Corn & Wheat Futures Prices Lower on Tough Day.

Jul 18, 2014

Friday's Closing Grain and Livestock Futures Prices

Sep. corn closed at $3.71 and 1/4, down 8 and 1/4 cents
Aug. soybeans closed at $11.76 and 3/4, up 2 cents
Aug. soybean meal closed at $380.30, down 20 cents
Aug. soybean oil closed at 36.57, up 20 points
Sep. wheat closed at $5.32 and 1/4, down 18 and 1/2 cents
Aug. live cattle closed at $151.62, up 97 cents
Aug. lean hogs closed at $127.07, down $1.77
Aug. crude oil closed at $103.13, down 6 cents
Oct. cotton closed at 68.63, up 18 points
Aug. Class III milk closed at $21.33, down 9 cents
Aug. gold closed at $1,309.40, down $7.50
Dow Jones Industrial Average: 17,100.18, up 123.38 points

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Agri Markets News Review

Soybeans were mostly lower in consolidation trade. Growing conditions generally look really good and near term forecasts are warmer, but non-threatening, pressuring those new crop months. Still, November did post a gain on the week. Exports have been solid recently, but commercial demand remains very light. Friday, unknown destinations bought 464,000 tons of 2014/15 U.S. beans and China picked up 116,000 tons of 2014/15 optional origin beans. Soybean meal was down and bean oil was up on the adjustment of product spreads. Argentina’s Ag Ministry now projects 2013/14 soybean production at 53 million tons, compared to last month’s estimate of 54 million. Allendale adds shipments out of Argentina’s Rosario port have been delayed by several work stoppages.

Corn was lower on fund and technical selling. Corn’s also looking at those forecasts for good near term crop weather. Fundamentals are bearish with the trade expecting a very large crop and high average yield. USDA’s crop condition report on Monday should have a very high rating and the first survey based crop numbers of the season are out in August. Ethanol futures were lower. Argentina’s Ag Ministry pegs 2013/14 corn production at 33 million tons, compared to 32.1 million in June.

The wheat complex was lower on profit taking and technical selling. Winter harvest conditions are good and spring development weather’s favorable. Wheat’s watching the situation in Ukraine, but it may not have an impact on export trade. Strictly from a market point of view, the tensions earlier in the year didn’t cause a substantial disruption in shipments from the Black Sea region. Iraq bought 100,000 tons of hard milling wheat, half from Russia and half from Canada.

Feedlot country was at a standstill on Friday afternoon with business wrapped up for the week. Asking prices next week are likely to be around 158.00 plus in the South and 250.00 plus in the North. While packer margins look decent, many are worried about the possibility of sluggish product demand over the next two to four weeks. The weekly cattle kill was estimated at 577,000 head, 1,000 greater than the previous week, but 76,000 less than last year.

Boxed beef cutout values were lower on light demand and light to moderate offerings. Choice beef was down 1.36 at 248.45, and select was 1.59 lower at 242.65.

Live cattle contracts on the Chicago Mercantile Exchange settled 17 to 97 points higher. Sharply lower boxed beef prices at midday pulled live cattle futures off triple digit gains, but did very little to totally wreck the aggressive nature of the market that was seen over the last couple of trading sessions. The live cattle market is an example of a market that just won’t quit and seems to come back every time. August settled .97 higher at 151.62 and October was up .12 at 154.32.

Feeder cattle closed in a narrow trading range of 20 points higher to 5 lower. August was .05 higher at 211.65, and September was down .05 at 212.30.

Feeder cattle receipts at Missouri Auctions this week totaled 22,337 head. Compared to last week feeder steers sold 5.00 to 10.000 lower and heifers were steady to 5.00 lower. The feeder supply was moderate with mid-weight calves in the 500 to 650 pound range making up much of the week’s offering. Demand was good even as prices turned lower. Feeder steers medium and large 1 averaging 625 pounds traded at 236.72 per hundredweight. 620 pound heifers brought an average of 219.07.

Lean hogs settled 70 points higher to 1.77 lower. Follow through pressure quickly developed in the lean market with the nearby August suffering a triple digit loss. All other nearby and deferred contract months saw very little price direction, the tone of the market remained weak with very little interest seen as traders broke for the weekend. The building pressure in cash markets is causing some concern through the entire complex which has been based on extremely tight short-term hog supplies fueling the expectation there won’t be enough pork to go around. August settled 1.77 lower at 127.07 and October was down .17 at 113.55.

Barrows and gilts in the Iowa/Minnesota direct trade closed .18 lower at 127.65 weighted average on a carcass basis, the West was down .18 at 127.64, and Eastern hogs were 1.42 lower at 127.14. Missouri direct base carcass meat price closed steady at 122.00. Terminal hogs were steady from 88.00 to 94.00 live in a light test.

The pork carcass cutout value was up .47 at 137.56 FOB plant in the afternoon report.

The weekly hog kill was estimated at 1,833,000 head 26,000 less than last week, and down 179,000 from last year.


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