Soybean Futures Prices Bounce Higher.

Oct 02, 2014

 Thursday's Closing Futures Prices

Dec. corn closed at $3.22 and 3/4, up 1 and 1/2 cents
Nov. soybeans closed at $9.24 and 1/2, up 7 and 3/4 cents
Oct. soybean meal closed at $308.70, up $3.40
Oct. soybean oil closed at 32.67, up 1 point
Dec. wheat closed at $4.82 and 3/4, up 3 and 3/4 cents
Oct. live cattle closed at $162.85, up 37 cents
Oct. lean hogs closed at $106.77, down 82 cents
Nov. crude oil closed at $91.01, up 28 cents
Dec. cotton closed at 61.85, down 31 points
Oct. Class III milk closed at $24.03, up 5 cents
Oct. gold closed at $1,214.20, down 40 cents
Dow Jones Industrial Average: 16,801.05, down 3.66 points

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Ag Market News And ReCap

Soybeans were higher on short covering and technical buying. Export numbers were bullish with a strong week for sales and shipments. However, the pit is looking at bearish long term fundamentals due to this year’s expected record crop. Soybean meal was up, following beans, and bean oil was mixed, consolidating.

Corn was higher on short covering and technical buying. Weekly export sales were solid and unknown destinations bought 174,000 tons of new crop U.S. corn. Also, there are some reports of harvest delays and flooding due to moderate to heavy rainfall. Still, the supply and demand picture continues to look bearish. Ethanol futures were lower.

The wheat complex was higher on short covering and technical buying. Weekly export numbers on wheat were good, but demand does remain a little slower than expected. In any event, the trade’s keeping an eye on some planting delays. Taiwan bought 80,000 tons of U.S. milling wheat and South Korea picked up 36,500 tons of milling wheat from Australia.


Cattle country remained dead quiet on Thursday afternoon with significant trade volume delayed until Friday. Encouraged by substantial board premiums feedlot operators are pricing showlists significantly higher, 164.00 plus in the South, and 255.00 plus in the North. The kill totaled 112,000 head, 5,000 more than last week, but 10,000 less than a year ago.

Boxed beef cutout values were steady to firm on moderate to fairly good demand and heavy offerings. Choice beef was up .31 at 288.45, and select was .15 higher at 227.33.

Chicago Mercantile Exchange live cattle contracts settled higher on Thursday. The early support that was associated with sharp price surges in feeder cattle contracts quickly evaporated as feeder cattle process moderated in sluggish trade. Given the fact live cattle futures moved to record highs Wednesday, the mixed tone in the market is viewed as positive over the long term. October settled .37 higher at 162.85, and December was up .52 at 166.42.

Feeder cattle futures maintained higher prices, but the intensity and price ranges of the gains changed significantly. Strong early support helped bring aggressive buying back into the complex, but the inability to spark additional interest allowed prices to cool significantly, but then rebounded at or near the highs of the day. October was up 2.67 at 241.10 and November was 2.00 higher at 240.07.

Feeder cattle receipts at the St. Joseph, Missouri Stockyards totaled 1585 head on Wednesday.  Compared to two weeks ago, calves weighing less than 550 pounds sold 5.00 to 10.00 higher with instances of 15.00 better, with feeder steers over 550 pounds 2.00 to 7.00 higher. Heifer calves weighing less than 550 pounds were 15.00 to 20.00 higher, over 550 pounds 6.00 to 10.00 higher. Buyers were aggressive due to triple digit and limit gains in futures on Wednesday. 642 pound feeder steers averaged 265.95 per hundredweight. 723 pound heifers brought an average of 238.16.

Lean hogs settled mixed to mostly higher as pressure redeveloped through the complex as traders focused on the lack of additional long term market direction. If grain prices remain in the current range and PEDv issues through the fall and winter remain in the manageable category, some significant concerns of oversupply of hogs and pork is expected that will need to be cleared through the complex according to DTN analysts. Traders have generally looked past the October contracts, and are focusing most of their attention on December through April prices.  October settled .82 lower at 106.71, and December was up .05 at 94.92.

Barrows and gilts in the Iowa/Minnesota direct trade closed .02 higher with a weighted average on a carcass basis of 108.71, the West was up .34 and at 108.36, and in the East hogs were 102.94, up .08. Missouri direct base carcass meat price closed steady from 95.00 to 102.00. Midwest hogs on a live basis were steady to an instance of 4.00 higher from 70.00 to 80.00.

The pork carcass cutout value was .57 higher FOB plant 122.37. Only the belly and butt primals were lower.

For the week ending September 27, Iowa barrows and gilts averaged 284.6 pounds, 1.7 pounds heavier than the previous week and 11 pounds greater than 2013.

The hog slaughter was estimated at 423,000 head, 11,000 more than last week, but 10,000 less than last year.

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