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Corn, Soybeans, Wheat Futures Prices Rally Higher

Closing Grain and Livestock Futures Prices.

May corn closed at $3.94 and 3/4, up 10 and 1/4 cents
May soybeans closed at $10.09 and 3/4, up 24 and 1/4 cents
May soybean meal closed at $318.90, up $13.80
May soybean oil closed at 34.64, down 14 points
May wheat closed at $5.04 and 1/4, up 18 cents
Apr. live cattle closed at $127.32, down $1.15
Jun. lean hogs closed at $78.90, up $1.10
May crude oil closed at $42.63, up $1.55
May cotton closed at 63.80, up 111 points
May rice closed at $10.65, up 29 cents
May Class III milk closed at $13.658 down 7 cents
Jun. gold closed at $1,254.40, up 10 cents
Dow Jones Industrial Average: 18,096.27, up 42.67 points

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Commodity Market Update

Soybeans were commercial and technical buying, with most months back above $10 and nearing one year highs. Contracts started lower, but rallied after midday. The trade’s watching the political and weather issues in Brazil, along with the weather problems in Argentina. Forecasts have improved conditions in Argentina, but not immediately. It’s looking increasingly likely that soybean production in Argentina will be below most current estimates. Soybean meal was sharply higher and bean oil was lower on the adjustment of product spreads by commercials.

Corn was higher on commercial and technical buying, with most contracts settling just below $4. Corn’s also watching conditions in South America, especially the potential damage to Brazil’s second corn crop, the source of a lot of their exports. Brazil announced it has ended its corn import tax for non-Mercosur trading bloc nations. According to wire reports, those imports would be up to a maximum of 1 million tons. Unknown destinations bought 136,000 tons of 2015/16 U.S. corn. Ethanol futures were higher. The EIA reports ethanol production for the week ending April 15th was an average of 939,000 barrels per day, up 1,000 on the week. Stocks came out at 22.046 million barrels.

The wheat complex was higher on commercial and technical buying, with July Chicago finishing the day at a five month high. July Chicago and Kansas City are both back above $5. The fundamental outlook may be bearish and the dollar was higher, but wheat’s seen as a good value. Heavy rain in Argentina could limit the expected expansion of acreage. The Philippines is tendering for 150,000 tons of optional origin feed wheat.

 

The cash cattle market remained at a virtual standstill on Wednesday afternoon. A few bids were reported on the cattle in Texas at 127.00 live and 208.00 dressed in Iowa. But asking prices on a few steers and heifers are much higher at 134.00 in parts of the South, so significant trade volume will be delayed until late in the week. The kill totaled 110,000 head even with last week, but 1,000 head below last year at this time.

Boxed beef cutout values were steady on choice, and lower on select on light to moderate demand and offerings. Choice beef was up .08 at 222.79, and select was .98 lower at 212.96.

Live cattle contracts settled 65 to 130 points lower on the Chicago Mercantile Exchange on Wednesday. Futures bounced back and forth between moderate gains and losses through much of the session. Traders focus was on short covering activity following Monday’s limit down moves, but the market was unable to remain stable through the close.

Feeder cattle saw strong buyer support early in the session based on short covering activity, but the market ended 35 to 142 points lower. Light trade volume was evident, although the inability to hold consistent price movement limited activity.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, MO totaled 2937 head on Tuesday. Compared to last week, feeder steer and heifer calves traded 3.00 to 10.00 lower. Yearling steers were 6.00 to 8.00 lower with yearling heifers 4.00 to 6.00 lower. Demand was good on a moderate supply. Feeder steers medium and large 1 averaging 571 pounds traded at 165.54 per hundredweight. 577 pound heifers brought 144.93.

Slaughter cattle receipts at the Sioux Falls Regional Livestock at Worthing, SD totaled 650 head on Wednesday. Slaughter steers and heifers were 8.00 to 10.00 lower. Holstein steers were down 10.00. Demand was moderate at best. The plunge in cattle futures this week had packer buyers’ intent on purchasing cattle much lower. Choice 2-4 steers brought 124.00 to 125.50. Holstein steers 105.00 to 107.50. Heifers ranged from 126.00 to 127.50.

Lean hogs settled unchanged to 102 points higher with the strongest action in the May through October contracts. Firm buyer support redeveloped on Wednesday as traders remained concentrated on the still sluggish cash market activity, but the potential to draw seasonal support into pork values may help to draw buyers slowly back into the market.

There was moderate hog market activity and demand on Wednesday afternoon. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.06 higher at 65.69 weighted average on a carcass basis, the West was up .89 at 65.33, and nationally the market was 1.16 higher at 64.14. Missouri direct base carcass meat price was steady to 1.00 higher from 55.00 to 58.00. Midwest hogs on a live basis were steady from 36.00 to 48.00.

The pork carcass cutout value was up .26 at 81.32 FOB plant.

Market hog numbers continue to run somewhat above the implications of the March 1 Hogs and Pigs report, perhaps at an accelerating rate.

The Wednesdays hog kill was estimated by USDA at 434,000 head, 4,000 less than last week, and 8,000 greater than last year.

 


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