Thursday's Closing Grain & Livestock Futures Prices
Dec. corn closed at $3.86 and 1/4, up 8 and 1/2 cents
Nov. soybeans closed at $10.50 and 1/2, up 2 and 1/4 cents
Dec. soybean meal closed at $393.50, down $1.50
Dec. soybean oil closed at 32.07, down 15 points
Dec. wheat closed at $5.53 and 3/4, up 11 cents
Dec. live cattle closed at $169.92, up $2.17
Dec. lean hogs closed at $91.27, up 60 cents
Nov. crude oil closed at $74.21, down $2.97
Dec. cotton closed at 59.73, down 221 points
Nov. Class III milk closed at $21.61, down 3 cents
Nov. gold closed at $1,161.10, up $2.20
Dow Jones Industrial Average: 17,652.79, up 40.59 points
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Ag Market News And ReCap:
Soybeans were higher on fund and commercial buying. Demand remains strong, but farmer selling has increased after the recent rally and contracts closed well below session highs. There have been no deliveries against the November contract, which expires Friday. Soybean meal was mixed, consolidating, and bean oil was modestly lower. The NOPA member crush numbers for October are out Monday, with the average estimate at 150.781 million bushels.
Corn was higher on fund and commercial buying. Essentially, corn’s continuing the October rally that started after contracts sold off too much in September. Harvest is ongoing around most of the Midwest, but some areas are seeing snow. Ethanol futures were higher. Ethanol production for the week ending November 7 averaged 946,000 barrels per day, up 2.05% on the year, and ethanol stocks were 17.705 million barrels, a 16.84% increase from last year.
The wheat complex was higher on fund and commercial buying. The trade’s keeping an eye on the cold snap, which does have the potential to harm the emerging winter crop. The trade’s also watching for any new developments in Ukraine. Aside from the political tensions, Ukraine’s ag ministry reports around 30% of winter crops could see frost damage due to late planting. Japan bought 91,600 tons of U.S. milling wheat, along with 35,800 tons of milling wheat for Australia. A South Korean feed company picked up 110,000 tons of optional origin feed wheat.
Except for a few scattered bids in parts of the South at 165.00, cattle country remained very quiet on Thursday afternoon. Needless to say, feedlot psychology has improved in the wake of significantly higher futures over the last few days. Generally speaking asking prices are firm at 170.00 plus in the South and 265.00 plus in the North. Poorly margined packers will delay as long as possible, but light to moderate trade will have to develop sometime on Friday. The kill totaled 113,000 head, 1,000 below last week and 4,000 smaller than last year.
Boxed beef cutout values were steady on moderate demand and offerings. Choice beef was down .09 at 251.35, and select was up .18 at 238.93.
Chicago Mercantile Exchange live cattle contracts settled 40 to 217 points higher with February through June setting new contract highs for the second straight session. Besides technical buying, the board was supported by extreme cold temperatures, suggesting the possibility of a long winter ahead that could limit meat production and necessitate bigger weather premiums. December settled 2.17 higher at 169.92, and February was up 1.46 at 171.02.
Feeder cattle ended the session unchanged to 180 points higher. Gains were encouraged by the new bullishness evident in the live cattle pit. Spot November was unchanged since it is relatively close in value to the cash index. November was unchanged at 239.35, and February was up .85 at 234.22.
Feeder cattle receipts at the Huss Platte Valley Auction in Nebraska totaled 3745 head on Wednesday. Compared to last week, feeder steer and heifer calves sold unevenly steady. The run consisted of a lot of variety, bawling calves to long timed weaned calves and a lot of variance in flesh scores and weighing condition. Overall demand was moderate to good on a very cold day. Feeder steer calves averaging 629 pounds traded at 260.34 per hundredweight. Heifer calves weighing 626 averaged 236.76.
Lean hogs settled 50 to 245 points higher. The April contract attracted the most buying attention. The market was supported by technical buying and the growing consensus that a seasonal cash bottom is nearly established. December was up .60 at 91.27 and February was .80 higher at 91.60.
Barrows and gilts in the Iowa/Minnesota direct trade closed .37 higher at 86.62 weighted average on a carcass basis, the West was up .33 at 86.50, and the East was up .45 at 84.31. Missouri direct base carcass meat price was steady from 77.00 to 81.00. Midwest hogs on a live basis closed fully steady from 56.00 to 70.00.
The pork carcass value was .96 higher at 96.24 FOB plant. Bellies and picnic were significantly higher.
Saturday hog kill plans are now generally estimated to total close to 130,000 head. Yet even greater activity in this regard is not expected to push the weekly total much beyond last week’s slaughter.
Thursday’s hog slaughter was estimated at 432,000 head, 3,000 more than last week, but 2,000 less than last year.
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