Tuesday's Closing Grain & Livestock Futures Prices
Dec. corn closed at $3.73 and 3/4, up 4 and 1/2 cents
Nov. soybeans closed at $10.66 and 1/2, up 39 cents
Dec. soybean meal closed at $400.60, up $19.70
Dec. soybean oil closed at 32.87, up 51 points
Dec. wheat closed at $5.25 and 1/4, up 8 cents
Dec. live cattle closed at $167.25, up 12 cents
Dec. lean hogs closed at $89.90, up 35 cents
Nov. crude oil closed at $77.94, up 54 cents
Dec. cotton closed at 63.30, up 87 points
Nov. Class III milk closed at $21.64, down 11 cents
Nov. gold closed at $1,162.80, up $3.20
Dow Jones Industrial Average: 17,614.90, up 1.16 points
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Ag Market News And ReCap:
It was dead quiet in feedlot country on Tuesday afternoon. Initial bids on this week’s showlists were virtually nonexistent. Some showlists have been priced around 170.00 in the South and 265.00 plus in the North. Significant trade volume is not expected until late in the week. The kill was estimated at 107,000 head, 8,000 less than last week, and down 15,000 from last year.
Boxed beef cutout values were higher on choice and lower on select on moderate demand and moderate to heavy offerings. Choice beef was up .83 at 249.97 and select was down .72 at 238.43.
Live cattle contracts on the Chicago Mercantile Exchange settled 12 points lower to 70 higher. Live price action was fairly choppy. Deferred contracts gained ground on the nearby issues. Spot December once again had difficulty in holding on to early session highs. December settled .12 higher at 167.25, and February was down .12 at 168.40.
Feeder cattle settled 17 lower to 60 points higher. The mixed trend was tied to a combination of follow through buying and profit taking. The volume was said to be very light. November settled .17 lower at 238.85, and February was down .10 at 232.65.
Feeder cattle receipts at the Joplin, Missouri feeder cattle auction on Monday totaled 6585 head. Compared to last week, feeder steer and heifer calves and yearlings trended steady. The demand was good on a moderate to heavy supply. The weighing condition was average to full as a cold front moved into the trade areas. Feeder steer calves medium and large 1 averaging 619 pounds averaged 247.33 per hundredweight. 525 pound heifer calves brought 238.48 at Joplin.
Lean hogs settled 20 to 82 points higher with futures extending Monday’s rally due to short covering and suggestions that seasonal fundamentals will soon start to look more manageable. Spot December attempted to reestablish integrity over 90.00, a feat that may require new late week confidence and willingness to lead the cash index higher. Sharply higher carcass value in the morning report was supportive to futures. December settled .35 higher at 89.90, February was also up 35 at 89.45.
Barrows and gilts in the Iowa/Minnesota direct trade closed .01 lower at 86.66 weighted average on a carcass basis, the West was .32 higher at 86.60, and the East was not reported due to confidentiality. Nationally the market was .35 higher at 86.58. Missouri direct base carcass meat price was steady to 2.00 higher from 77.00 to 81.00. Midwest hogs on a live basis were steady to 1.00 higher from 57.50 to 70.00.
Pork carcass cutout value was up 1.81 at 95.60 FOB plant. Only butt and rib primals were lower.
The first blast of winter has arrived over much of cattle and hog feeding country. The best of the fall’s feeding weather has come and gone. Live and carcass weights should soon reflect this shift.
Tuesday’s hog slaughter was estimated at 394,000 head, 38,000 less than last week and down 42,000 from last year.
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