Friday's Closing Grain & Livestock Futures Prices
Dec. corn closed at $3.67 and 1/2, down 3 and 3/4 cents
Nov. soybeans closed at $10.40 and 1/4, up 9 and 1/4 cents
Dec. soybean meal closed at $390.40, down $1.30
Dec. soybean oil closed at 32.40, down 13 points
Dec. wheat closed at $5.14 and 1/2, down 5 and 3/4 cents
Dec. live cattle closed at $166.80, up $1.45
Dec. lean hogs closed at $88.77, up $1.12
Nov. crude oil closed at $78.65, up 74 cents
Dec. cotton closed at 63.96, up 77 points
Nov. Class III milk closed at $21.81, up 1 cent
Nov. gold closed at $1,169.60, up $27.30
Dow Jones Industrial Average: 17,573.93, up 19.46 points
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Ag Market News And ReCap:
Soybeans were higher on fund and commercial buying. Harvest is close to wrapping up in parts of the Midwest and USDA’s supply and demand report is out Monday. On average, the trade does expect at least a slight increase for the crop numbers. The world numbers, especially South American production and Chinese imports, will also be watched closely. Soybean meal was mostly higher, consolidating, and bean oil was down modestly on follow through selling.
Corn was lower on fund and technical selling. Aside from some scattered precipitation, harvest weather looks good over the next couple of days. Monday, corn’s also expecting at least some increase in the production and yield projections. Ethanol futures were lower. According to Allendale, Argentina has authorized 8 million tons of corn for export.
The wheat complex was lower on fund and technical selling. A quick end to harvest in the Eastern Midwest should allow producers to finish winter wheat planting. Monday’s USDA numbers should just reinforce the bearish fundamental outlook. South Korea picked up 60,000 tons of U.S. milling wheat and Iraq bought 200,000 tons of hard wheat from Australia and Canada.
USDA Mandatory reported cattle trading was light to moderate in Kansas on Friday on moderate demand. Compared to last week, live sales were 1.00 lower at 167.00. Trading was light to moderate in Nebraska with live sales steady to a 1.00 lower at 167.00 to 168.00. The dressed trade was not established there by late afternoon. Private sources reported some dressed trade in Iowa at 262.00, down 2.00 from last week. The weekly cattle slaughter was estimated at 564,000 head, 11,000 greater than last week, but 47,000 less than 2013.
Boxed beef cutout values were lower on choice and higher on select on light to moderate demand and offerings. Choice beef was down 1.31 at 249.11, and select was up .82 at 238.07.
Chicago Mercantile Exchange live cattle contracts settled 35 to 145 higher. The trade was mixed for much of the session after initial buyer support failed on Friday. However futures bounced back near midday on support from the feeder cattle complex. December settled 1.45 higher at 166.80, and February was up 1.82 at 168.37.
Feeder cattle settled 130 to 200 points higher despite the shifts back and forth in the live pit. For most feeder contracts, the lack of support in the corn market was a larger focus than live cattle market prices. Once again there was shifting attention to the tight supplies both short-term and through most of 2015. November settled 2.00 higher at 238.52, and January was up 1.87 at 232.45.
Feeder cattle receipts at Missouri auctions this week totaled 28,850 head. Compared to the previous week, feeder steer and heifer calves traded very uneven with most of the market steady to 5.00 lower. Yearling heifers in most of the barns sold fully 5.00 to 10.00 lower around the state. The supply was made up mostly of calves which many were un-weaned and carrying an abundance of flesh. Feeder steers medium and large 1 averaging 574 pounds averaged 268.69,99 per hundredweight. 569 pound heifers traded at 242.85.
Lean hogs settled 35 to 142 higher as sharp gains developed with traders concentrating on aggressive open interest growth at the end of the week. The softness in the morning cash hog and pork cutout reports did not significantly impact traders’ interest in the complex. December was up 1.12 at 88.77, and February was 1.42 higher at 88.42.
Barrows and gilts in the Iowa/Minnesota direct trade closed .32 higher at 87.17 weighted average on a carcass basis, the West was up .86 at 87.39, and the East was not reported due to confidentiality. Missouri direct base carcass meat price was steady from 75.00 to 61.00. Midwest hogs were steady from 56.00 to 66.00.
The pork carcass cutout value was down .56 at 94.74 FOB plant.
The U.S. dollar continues to climb, making U.S. meat exports even more expensive to foreign buyers. The U.S. index traded higher on Thursday than we’ve seen it since the fall of 2008.
The weekly hog kill at 2,232,000 head was 39,000 more than the previous week and 54,000 less than last year.
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