Wheat Futures Price Jump on Weather Concerns

Dec 01, 2014

Monday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.75 and 1/2, down 1/4 cent
Jan. soybeans closed at $10.17, up 1 cent
Dec. soybean meal closed at $384.40, down $6.70
Dec. soybean oil closed at 32.22, up 4 points
Dec. wheat closed at $6.06 and 3/4, up 29 and 1/2 cents
Dec. live cattle closed at $169.95, up $1.07
Dec. lean hogs closed at $90.12, down 20 cents
Jan. crude oil closed at $69.00, up $2.85
Dec. cotton closed at 60.18, down 78 points
Dec. Class III milk closed at $17.75, down 25 cents
Dec. gold closed at $1,218.00, up $42.80
Dow Jones Industrial Average: 17,776.80, down 51.44 points

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Ag Market News And ReCap:  

Soybeans were modestly higher on fund and technical buying. The trade’s continuing to digest this year’s record crop, while keeping an eye on the expected record demand. Soybeans are also continuing to monitor planting progress in South America, with Brazil now at 85% planted and Argentina just over the halfway mark. Soybean meal was mixed, consolidating, and bean oil was up on the rebound in crude oil.

Corn was mostly, modestly higher, following wheat and beans. Corn’s also digesting a record domestic crop, while watching demand and conditions in South America. Unknown destinations bought 126,000 tons of 2014/15 U.S. corn and weekly export inspections were solid. Ethanol futures were mixed.

The wheat complex was higher on commercial and technical buying. The U.S. winter wheat crop is heading into dormancy is good, but not great, shape with a significant portion of the crop seeing cold temperatures with very little snow cover. The trade’s also watching weather concerns around the Black Sea region, Argentina, and Australia. In Russia, it looking increasingly likely production won’t hit Moscow’s target, which, along with sanctions, would limit exports.

Chicago Board of Trade live cattle futures were higher in fairly light trade volume, pretty much following the lead of feeder cattle. Gains picked up steam after boxed beef was quoted higher at midday. Traders are also watching the cash markets and while this week’s showlist does look larger, that’s not a surprise after last week’s light trade and packers do appear to be short bought. December was up $1.07 at $169.95 and February was $1.62 higher at $170.85.

Feeder cattle futures were all up the $3 daily limit. Support came from concerns about cold conditions in the major feeding areas and the early losses in corn and soybean meal. January settled at $234.07 and March closed at $233.20.

Direct cattle markets were quiet Monday, with buyers and sellers watching the distribution of this week’s showlist. At least initially, the showlist generally looks larger, especially in the South, and packers are short bought after last week’s light trade. Last week’s formula totals were smaller, especially in Texas, and total trade volume was larger in Kansas, but significantly smaller in Nebraska and Texas. Early asking prices are around $175 in the South and $270+ in the North.

At the Carthage/Joplin Regional Stockyards feeder cattle auction Monday, estimated receipts were 7,000 head, down on both the week and the year. Compared to last week, steer and heifer calves were steady and yearlings were steady to $3 lower. Demand was called good and the supply was moderate to heavy. 500 to 600 pound feeder steers sold at $261 to $295. A lot of Holstein steers at 510 pounds brought $203. 500 to 600 pound feeder heifers ranged from $227.50 to $265.

Boxed beef was mixed on light to moderate demand and light offerings. Choice was up $.08 at $257.48 and Select was down $.51 at $245.34. The estimated cattle slaughter of 111,000 head was down 4,000 on the week and 5,000 on the year.

Lean hog futures were mixed, mostly higher. December was down, with traders rolling out of that month and into February. Most of the session’s support was linked to expectations for better pork and packer demand after Thanksgiving. December was down $.20 at $90.12 and February was up $.70 at $88.92.

Hog markets were mixed with a steady undertone in a pretty thin test to start the week. Packers are looking a generally ample market ready numbers and it looks like pork demand may improving post-Thanksgiving, with the potential for increased retail featuring, thanks to a competitive price advantage against beef.

The Eastern Cornbelt had no recent comparison with a base price range of $82.85 to $85.50 for a weighted average of $84.50, the Western Belt was $0.10 higher at $76 to $87 with an average of $86.06, and Iowa/Southern Minnesota was up $0.08 at $76 to $87 with an average of $86.01. The National Direct market was down $0.09 at $76 to $87 for a weighted average of $85.25. Midwest cash markets were steady with tops at $58 to $66. Missouri Direct butcher trade was steady to $2 higher with a top at $79. Illinois Direct sows were $1 to $3 lower at $61 to $75.

The pork cutout was $.78 higher at $93.92. All primals, except picnics, were firm to sharply higher. The estimated hog slaughter Monday was 431,000 head, 4,000 lower than a week ago and 8,000 less than a year ago.



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