Friday's Closing Futures Market Prices.
Mar. corn closed at $3.79 and 1/4, down 3 and 1/2 cents
Mar. soybeans closed at $9.79 and 1/4, unchanged
Mar. soybean meal closed at $337.00, up $2.60
Mar. soybean oil closed at 31.14, down 29 points
Mar. wheat closed at $4.85 and 3/4, up 4 and 1/2 cents
Apr. live cattle closed at $154.65, up $1.37
Apr. lean hogs closed at $66.12, down 70 cents
Apr. crude oil closed at $49.61, down $1.15
May cotton closed at 62.97, down 26 points
May rice closed at $10.47 and 1/2, down 12 cents
Mar. Class III milk closed at $15.42, down 3 cents
Apr. gold closed at $1,164.30, down $31.90
Dow Jones Industrial Average: 17,856.85, down 278.87 points
For additional Futures Prices + Charts Click Here http://www.farms.com/markets
Farm Markets News And Update.
Soybeans were mostly fractionally lower. The truck strike in Brazil isn’t over, but it’s suspended for a few days, and harvest is about to start in Argentina. Past that – the trade’s getting ready for Tuesday’s supply and demand report. USDA will also be updating the closely watched South American soybean production projections. Friday, the Buenos Aires Grain Exchange left its estimate for Argentina at 57 million tons. Soybean meal was higher and soybean oil was lower on the adjustment of product spreads.
Corn was lower on fund and technical selling. Growing conditions in South America look good and parts of the Cornbelt are seeing a seasonal warm-up. Still, that’s largely limited to the Western Belt and Southeastern areas could have a late start to planting due to lingering winter weather. Demand remains strong and producer selling is light, but there’s still plenty of corn available. Ethanol futures were lower.
The wheat complex was mixed. Wheat consolidated after the recent move to new contract lows in Chicago. Fundamentals are bearish, but U.S. wheat is a good relative value and Chicago and Kansas City are oversold. Also, the trade does have concerns about the impact of lingering winter weather in some areas. According to Russia’s Ag Ministry, February wheat exports were 350,000 to 370,000 tons, down sharply from January following Moscow’s implementation of a wheat export tariff. Iran bought 85,000 tons of wheat of E.U. and/or Black Sea origin.
USDA Mandatory reported cattle trading was light to moderate in Nebraska on moderate demand. Compared to last week, early live sales were 2.00 to 5.00 higher at 162.00, with early dressed sales 3.00 higher at 257.00. Trading was moderate in Iowa on good demand with live sales 1.00 to 3.00 higher from 160.00 to 162.00, and dressed sales 3.00 to 4.00 higher at 256.00 to 257.00. The weekly kill was estimated at 537,000 head 14,000 more than the previous week, but 10,000 below last year.
Boxed beef cutout values were weak to lower on light demand and light to moderate offerings. Choice beef was down .72 at 248.48, and select was 2.29 lower at 244.39.
Live cattle contracts on the Chicago Mercantile Exchange settled 40 to 137 points higher. The trade was mixed in choppy action for much of the session, as traders waited for concrete cash news from the feedlot trade. Boxed beef cutouts were lower in the morning report. April settled 1.37 higher at 154.65, and June was up 1.07 at 147.10.
Feeder cattle ended the session 20 to 320 points higher. Beside the support of follow through buying, prices were also lifted to some extent by softness in the corn market. March was up 3.15 at 208.72, and April was 3.20 at 208.57.
Feeder cattle receipts at Missouri auctions this week totaled 14,832 head. Compared to last week, feeder steers and heifers sold firm to 5.00 higher with several spots 10.00 higher. Only a limited test of the market was available as winter weather pounded the Southern part of the state once again. Demand was good as several producers are still looking to build herds, and when replacement heifers’ show up they receive full attention. Feeder steers, medium and large 1 averaging 627 pounds brought 252.43 per hundredweight. 713 pound replacement heifers traded at 226.75.
Lean hogs settled 20 to 70 points lower. Late week action in the lean pit seemed to extend bearish worries about both mounting commercial production and inadequate pork demand. April settled .70 lower at 66.12, and May was down .20 at 77.25.
Barrows And gilts in the Iowa/Minnesota direct trade closed .88 lower at 64.00 weighted average on a carcass basis, the West was down 1.02 at 63.79, and there was no price comparison in the East at 63.20. Missouri direct base carcass meat price was steady from 57.00 to 62.00. Midwest hogs on a live basis were steady to 2.00 higher from 40.00 to 48.00.
The pork carcass cutout value was up .55 at 68.62.
Net sales of pork exports last week exploded to a marketing-year high, up 62 percent from the previous week, and 63 percent greater than the prior four week average. Could this reflect pent-up demand following the settlement of the port strike?
The weekly hog slaughter is estimated at 2,222,000 head, 22,000 less than last week, but 150,000 more than last year.