Friday's Closing Futures Prices
Dec. corn closed at $3.34, down 10 and 3/4 cents
Nov. soybeans closed at $9.22 and 1/2, down 19 and 1/2 cents
Oct. soybean meal closed at $339.30, up $6.30
Oct. soybean oil closed at 32.28, down 60 points
Dec. wheat closed at $4.98 and 1/2, up 5 and 1/4 cents
Oct. live cattle closed at $164.90, up 90 cents
Oct. lean hogs closed at $109.5, down 5 cents
Nov. crude oil closed at $85.82, up 5 cents
Dec. cotton closed at 64.16, up 16 points
Oct. Class III milk closed at $24.14, down 3 cents
Oct. gold closed at $1,221.00, down $3.60
Dow Jones Industrial Average: 16,544.10 down 115.15 point
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Ag Market News And ReCap:
Soybeans were lower on fund and commercial selling, closing near session lows. USDA did raise the production guess only slightly, but in any event, it is still a record crop. U.S. ending stocks were down on the month, while the world number was up modestly. Soybean meal was mostly lower and bean oil was down on that lower trade in beans. The exception in meal was October.
Corn was lower on fund and commercial selling, also closing near session lows. USDA increased corn production by less than 1%, but bigger numbers are almost always bearish and big crops do tend to get bigger. Also, U.S. ending stocks were up on the month. Ethanol was mixed. Mexico Friday made one of the largest one-day purchases of U.S. corn on record, buying a total of 1,478,280 tons. 975,360 tons are for delivery this marketing year and 502,920 tons are for next marketing year.
The wheat complex was higher on short covering. USDA tightened the global balance sheet on increased exports, while also raising world production. U.S. ending stocks were down on the month, but remain pretty large. Commercial demand continues to be a background factor, on the expectations for improving export demand due to some world crop weather issues. There were no new U.S. sales Friday.
USDA Mandatory reported cattle trading was moderate on moderate demand in Nebraska while trading was light to moderate on moderate demand in Iowa. Compared to last week in Nebraska live sales were 3.00 to 4.00 higher at 164.00 to 165.00. Live sales in Iowa were 3.00 to 5.00 higher at 163.00 to 165.00. Dressed sales were 6.00 to 8.00 higher from 258.00 to 260.00. Cattle traded in the South on Thursday, mostly 2.00 higher at 164.00.Once again the assumption may be made the lion’s share of business in the South was formulated on some basis. The weekly cattle kill at 562,000 head, 15,000 less than the previous week and down 47,000 from last year.
Boxed beef cutout values were steady to firm on light offerings. Choice beef up .61 at 247.67, select .11 lower 234.74.
Live cattle contracts settled 57 to 150 points lower on the Chicago Mercantile Exchange, with only front month October futures with positive price movement. The buying support in the October futures was directed by higher cash cattle trade and firm beef values. Although contracts closed lower they did recover some from earlier losses of $2.00 a hundredweight or more. The previous focus on tight long term supplies received very little attention at the end of the week. October settled .90 higher at 164.90 and December was .57 lower at 165.30.
Feeder cattle settled 150 to 262 points lower. Feeder futures picked up where markets left off on Thursday with widespread market liquidation developing across the entire complex. It is too early to tell if the market shift is enough to break the recent market momentum in the feeder market, but the widespread market shifts may limit short term interest early next week. October settled 1.15 lower at 240.50 and November was down 2.32 at 239.20.
Feeder cattle receipts at Missouri auctions this week totaled 26,566 head. Compared to last week, feeder steers and heifers sold steady to mostly 5.00 higher with some instances of 10.00 higher. The supply of feeders was moderate and made up of mostly calves as long time yearlings are pretty far and few between. Demand was good to very good with the full increase of the price trend seen on mid weight steers and heifers in that 500 to 650 pound range. Feeder steers medium and large 1 averaging 522 pounds brought 284.11 per hundredweight. 522 pound heifers brought 253.37.
Lean hogs settled 5 to 122 points lower. The fundamental direction in the hog market had very little effect on lean hog futures prices on Friday as movement in cattle prices spilled over into the hog complex and seemed to set the tone of the trading session. October was down .05 and settled at 109.45, and December was 1.22 lower at 94.40.
There was light hog market activity and demand on Friday. Barrows and gilts in the Iowa/Minnesota direct trade was up .61 at 107.33 weighted average on a carcass basis, Western hogs were .89 higher at 107.30, and in the East the market was .57 higher at 102.48. Missouri direct base carcass meat price was steady to 2.00 lower from 96.00 to 100.00.
Pork carcass cutout value FOB plant ended the day .82 lower at122.63.
The weekly hog kill was estimated at 2,136,000 head, 46,000 more than last week, and 145,000 less than last year.
This week’s hog slaughter is 6-7% below last year. Ready numbers continue to run below the implications of the estimated spring pig crop.
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