Farms.com Home   News

Corn & Soybean Futures Prices Slip Lower.

Monday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.67 and 1/2, down 5 and 1/4 cents
Jan. soybeans closed at $10.33 and 3/4, down 5 and 1/4 cents
Dec. soybean meal closed at $374.90, down $3.50
Dec. soybean oil closed at 33.20, up 51 points
Dec. wheat closed at $5.42 and 1/4, down 5 cents
Dec. live cattle closed at $169.50, down $1.40
Dec. lean hogs closed at $91.32, up 67 cents
Jan. crude oil closed at $75.78, down 73 cents
Dec. cotton closed at 59.16, down 60 points
Dec. Class III milk closed at $18.58, down 34 cents
Dec. gold closed at $1,195.70, down $2.00
Dow Jones Industrial Average: 17,817.90, up 7.14 points

Click Here for more futures prices & charts: http://www.farms.com/markets/

Ag Market News And ReCap:  

Soybeans were lower on fund and technical selling. It looks like it may be a quiet week heading into Thanksgiving, with harvest just about wrapped in many areas. According to USDA, 97% of U.S. soybeans are harvested, compared to 98% on average. China bought 235,000 tons of 2014/15 U.S. soybeans and Thailand picked up 174,000 tons of 2015/16 U.S. soybean meal. Soybean meal was lower and bean oil was higher on the adjustment of product spreads.

Corn was lower on fund and technical selling. Corn’s watching the tail end of harvest, expecting activity to be nearly over in some key production areas. USDA reports 94% of U.S. corn is harvested as of Sunday, compared to 92% on average. This was the last official national progress update of the growing season. Ethanol futures were mixed. Unknown destinations purchased 116,000 tons of 2014/15 U.S. sorghum.

The wheat complex was mixed. Wheat’s expected to spend most of the week consolidating, with no real fresh news. Demand remains slow as evidenced in the weekly export inspections and the trade’s looking at a large world supply. USDA states 92% of winter wheat has emerged, compared to 89% on average and as the crop heads into dormancy, 58% is rated good to excellent, down 2% on the week. Saudi Arabia bought 345,000 tons of 12.5% protein optional origin hard wheat and, according to DTN, 58,000 tons of French feed wheat is headed to South Korea.

Feedlot country is typically quiet with packers completing the collection of the new showlists. The new offering appears to be generally larger than last week. Some ready steers and heifers have been priced around 175.00 plus in the South and 272.00 to 274.00 in the North. Both sides would like to complete business by Wednesday in order to enjoy a long holiday weekend. The kill is estimated at 115,000 head, 4,000 more than last week, and 10,000 less than last year.

Boxed beef cutout values were firm on moderate demand and light offerings. Choice beef was up .48 at 255.70, and select was .32 higher at 242.45.

Live cattle contracts on the Chicago Mercantile Exchange settled 60 to 212 points lower. Early support was short-lived as pressure in deferred contracts seemed to overtake the entire complex. Traders continued to show concern about short term buyer interest stepping back into the market ahead of the holiday weekend. It is uncertain just how much impact the losses on Monday will have on the rest of the week, or fundamental market direction as feedlot managers remain focused on recent market strength. December settled 1.40 lower at 169.50, and February was down 2.12 at 170.02.

Feeder cattle ended the session 10 to 300 points lower. Sharp losses through the cattle complex as any limited support seen in the early trade quickly eroded as additional volume stepped back into the market. The higher than expected higher placement numbers in the cattle on feed report had a delayed impact as traders once again looked at the light volume that is stepping back into the market. January settled 3.00 lower at 223.35, and March was down 3.00 at 231.45.

Feeder cattle receipts at the Joplin, MO Regional Stockyards totaled 8,000 head today. Compared to last week, steer and heifer calves under 550 pounds were 5.00 to 10.00 higher, heifer calves over 550 pounds and yearlings were steady to 3.00 higher. The demand was good on a heavy supply. Feeder steers, medium and large 1 weighing 500 to 600 pounds brought 272.00 to 291.00. 5 to 6 weight heifers traded at 230.00 to 260.00 per hundredweight.

Lean hogs settled 5 to 82 points higher. Firm support held through the complex as traders focused on the ability to draw traders back into the market over the next few days surrounding the holiday season. December futures settled off the day’s highs at 91.32 up .67, and February was .05 higher at 90.50.

Barrows and gilts in the Iowa/Minnesota direct trade closed .13 higher at 86.61 weighted average on a carcass basis, the West was up .32 at 86.62, and the East was 1.06 higher at 86.15. Missouri direct base carcass meat price was steady to 1.00 lower from 77.00 to 80.00. Midwest hogs were fully steady from 61.50 to 66.00.

The pork carcass value closed .23 lower FOB plant at 93.39. Loin, butts and ribs were lower.

Sow slaughter was 260,000 head in October, down 5.1% compared with a year ago. In the last six months, sow slaughter has declined 86,000 head, off 5.8% from the same period in 2013, hard data supporting ideas that pork producers are serious about expanding the production base.

Monday’s hog slaughter is estimated at 435,000 head, 8,000 more than last week, but the same as last year.

Click here to see more...

Trending Video

This cow is Friendly!!!!!

Video: This cow is Friendly!!!!!

Cattle Chores, Bolting Tractor Head, Impala Wheel Bearing Reapair,