Corn was lower on technical and fund selling, along with spillover from beans. Unless there’s an early freeze, weather’s not much of a factor right now and the trade’s watching the early yield numbers. According to the Ag Department, 97% of corn is at the dough making stage, compared to 100% last year and 97% on average and 81% has dented, compared to 97% a year ago and 86% on average, while 22% has reached maturity, compared to 73% last year and 41% on average and 4% is harvested, compared to 24% a year ago and 10% on average. 53% of corn is rated good to excellent, down 1% from last week. Ethanol was mostly firm.
The wheat complex was lower on fund and technical selling, in addition to spillover from corn and beans. The trade’s watching winter wheat planting, along with harvest activity here and abroad. For spring wheat, USDA states 90% is harvested, compared to 99% last year and 87% on average and for winter wheat, 12% is planted, compared to 10% a year ago and 12% on average. Ukraine’s Ag Ministry reports grain stocks as of September 1 were 20.8 million tons, up 7% on the year, with 15.1 million tons of the total wheat.
Cattle country was at a standstill on Monday afternoon following the distribution of the new showlists. The offering of ready steers and heifers is generally smaller than last week with only Nebraska showing about the same number of cattle. A few preliminary asking prices have been suggested at 125.00 in the South and 196.00 plus in the North. The kill totaled 116,000 head, 1,000 less than last week, and 10,000 smaller than a year ago.
Boxed beef cutout values were firm on the choice and weak on select on light to moderate demand and offerings. Choice beef was up .33 at 193.02, and select was down .25 at 176.43.
Live cattle contracts on the Chicago Mercantile Exchange settled mixed. Front month futures faded through the morning as traders looked for interest from the outside markets. Only October and December ended higher with all other contracts lower and that could spark another round of moderate to strong liquidation through the rest of the week according to DTN. October settled .30 higher at 125.55, and December was up .07 at 129.22.
Feeder cattle settled 2 to 30 points higher on light support. Traders’ main concern was the pressure in the live cattle market was not being outweighed by a lack of strong support in grain markets. September settled .30 higher at 157.60, and October was up .22 at 159.50.
Feeder cattle receipts at the Joplin, Missouri Regional Stockyards on Monday totaled 6,000 head. Compared to last week, steer calves opened 2.00 to 5.00 lower with yearling steers steady to 3.00 lower. Heifer calves were 2.00 to 4.00 lower with yearling heifers steady to 2.00 lower. Feeder steers medium and large 1 weighing 5 to 600 pounds traded from 163.00 to 175.00. 7 to 8 weights brought 150 to 162.00. 5 to 6 weight heifers traded from 150.00 to 162.00 and 700 to 800 pounds from 118.00 to 145.00.
Lean hogs settled 20 to 142 points higher with the front month October leading the charge. The triple digit rally sparked additional interest in potential tight supplies over the near term as well as outside market support. October settled 1.42 points higher at 92.12, and December was up 1.22 at 88.47.
The pork carcass cutout value was down 1.45 at 96.74 FOB plant on a negotiated basis.
Barrows and gilts in the Iowa/Minnesota direct trade closed 1.09 higher with a weighted average on a carcass basis of 96.48, the West was up .75 at 95.85, and the East was up .81 at 91.82. Missouri direct base carcass meat price close steady from 82.00 to 83.00. Terminal hogs trended 1.00 to 2.00 higher from 60.00 to 66.00.
Hog slaughter and pork production last week totaled more than 10% under the comparable levels of 2012. Given that supply readings are falling increasingly short of June 1 implications, it’s beginning to look like the PED virus is more serious than previously imagined with fourth quarter tonnage likely to be much smaller than previously projected.
Monday’s hog kill was estimated at 428,000 head, 11,000 more than last week, but 8,000 less than last year.
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