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Grain Futures Markets Lower

Closing Grain & Livestock Futures Prices

Sep. corn closed at $3.61 and 1/2, down 6 and 1/4 cents
Aug. soybeans closed at $12.26 and 1/2, down 10 cents
Aug. soybean meal closed at $395.40, down $7.40
Aug. soybean oil closed at 36.25, down 27 points
Sep. wheat closed at $5.20, down 14 and 3/4 cents
Aug. live cattle closed at $158.77, down 27 cents
Aug. lean hogs closed at $121.45, down $2.22
Sep. crude oil closed at $100.97, down 70 cents
Oct. cotton closed at 64.94, down 92 points
Aug. Class III milk closed at $21.62, up 2 cents
Aug. gold closed at $1,298.30, down $5.00
Dow Jones Industrial Average: 16,912.11, down 70.48 points

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Agri Market News & Comments.

 Soybeans were lower on fund and technical selling, in “Turnaround Tuesday” type activity. There are some weather concerns and the condition rating declined over the past week, but the trade continues to expect a big crop. Also, forecasts for the coming week do have a little more precipitation than what we saw on Monday. Demand is solid, with unknown buying 135,000 tons of new crop meal. Soybean meal and oil were lower, following beans.

Corn was lower on fund and technical selling, in addition to spillover from beans. Crop development is just ahead of average and unless the crop deteriorates drastically, we should see above average yields. Corn’s also watching the better chances for rainfall next week. Colombia bought 147,000 tons of new crop U.S. corn. Ethanol futures were lower.

The wheat complex was lower on fund and technical selling, along with the higher dollar. The winter wheat harvest is slightly ahead of the average pace, sending September Chicago to a new contract low, and spring wheat is in good shape overall. Past that – the fundamentals for the complex remain bearish, especially when taking a look at the global picture. Still, there are some world weather concerns, including harvest delays in Europe and dry conditions in parts of Australia. U.S. Wheat Associates, the National Association of Wheat Growers and other groups are calling on USDA to restore grain inspections at the port in Vancouver, Washington. According to Allendale, a major grain company closed its terminal at the port, citing labor disputes and inability to get ships loaded. South Korea’s Major Feedmill Group canceled a tender for 45,000 to 65,000 tons of optional origin feed wheat due to quality concerns.

Feedlot country was at a standstill on Tuesday afternoon. Clearly, significant trade volume will be delayed until at least Wednesday or Thursday. Some showlists have been priced around 168.00 to 170.00 in the South and 265.00 plus in the North. The slaughter totaled 115,000 head, 1,000 more than last week, but 9,000 less than last year.

Boxed beef cutout values were sharply higher on good demand and moderate offerings. Choice beef was up 2.04 at 261.34, and select was 2.86 higher at 259.03.

Live cattle futures were mixed on the Chicago Mercantile Exchange on Tuesday. The nearby contracts were under moderate pressure. Trade volume was slow as bulls and bears probably will stall until cash prospects become clearer. Boxed beef cutout values were sharply higher at midday lending support to the complex. August settled .27 lower at 158.77, and October was unchanged at 159.07.

Feeder cattle ended the session 62 to 127 points higher supported by follow through buying and the recent $7.00 surge of the cash index. The market is at a stage where every tick higher effectively rewrites the record book. August settled 1.25 higher at 221.42, and September was up 1.25 at 222.45.

Feeder cattle receipts at the Sioux Falls Regional Livestock at Worthing, South Dakota totaled 1722 head on Wednesday. Compared to two weeks ago. Feeder steers were 10.00 to 15.00 higher. Heifers were too lightly tested in recent weeks to make a good comparison. There was very good demand for all weights of feeder cattle. Buyers were eager bidders after last week’s sharp run-up in the cash fed market and the subsequent rise in live and feeder cattle futures. Feeder steers averaging 733 pounds traded at 239.32 per hundredweight. 595 pound heifers brought 243.00.

Lean hogs settled 50 to 227 points lower. The lean futures continue to come unglued apparently oblivious to either the spot cash premiums or the ongoing waves of bullishness in the cattle complex. Fourth quarter contracts are holding up better than either spot August or 2015 contracts, but that doesn’t seem to be saying much. August settled 2.22 lower at 121.45, and October was down .55 at 106.07.

Barrows and gilts in the Iowa/Minnesota direct trade closed .34 lower with a weighted average of 122.04 on a carcass basis, the West was down .21 at 121.97, and the East was .40 lower at 120.74. Missouri direct base carcass meat price was steady to 1.00 lower from 115.00 to 118.00. Butcher hogs at Midwest markets were steady to 2.00 lower with an instance of 6.00 lower from 82.00 to 95.00 on a live basis.

The pork carcass cutout value was .19 higher at 131.13 FOB plant. Bellies were nearly $10.00 lower.

While the bullish threat tied to PED has lost much of its sting this summer, it’s still quite possible that the spring pig crop was significantly cut in size, less than the winter pig crop, but still substantial by this devastating disease.

The Tuesday hog kill was estimated at 400,000 head, 2,000 more than last week, but 11,000 less than a year ago

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