Friday's Closing Grain & Livestock Futures Prices.
Jul. corn closed at $4.78, up 1 and 1/4 cents
Jul. soybeans closed at $15.15 and 1/2, down 3 and 1/4 cents
Jul. soybean meal closed at $502.60, up $1.10
Jul. soybean oil closed at 40.38, down 48 points
Jul. wheat closed at $6.52 and 1/2, down 6 and 3/4 cents
Jun. live cattle closed at $136.30, down $1.10
Jun. lean hogs closed at $116.85, down 75 cents
Jul. crude oil closed at $104.35, up 61 cents
Jul. cotton closed at 86.31, down 147 points
Jun. Class III milk closed at $21.06, up 8 cents
Jun. gold closed at $1,291.70, down $3.30
Dow Jones Industrial Average: 16,606.27, up 63.19 points
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Agri Market News Review
Soybeans were modestly lower on profit taking and technical selling. Fundamentally, nothing’s changed, but technically, beans were due for a correction. Unknown destinations bought 210,000 tons of new crop U.S. beans and China bought 120,000 tons, also U.S. new crop. Soybean meal was mixed with the two nearby months up on commercial demand and bean oil was down, following beans. Argentina’s soybean harvest is well behind schedule around 70% complete due to recent widespread rainfall. Allendale reports 130,000 tons of South American soybeans have been unloaded, with another 375,000 tons headed towards U.S. shores.
Corn was firm to modestly higher on fund and technical buying. The trade was getting ready for the three day weekend, expecting generally good planting weather. Still, there are concerns about the slow pace in parts of the northern Midwest, which helped new crop outgain old crop. Ethanol futures were higher. Similar to soybeans, Argentina’s corn harvest is behind average due to wet weather at just over 33%.
The wheat complex was lower on fund and technical selling. There’s rain in the forecast for parts of the Southern Plains, but it’ll be too late to help some of the crop. Past that – there was just no real fresh fundamental news, with markets closed Monday for Memorial Day. Indonesia bought 125,000 tons of 12% protein milling wheat from Russia.
The feedlot cattle trade was completed for the week on Friday. The expectation is that showlists will be somewhat larger on Tuesday as feedlots carry over a certain number of unsold cattle. On the other hand, packers should start out fairly close to the knife. Demand for ready cattle may depend a great deal upon successful beef movement over the long holiday weekend. The weekly cattle kill was estimated at 599,000 head, 8,000 greater than the previous week, but 54,000 less than last year.
Boxed beef cutout values were steady to weak on light demand and offerings. Choice beef was down .19 at 231.98 and select was .26 lower at 220.90.
Chicago Mercantile Exchange live cattle contracts settled 12 to 152 points lower. The sharp triple digit losses developed through the morning following aggressive pressure throughout the feeder cattle futures. Lower cash cattle prices through the week and the inability to post additional gains in the morning boxed beef reports limited buyer activity. Most of the pressure though was due to market bulls taking protection in front of the long holiday weekend. June settled 1.30 lower at 136.30, and August was 1.52 lower at 137.12.
Feeder cattle settled 95 to 252 points lower. No buyers were willing step into in and limit the downward pressure. August settled 2.52 lower at 192.85 and September was down 2.40 at 194.15.
Feeder cattle receipts at Missouri auctions this week totaled 32,664 head. Compared to the previous week, feeder steers and heifers sold steady to 5.00 higher with the majority of steer calves under 450 pounds and yearling steers over 650 pounds 5.00 to 10.00 higher, mid-weight heifers from 450 to 600 pounds and heavy yearlings also saw instances of 10.00 higher. Demand for feeders was good to very good. Feeder steers medium and large 1 averaging 524 pounds brought 234.09 per hundredweight. 724 pound steers averaged 199.48. Feeder heifers weighing 520 pounds traded at 211.84, and 732 pounders averaged 175.54.
Lean hogs settled 12 to 170 points lower as the end of the week pressure continued to develop in the lightly traded lean hog futures. Traders appeared to be waiting until next week before even thinking about stepping back into the market to buy. June settled .75 lower at 116.85, and July was 1.60 lower at 123.72.
Barrows and gilts in the Iowa/Minnesota direct trade closed .79 lower at 107.60 weighted average on a carcass basis, the West was down .87 at 107.41, and the East was not reported due to confidentiality. Missouri direct base carcass meat price closed steady from 96.00 to 100.00. Barrows and gilts at Midwest markets were steady to 3.00 lower from 72.00 to 77.00.
The pork carcass value FOB plant was up 1.28 at 115.06.
Given virtually no pork production plans for either Saturday or Monday, the wholesale pipeline should be relatively slick after the holiday, especially if retailers come back from the long weekend looking at good clearance and needing product.
The weekly hog slaughter was estimated at 1,973,000 head, 26,000 less than last week and down 99,000 from last year.
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