Thursday's Closing Grain & Livestock Futures Prices
Dec. corn closed at $3.71 and 1/4, up 1 cent
Nov. soybeans closed at $10.31, up 10 and 1/2 cents
Dec. soybean meal closed at $391.70, up $16.40
Dec. soybean oil closed at 32.53, down 19 points
Dec. wheat closed at $5.20 and 1/4, down 4 and 1/2 cents
Dec. live cattle closed at $165.35, up 15 cents
Dec. lean hogs closed at $87.65, up 52 cents
Nov. crude oil closed at $77.91, down 77 cents
Dec. cotton closed at 63.19, up 48 points
Nov. Class III milk closed at $21.85, up 3 cents
Nov. gold closed at $1,142.30, down $3.10
Dow Jones Industrial Average: 17,554.47, up 69.94 points
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Ag Market News And ReCap:
Soybeans were higher on commercial and technical buying. It was another strong week for exports at 59.2 million bushels and sales are well on their way to meeting the USDA estimate. The trade’s also watching harvest activity, with some isolated delays. Soybean meal shot higher thanks to the strong demand and tight supply, weekly export sales were a net negative, but that was due to supply, while bean oil was down on the adjustment of product spreads.
Corn was higher on commercial and technical buying, along with spillover from beans. Weekly export numbers were bearish on both sales and shipments. Harvest is moving well in most of the Midwest and should make solid progress. Ethanol was mixed.
The wheat complex was lower on fund and technical selling. Weekly export sales and shipments were bearish, so demand continues to be disappointing. The fundamentals remain bearish due to the large available world supply. Japan bought 115,300 tons of U.S. milling wheat, along with 18,200 tons from Canada, and South Korea is tendering for 28,900 tons of U.S. milling wheat. Thailand picked up 167,400 tons of feed wheat from Brazil and Ukraine.
Feedlot country was at a standstill on Thursday afternoon with significant business postponed until sometime on Friday, A few bids were reported by private sources at 164.00 in Kansas and 260.00 to 262.00 in Nebraska. Asking prices are around 170.00 plus in the South and 265.00 plus in the North. The kill totaled 114,000 head, 4,000 more than last week, but 7,000 smaller than a year ago.
Boxed beef cutout values were lower on moderate demand and moderate offerings. Choice beef closed .72 lower at 250.52, and select was .87 lower at 237.25.
Chicago Mercantile Exchange live cattle contracts settled 15 to 80 points higher. Moderate to strong support was seen in the cattle complex as buyers actively stepped back into the market during the early session activity. Although live contracts did back away from session highs, the ability to hold higher prices through the closing bell, could help to spark additional light follow-through buyer support at the end of the week. Short covering and ideas of cash stability were supportive to the market. December was up .15 at 165.35 and February was .47 higher at 166.55.
Feeder cattle settled 37 to 75 points higher. Feeders saw strong gains redevelop through the futures market early on Thursday as the feeder complex once again jumped into the driver’s seat, but did close off the highs of the day. Traders once again put additional focus on long term supply tightness in the cattle market. November settled .75 higher at 236.52, and January was up .37 at 230.57.
Feeder cattle receipts at the Basset Livestock Auction at Bassett, NE totaled 2785 head. Compared to two weeks ago, steers traded steady with the exception of 600 pound steers trading 4.00 higher. There were no comparable offerings of heifers. Demand was very good, with several buyers in the seats. 520 feeder steer calves medium and large 1 averaging 628 pounds brought 277.10 per hundredweight. 80 heifer calves weighing 635 averaged 253.50.
Lean hogs settled 20 to 80 points higher as the nearby contracts held on to moderate gains as traders looked for the potential that fundamentals may start to stabilize through the middle of the month. December settled .52 higher at 87.65 and February was up .25 at 87.00.
Barrows and gilts in the Iowa/Minnesota direct trade closed 1.14 higher with a weighted average of 86.85 on a carcass basis, the West was up .88 at 86.54, and the East was .74 lower at 83.63. Missouri direct base carcass meat price was steady from 75.00 to 81.00. Midwest hogs on a live basis closed fully steady from 56.00 to 66.00.
The pork carcass cutout value was .59 lower at 95.30 FOB plant.
Iowa barrows and gilts averaged 285.2 pounds last week, 0.4 pounds larger than the previous week and 5.5 pounds heavier than 2013.
Thursday’s hog slaughter was estimated at 429,000 head, 3,000 less than last week and down 6,000fom a year ago.
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