Thursday's Closing Grain and Livestock Futures Prices
Jul. corn closed at $4.50 and 1/2, up 9 cents
Jul. soybeans closed at $14.20 and 3/4, up 11 and 3/4 cents
Jul. soybean meal closed at $451.20, down $2.00
Jul. soybean oil closed at 40.61, up 48 points
Jul. wheat closed at $5.93 and 1/2, up 6 and 1/2 cents
Jun. live cattle closed at $148.00, up $2.10
Jul. lean hogs closed at $128.05, up $2.62
Jul. crude oil closed at $106.43, up 46 cents
Jul. cotton closed at 88.36, down 279 points
Jul. Class III milk closed at $21.61, down 10 cents
Jun. gold closed at $1,313.70, up $41.30
Dow Jones Industrial Average: 16,921.46, up 14.84 points
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Agri Markets News Review
Soybeans were higher on short covering and technical buying. Weekly export numbers were bullish again this week and old crop sales have passed USDA’s mark for the entire marketing year. Crop weather around much of the Midwest does look good, but there are increasing concerns about wet conditions in northern areas of the region. Soybean meal was mixed on the unwinding of spreads and oil was up on spillover from beans.
Corn was higher on short covering and technical buying. Weekly export numbers were at least a little supportive with solid sales and neutral shipments. Past that – the trade’s watching the weather and squaring up for the June 30th USDA acreage and stocks reports. Ethanol was steady to lower.
The wheat complex was mixed. Chicago was up on short covering and talk of new demand from Brazil, while Kansas City and Minneapolis were mostly weak in consolidation trade. Traders are looking at more winter harvest delays and quality concerns. Weekly export numbers were bullish, but it’s very early in the marketing year and the world fundamentals continue to look bearish. Strategie Grains projects world wheat production at 139.4 million tons.
USDA Mandatory reported cattle trading was moderate in Kansas on Thursday afternoon on good demand. Compared to last week, lives sales are 2.00 higher at 150.00. Trading was light to moderate Nebraska with live sales steady with last week at 150.00, dressed sales were unevenly steady at 237.00. Trading was light in Colorado with a few sales at 150.00. Iowa cattle traded at 148.00 to 149.00 live and 238.00 dressed. The kill was estimated at 115,000 head, 1,000 less than last week, and 9,000 below last year.
Boxed beef cutout values were higher on moderate demand and light to moderate offerings. Choice beef was up .92 at 240.46, select was 1.04 higher at 233.09.
Live cattle contracts on the Chicago Mercantile Exchange settled 110 to 245 points higher as the futures quickly responded to the swift and decisive way feeder cattle futures reacted to the sharp losses on Wednesday. Although most had expected continued support into the market, the aggressiveness of the price surge continued to draw commercial and investment traders back into the complex. June settled 2.10 higher at 148.00 and August was up 2.45 at 147.47.
Feeder cattle ended the session 200 to 300 points higher. The bearishness of the limit down trade on Wednesday was short lived as aggressive buyer support quickly returned to the market, pushing prices at or near the daily trading limit of 3.00 higher. Traders once again focused on tight supply levels and are also starting to adjust positions ahead of the expected bullish cattle on feed report due out on Friday. August feeder settled at 207.55 up 2.10 and September was 3.00 higher at 208.57.
Feeder cattle receipts at the Hub City Livestock Auction at Aberdeen, South Dakota totaled 3414 head. Compared to last week, steers 900 to 950 pounds sold 4.00 to 5.00 higher, other weight classes of steers not well tested last week but selling with a higher undertone on Wednesday. Heifers were not well tested for a comparison. Good to very good demand for the offering. Feeder steers medium and large 1 averaging 976 pounds brought 187.47 per hundredweight. 901 pound replacement heifers traded at an average of 181.00.
Lean hogs settled 50 to 275 points higher as traders aggressively flooded back into the market with prices over 2.00 higher in all nearby c0ntracts. The shifting momentum continues to be the biggest driver in the overall complex with traders looking for additional fundamental market information, but are content trying to keep up with the latest round of roller-coaster type price shifts. July up 2.62 at 128.05 and August was 2.47 higher at 129.75.
Barrows and gilts in the Iowa/Minnesota direct trade closed .67 higher at119.83 on a carcass basis, the West was up .62 at 119.59, and the East was .57 higher at 116.64. Missouri direct base carcass meat price was steady to 4.00 higher from 110.00 to 111.00. Barrows and gilts in the Midwest were steady to 1.00 higher from 77.00 to 84.00.
The pork carcass cutout value FOB plant is 1.93 higher at 128.10, with bellies, ribs and loins responsible for most of the gain.
Short-term hog supplies continue to remain tight which is creating the need for packers to regularly and systematically combine lower slaughter numbers and higher cash prices in order to supply the markets current needs. Higher cash spending is expected to be seen through the end of the week although weekend slaughter plans are expected to remain minimal.
The hog kill was estimated at 371,000 head, 40,000 less than last week, and down 28,000 from last year.
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