Monday's Closing Grain & Livestock Futures Prices
Dec. corn closed at $3.69 and 1/4, up 1 and 3/4 cents
Nov. soybeans closed at $10.27 and 1/2, down 12 and 3/4 cents
Dec. soybean meal closed at $380.90, down $9.50
Dec. soybean oil closed at 32.36, down 4 points
Dec. wheat closed at $5.17 and 1/4, up 2 and 3/4 cents
Dec. live cattle closed at $167.12, up 32 cents
Dec. lean hogs closed at $89.55, up 77 cents
Nov. crude oil closed at $77.40, down $1.25
Dec. cotton closed at 62.43, down 153 points
Nov. Class III milk closed at $21.75, down 11 cents
Nov. gold closed at $1,159.60, down $10.00
Dow Jones Industrial Average: 17,613.74, up 39.81 points
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Ag Market News And ReCap:
Soybeans are lower on fund and commercial selling. Contracts were up early, but then the USDA numbers came out. USDA raised the production and average yield guesses, for another round of new all-time high estimates, and ending stocks were unchanged. Still, it was another really solid week for export inspections. USDA reports 90% of soybeans are harvested as of Sunday, compared to the five year average of 91%. Soybean meal and oil were lower. China reports that October soybean imports were lower than expected at 4.1 million tons, but that’s largely due to supply, not a downturn in demand.
Corn was higher on fund and technical buying. USDA lowered the production and average yield numbers slightly, but they both remain at record levels. Ending stocks were down on the month. USDA states 80% of corn is harvested, compared to 80% on average. Mexico bought 130,000 tons of 2014/15 U.S. corn. Ethanol futures were higher.
The wheat complex was higher on fund and technical buying. After a new survey of some spring wheat production states, USDA lowered the spring wheat numbers, and domestic ending stocks were lower. Past that – the global supply and demand numbers just reinforce the bearish fundamental influences. According to USDA, 93% of the winter crop is planted, compared to 93% on average, and 83% has emerged, compared to 79% on average. 60% of the crop is in good to excellent condition, up 1% on the week.
Cattle country was quiet on Monday afternoon as packers completed the collection of the new showlists. The new offering appears to be generally smaller than last week with only Colorado showing a few more ready cattle. A few asking prices have been suggested around 170.00 in the South and 265.00 plus in the North. The kill was estimated at 108,000 head, 5,000 below last week, but even with 2013.
Boxed beef cutout values were steady on the choice and higher on select on light to moderate demand and offerings. Choice beef was up .03 at 249.14, and select was 1.08 higher at 239.15.
Chicago Mercantile Exchange live cattle contracts settled unchanged to 40 points higher as prices fell from early highs. Ideas that cold weather this week and next could curb commercial production was initially supportive. Yet trading was lackluster despite significantly higher beef cutouts at midday. December settled .32 higher at 167.12, and February was up .15 at 168.52.
Feeder cattle ended the session 30 to 92 points higher supported by short covering and the stubborn premium of the cash index. November settled .50 higher at 239.02, and January was up .30 at 232.75.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 8300 head. Compared to last week, feeder steers and heifers opened steady to 2.00 higher. Steer and heifer calves were firm to 4.00 higher. Demand remains very good for light cattle suitable for wheat, as well as heavier weight thin fleshed or long weaned cattle. Feeder steers, medium and large 1 weighing 500 to 600 pounds traded from 286.00 to 307.00 per hundredweight. 5 to 6 weight heifers ranged from 252.50 to 264.00.
Lean hogs settled unchanged to 77 points higher. The nearby contracts were well supported due to bull-spreading interest and greater cash stability. Some on the floor wanted to give credit to the adverse turn in late fall weather. Some packers and producers in parts of Minnesota could experience some delivery problems. Ideas that colder conditions could start to check slaughter weights was also supportive. December was up .77 at 89.55, and February was up .67 at 89.10.
Barrows and gilts in the Iowa/Minnesota direct trade closed .73 lower with a weighted average of 86.70 on a carcass basis, the West was down .44 at 86.63, and the East was not reported due to confidentiality. Nationally the market was .08 lower at 85.25.
The pork carcass cutout value was down .95 FOB plant at 93.79. Belly, rib and butt primals were all higher.
Pork processors are starting the week with decent margins. They should have adequate profit incentive to compensate for downtime that will be lost on Tuesday, Veterans Day.
The Monday hog kill was estimated at 428,000 head, 4,000 less than last week, but 36,000 more than last year.
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