Soybean Futures Prices Plummet on Black Friday

Nov 28, 2014

Friday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.75 and 3/4, down 2 and 1/2 cents
Jan. soybeans closed at $10.16, down 31 cents
Dec. soybean meal closed at $391.10, down $10.50
Dec. soybean oil closed at 32.18, down 130 points
Dec. wheat closed at $5.77 and 1/4, up 15 and 1/4 cents
Dec. live cattle closed at $168.87, down 37 cents
Dec. lean hogs closed at $90.32, down 62 cents
Jan. crude oil closed at $66.15, down $7.54
Dec. cotton closed at 60.96, down 45 points
Dec. gold closed at $1,175.20, down $21.40
Dow Jones Industrial Average: 17,828.24, up 0.49 points

Click Here for more futures prices & charts:

Ag Market News And ReCap:

Soybeans were lower on fund and commercial selling, along with spillover from the drop in crude oil. Still, it was another strong week for sales at 54.6 million bushels and shipments were also bullish. The trade’s also watching planting and development weather around South America, with good progress expected. Soybean meal and oil followed beans lower.

Corn was lower on fund and commercial selling. Weekly corn exports were neutral with a strong week for sales against a slow week for shipments. Overall, it was a pretty quiet post-holiday session, with losses accelerating once beans sold off. Ethanol futures were mixed. Costa Rica bought 109,736 tons of 2014/15 U.S. corn.

The wheat complex was higher on fund and commercial buying. Weekly wheat numbers were neutral to supportive, with good, but not great, sales and shipments. The trade’s also watching winter crop development in the U.S. and the Black Sea region, with late planting and a cold snap expected next week. Past that – Friday was the first notice day for December contracts, with no deliveries against Chicago.

Packer inquiry in the cattle was light on Friday, with just a few bids in Nebraska at 265.00. Business was no better than light to moderate on Wednesday. USDA Mandatory reported trading was light to moderate in Kansas on moderate demand. Compared to last week live sales were steady at 173.00 Trading was light to moderate in Central and Western Nebraska. Live sales were mostly steady to 2.00 higher than the bulk of the sales last week from 172.00 to 173.00, with a few dressed sales from 266.00 to 267.00. Packers will probably go into next week short bought. The kill totaled 107,000 head, 4,000 below last week, and 13,000 less than last week.

Boxed beef cutout values were firm to higher on light demand and very light offerings. Choice beef up .27 at 257.46, and select 1.85 higher at 245.85.

Chicago Mercantile Exchange live cattle contracts settled 45 lower to 170 points higher. The nearby contracts were under pressure but the deferred issues saw moderate to strong gains. Trade volume was at a near standstill with few traders returning back to work following the Thursday holiday. December was .37 lower and settled at 168.87, and February was down .45 at 169.22.

Feeder cattle settled 50 to 90 points higher. Moderate to strong gains developed in the feeder complex early on Friday. The focus of midweek cash cattle trade, as well as the potential for some post-holiday buyer support trickling into the market through early December sparked interest in the nearby cattle futures. January settled .57 higher at 231.07, and March was up .85 at 230.20.

Feeder cattle receipts at Missouri Auctions this week totaled 19,214 head. Compared to last week, a limited test of feeder steers and heifers were fully steady to 5.00 higher. This week’s supply was light to moderate. Several barns remained dark and several others had very light offerings which did not provide for a good test of the market. Feeder steers medium and large 1 averaging 718 pounds brought 248.79 per hundredweight. 723 pound heifers traded at an average of 228.11.

Lean hogs settled 27 to 132 points in the red as the complex remained defensive due to a lack of fundamental cash market support expected as well as light trade through most of the market. Nearby contracts backed away from early session lows as traders headed to the early close of market trade. December settled .62 lower at 90.32, and February was down 1.32 at 88.22.

Barrows and gilts in the Iowa/Minnesota direct trade closed .68 lower at 86.00 weighted average on a carcass basis, the West was down .12 at 85.93, and the East was not reported due to confidentiality. Missouri direct base carcass neat price was steady from 77.00 to 79.00.

The pork carcass cutout value was .35 higher FOB plant at 93.14.

While PED history is not destined to necessarily repeat itself, if the disease follows the same pattern as last year it will become more prevalent next month, building to a peak in February and remaining at high levels through March and April.

The weekly hog slaughter at 1,991,000 head, 209,000 less than last week, and down 65,000 from last year.



Click here to see more...
Subscribe to our Newsletters

Trending Video