Wednesday's Closing Grain & Livestock Futures Prices
Dec. corn closed at $3.77 and 3/4, up 4 cents
Nov. soybeans closed at $10.48 and 1/4, down 18 and 1/4 cents
Dec. soybean meal closed at $395.00, down $5.60
Dec. soybean oil closed at 32.22, down 65 points
Dec. wheat closed at $5.42 and 3/4, up 17 and 1/2 cents
Dec. live cattle closed at $167.75, up 50 cents
Dec. lean hogs closed at $90.67, up 77 cents
Nov. crude oil closed at $77.18, down 76 cents
Dec. cotton closed at 61.94, down 136 points
Nov. Class III milk closed at $21.64, unchanged
Nov. gold closed at $1,158.90, down $3.90
Dow Jones Industrial Average: 17,612.20, down 2.70 points
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Ag Market News And ReCap:
Soybeans were lower on profit taking and commercial selling. Soybeans started higher, but the recent round of gains has motivated new farmer selling and soybean meal also turned lower. There is talk of bean meal imports from South America to the Southeastern U.S., with South American supplies cheaper than U.S. bean meal. According to CONAB, around 60% of Brazil’s bean crop is planted with production projected at 77.3 million to 78.9 million tons. Past that – USDA’s projecting both a record crop and record demand this year. Soybean meal and oil were lower, following beans.
Corn was higher on fund and technical buying, along with spillover from wheat. Corn demand is solid and the trade’s looking at transportation issues as winter weather sets in. Corn’s also keeping an eye on increased livestock feeding demands linked to the weather. Ethanol futures were higher.
The wheat complex was higher on fund and commercial buying. Temperatures have dropped quickly, leading to concerns about stress on the emerging winter crop. The trade’s also watching new political developments between Russia and Ukraine. Ukraine’s Ag Ministry reports new crop wheat planting was larger than expected. According to DTN, Iran is exporting 150,000 tons of wheat per month to neighboring nations and in sell-buy-sell trade, Japan bought 18,000 tons of optional origin feed wheat.
The cash cattle trade remained unestablished on Wednesday afternoon with just a few bids on the table in Nebraska at 258.00. For the most part bids and asking prices were poorly defined. Some producers have renewed asking prices of 170.00 in the South, and 265.00 plus in the North. Significant trade volume will be delayed until Thursday or Friday. The kill totaled 107,000 head, 4,000 more than last week, but 14,000 less than last year.
Boxed beef cutout values were firm to higher on moderate demand and light to moderate offerings. Choice beef was up 1.47 at 251.44, and select up .32 at 238.75.
Chicago Mercantile Exchange live cattle contracts settled 50 to 117 points higher. The live pit was well supported by short covering and ideas of cash stability. Additional support came from higher boxed beef values in the morning report. December settled .50 higher at 167.75, and February was up 1.17 at 169.57.
Feeder cattle ended the session 50 to 140 points higher supported by spillover buying from the live pit. The deferred contracts outperformed the nearby issues. The firming trend seen this week in the corn trade may be checking bullish enthusiasm to some extent. November settled .50 higher at 239.35, and January was up .72 at 233.77.
Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 3633 head. Compared to last week, feeder steers and heifers were steady to 5.00 higher. Yearling steers were steady to 3.00 higher. Yearling heifers although lightly tested had a sharply higher undertone. Demand was good on a moderate supply. Feeder steers medium and large 1 averaging 518 pounds brought 280.01 per hundredweight. Heifers weighting 527 averaged 256.55.
Lean hogs settled unchanged to 135 points in the black. There were some modest losses in the summer 2015 contracts early in the session but most contracts had another round of respectable progress. Higher carcass value at midday was supportive to the complex. December settled .77 higher at 90.67, and February was up 1.35 at 90.80.
Barrows and gilts in the Iowa/Minnesota direct trade closed .20 lower at 86.49 weighted average on a carcass basis, the West was down .23 at 86.39, and the East had no price comparison at 83.86. Missouri direct base carcass meat price was steady from 77.00 to 81.00. Midwest hogs on a live basis were steady to 1.00 higher with an instance of 3.00 to 5.00 higher from 56.00 to 73.50.
The pork carcass cutout value FOB plant was down .32 at 85.28 with only ribs and loins higher.
Despite this week’s cool down, daily hog weight data continues to show carcass weights in the area of 215-219 pounds over the last two weeks. Some continue to believe weekly reported carcass weights have the potential to increase a couple of pounds in the weeks ahead.
Wednesday’s hog kill was estimated at 429,000 head, 1,000 more than last week, and 3,000 greater than 2013.
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