Thursday's Closing Grain & Livestock Futures Prices.
Sep. corn closed at $3.59 and 1/2, down 3 and 3/4 cents
Aug. soybeans closed at $12.50, up 13 cents
Aug. soybean meal closed at $390.60, up $2.60
Aug. soybean oil closed at 35.62, down 17 points
Sep. wheat closed at $5.61 and 1/2, down 6 and 1/2 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 $97.34, up 42 cents
Oct. cotton closed at 63.57, down 40 points
Aug. Class III milk closed at $21.76, up 12 cents
Aug. gold closed at $1,310.80, up $4.10
Dow Jones Industrial Average: 16,368.27, down 75.07 points
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Ag Market News and Comments
Soybeans were mixed, mostly modestly lower on old crop/new crop spread trade. Old crop was up, thanks to another strong week for old crop export numbers. Deferreds were down on forecasts for good growing weather with more rain around the region. Soybean meal was mixed, also adjusting spreads, and bean oil was lower. CONAB now estimates Brazil’s soybean crop at 85.656 million tons. Unknown destinations bought 113,000 tons of new crop U.S. beans.
Corn was lower on fund and technical selling. Export numbers were bearish with another slow week for shipments and only 4 reporting weeks left in the marketing year. Corn’s also watching the weather and waiting for next week’s USDA numbers, while watching trade developments in Eastern Europe. Ethanol futures were higher. According to CONAB, Brazil’s corn crop was $78.554 million tons.
The wheat complex was lower on fund and technical selling. Export numbers were neutral, with decent week for sales against a slow week for the shipments. The trade’s keeping an eye on Europe’s crop quality and the situation in Ukraine. AgriVisor adds 77% of Russia’s and 63% of Ukraine’s respective wheat crops are expected to be milling quality. Japan picked up 120,600 tons of U.S. food wheat, along with 33,600 tons from Australia.
Chicago Mercantile Exchange live cattle futures were sharply lower, mostly down the $3.00 daily limit, on fund liquidation and technical selling, along with international and domestic consumer demand uncertainties. Globally, it looks like other countries will step in to replace U.S. and Canadian meat sales to Russia. Here in the States, the trade’s nervous about sustaining wholesale beef prices around current levels. August was $3.00 lower at $155.55 and October was down $2.95 at $153.00.
Feeder cattle were also mostly $3.00 lower on the same factors as the live pit. August dropped $3.00 to $218.32 and October was down $3.00 at $217.72.
There was light trade at the major direct cattle markets on Thursday. According to DTN, business was in Texas at $161 Live, in Nebraska at $253 Dressed, and in Iowa at $255 Dressed, following up on Wednesday’s trade in Nebraska, where more than 4,000 head moved at $164, according to USDA mandatory. Asking prices are holding around $163 to $164 in the South and $255 to $258 in the North with bids at $159 to $160 Live and $254 to $255 Dressed. Packers are generally short bought, but wary about demand.
At the St. Joseph Stockyards in Missouri, compared to two weeks ago, comparable sales of yearling feeders were $3 to $5 higher, and steer and heifer calves were mostly $5 higher. USDA called the yearling offering “attractive” for this time of year, noting trade was active. 609 to 640 pound feeder steers sold at $260 to $273 and 659 to 693 pounders ranged from $245 to $256. 553 to 583 pound feeder heifers were $239.50 to $254.75 and 600 to 643 pound heifers ranged $234 to $243.
Boxed beef at midday was mixed on moderate demand and light to moderate offerings. Choice was up $.44 at $262.41 and Select was down $.51 at $255.26. The estimated cattle slaughter of 114,000 head was down 1,000 on the week and 7,000 on the year.
Lean hog futures were sharply lower on demand concerns, commercial selling, and spillover from cattle. Still, contracts are at a pretty substantial discount to the cash index. August was down $1.17 at $115.22 and October was $1.95 lower at $100.25.
Cash hogs were steady to lower. Wednesday’s negotiated volume was largest in a few weeks, reflecting the packer leverage. The average Iowa/Southern Minnesota hog weight of 283.6 pounds was down fractionally from last week, but up 12 pounds from this time last year.
National Direct barrows and gilts were down $1.15 at $105 to $117 for a weighted average of $114.25, the Eastern Cornbelt was $.57 lower at $112.84 to $114 with an average of $113.55, the Western Cornbelt was down $1.33 at $105 to $117 for an average of $114.78, and Iowa/Southern Minnesota was $1.34 lower at $105 to $117 with an average of $114.77. Midwest cash hog markets were steady to $1 lower at $81 to $90. Missouri Direct butcher trade was steady to $4 lower at $108 to $111 on light to moderate supply and demand. Missouri Direct sows were steady at $78 to $94.
The pork carcass cutout value was $.011 higher at $126.42. Bellies were up sharply, but all other primals were lower.
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