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Soybean Futures Prices End Week Higher.

 

Friday's Closing Grain and Livestock Futures
Dec. corn closed at $3.72 and 3/4, down 1/2 cent
Jan. soybeans closed at $10.39, up 18 and 1/2 cents
Dec. soybean meal closed at $378.40, up $7.60
Dec. soybean oil closed at 32.69, up 2 points
Dec. wheat closed at $5.47 and 1/4, unchanged
Dec. live cattle closed at $170.90, up 65 cents
Dec. lean hogs closed at $90.65, down 12 cents
Jan. crude oil closed at $76.51, up 66 cents
Dec. cotton closed at 59.76, up 122 points
Dec. Class III milk closed at $18.92, up 23 cents
Dec. gold closed at $1,197.70, up $6.80
Dow Jones Industrial Average: 17,810.06, up 91.06 points

For more futures prices and charts click here http://www.farms.com/markets

Farm Market News ReCap

Soybeans were higher on fund and commercial buying. Contracts did struggle at points, but were able to post a solid end to the session. Demand is solid and China has lowered its interest rate, which could lead to more imports. The U.S. harvest is just about wrapped up, while South American planting is moving forward. Soybean meal was up and meal was mixed, reflecting the difference in commercial demand.

Corn was lower on fund and technical selling, running out of steam near the close. Unknown destinations bought 132,000 tons of 2014/15 U.S. corn, their second large buy this week, and ethanol demand continues to look strong. That said – contracts sold off late, focusing on the tail end of harvest. The EPA has again delayed a decision on the renewable fuels standard. Ethanol futures were higher.

The wheat complex was narrowly mixed in consolidation trade. Chicago was steady to firm and continues to be in a short term uptrend, despite the bearish fundamentals. Kansas City ended the day uneven and unable to sustain the early gains. The trade’s assessing damage to southern Brazil’s crop from recent excessive rainfall. Egypt bought 60,000 tons of French wheat and the Philippines picked up 116,600 tons of feed wheat.

DTN reported a light cattle trade was evident in several areas on Friday afternoon. Dressed sales in the North were mostly 267.00, $2.00 to 3.00 higher than last week. A few deals were evident in Texas at 172.00, $4.00 higher than last week’s test. Many showlists continued to be priced on a firm basis, 174.00 plus South, and 270.00 plus North. The weekly cattle kill was estimated at 567,000 head, 7,000 above the previous week, but 54,000 less than last year.

The boxed beef cutout values were steady on choice and lower on select on light demand and offerings. Choice beef was down .17 at 255.52, and select was down 1.06 at 241.93.

Chicago Mercantile Exchange live cattle contracts settled 12 to 110 points higher. The early pressure in the live pit evaporated as traders not only tried to prepare for the afternoon cattle on feed report, but also pointed to steady to firm potential in the cash cattle trade. Deferred futures once again set new contract highs, which puts more emphasis on the longer term support in the market and expectations supplies will remain tight over the next year. December settled .65 higher at 170.90, and February was up .32 at 172.15.

Feeder cattle ended the session 50 to 130 points higher. The feeder futures turned higher at midday following the renewed support in the live pit. There was additional pre-report positioning. Although the overall volume in the market remained sluggish. January settled .77 higher at 236.35, and March was up .72 at 234.45.

Feeder cattle receipts at Missouri auctions this week totaled 26,761 head. Compared to last week, feeder steers and heifers traded mostly steady to 5.00 higher, although some barns saw calves selling steady to weak. Demand around the state was good, and the supply was moderate. Many barns saw good quality calves, allowing buyers to be selective. 1241 head of feeder steers, medium and large 1 averaging 576 pounds averaged 273.79 per hundredweight. 678 head of feeder heifers with an average weight of 575 pounds traded at 242.92.

Lean hog contracts settled 45 lower to 70 points higher with only the two front months in the red. Price shifts through the complex limited any sense of direction between nearby and deferred issues. The mid to late 2015 contracts held on to strong gains. December was down .12 at 90.65, and February was .45 lower at 90.45.

Barrows and gilts in the Iowa/Minnesota direct trade closed.69 higher at 86.48 weighted average on a carcass basis, the West was .62 higher at 86.29, and the East was .05 higher at 84.07. The Missouri direct base carcass meat price was steady from 77.00 to 81.00. Hogs at Midwest markets were steady to 2.00 higher from 60.00 to 66.00 on a live basis.

The pork carcass cutout value was .23 lower at 93.39 FOB plant. Picnics, hams, and bellies were higher.

Pork processors have watched margins significantly erode over the last week or so. Packers either need to buy hogs lower or slow chain speed to force wholesale prices higher.  

The weekly hog slaughter was estimated at 2,232,000 head, 13,000 more than last week, but down 114,000 from last year.

 


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