to chicken being increasingly featured at the retail level. Russia has also suspended imports of pork from Canada. August closed at $152.55 and October finished at $152.55.

Feeder cattle were limit down on the same factors as the live pit. August ended the session at $215.32 and September settled at $214.72.

There was light to moderate direct cattle trade on Friday with prices sharply lower than a week ago. Business was relatively active early, but tailed off as the day wore on. Live trade was $159 to $160.50 live and from $248 to $253 dressed, mostly $250 to $252. Texas relatively pretty quiet, with USDA mandatory reporting light business at $160 by Friday afternoon.


At the hay auctions in Nebraska, alfalfa and grass hay was steady to mostly weak in a very light test. Ground and delivered alfalfa and blended alfalfa was $10 to $15 lower. Mostly light demand was noted for all forage products and dairy hay was mostly steady. In Northeast/Central Nebraska, premium large squares of alfalfa sold at $205 with good large squares at $180 and in the Platte Valley, fair to good large rounds of alfalfa sold at $100. USDA notes very limited hay movement in Iowa with good small squares of alfalfa at $200 to $240 and premium large squares at $220.

Boxed beef was sharply lower on very light to light demand and light offerings. Choice was down $1.96 at $260.45 and Select was $2.26 lower at $253. The estimated cattle slaughter of 114,000 head was steady with last week and down 7,000 from last year.

Lean hogs were lower on spillover from cattle, along with the bearish cash and wholesale business. However, losses were limited by the substantial discount to the cash index, which is becoming more and more visible the closer August gets to expiration. August was down $1 at $114.22 and October was $.92 lower at $99.32.

Cash hogs were steady to lower. Chain speed was slower than a year ago, but to a lesser degree that what was expected earlier in the week. Russia’s sanctions against U.S. meat exports are expected to lead to increased domestic retail featuring of chicken.

National Direct barrows and gilts closed $.57 lower at $104 to $115 for a weighted average of $113.56, the Eastern Cornbelt was down $1.35 at $109 to $113.30 with an average of $112.20, the Western Cornbelt was $.19 lower at $104 to $115 for an average of $114.32, and Iowa/Southern Minnesota was down $.15 at $104 to $115 with an average of $114.32. Midwest cash hog markets were steady in a light test at $81 to $90. Missouri Direct butcher trade was steady at $108 to $111 on light to moderate supply and demand. Missouri sows were steady at $78 to $94. Illinois Direct sows were steady to $2 lower at $80 to $94 with moderate demand for moderate offerings.

The pork carcass cutout value was down $1.43 at $124.99. Loins and ribs were higher, with all other primals sharply lower. The estimated slaughter of 345,000 head was up 82,000 from a week ago, but down 34,000 from a year ago.


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