Thursday's Closing Grain and Livestock Futures
Dec. corn closed at $4.20 and 1/2, down 3/4 cent
Nov. soybeans closed at $12.78 and 3/4, up 15 and 3/4 cents
Dec. soybean meal closed at $403.80, up $7.00
Dec. soybean oil closed at 40.74, down 40 points
Dec. wheat closed at $6.53, down 1/4 cent
Dec. live cattle closed at $131.67, down 35 cents
Dec. lean hogs closed at $87.55, up 20 cents
Dec. crude oil closed at $94.20, down 60 cents
Dec. cotton closed at 76.76, down 31 points
Nov. Class III milk closed at $18.82, up 6 cents
Nov. gold closed at $1,308.40, down $9.30
Dow Jones Industrial Average: 15,593.98, down 152.90 points
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Market News and ReCap
Soybeans were mixed ahead of Friday’s USDA numbers. USDA’s expected to have a record crop production estimate with a solid average yield projection and increase in domestic ending stocks. Demand remains strong with China buying 250,000 tons of 2013/14 U.S. beans and weekly numbers were solid. Beans are also keeping an eye on the domestic harvest and South American planting. Soybean meal was up and bean oil was down on the adjustment of product spreads.
Corn was mixed ahead of the USDA reports. On average, the trade sees corn at a record 14.022 billion bushels, with the average yield at nearly 160 bushels per acre and ending stocks over 2 billion bushels. Weekly export sales were strong at more than 1.7 million tons. Past the position squaring, corn’s watching the tail end of U.S. harvest activity. Ethanol futures were higher. According to Russia’s Ag Ministry, the corn harvest for the year to date is 7.5 million tons, compared to 6.4 million this time last year.
The wheat complex was mixed on pre-report position squaring. U.S. wheat ending stocks are expected to be below September due to strong export demand, while world stocks may be down from September, but up on the year. Past that – winter wheat development weather looks good. Russia’s Ag Ministry reports 93.1% of this year’s grain crop is harvested at 91.9 million tons, with 53.7 million of that wheat, compared to 39.6 million in 2012.