Soybean Futures Prices Jumped to End Week. (Feb 21, 2014)

Closing Grain And Livestock Futures Prices

Mar. corn closed at $4.53, down 2 and 3/4 cents
Mar. soybeans closed at $13.70 and 3/4, up 12 and 1/2 cents
Mar. soybean meal closed at $455.80, up $4.90
Mar. soybean oil closed at 40.95, up 38 points
Mar. wheat closed at $6.09 and 3/4, down 6 and 1/2 cents
Feb. live cattle closed at $144.55, down 5 cents
Apr. lean hogs closed at $99.35, up $1.52
Apr. crude oil closed at $102.20, down 55 cents
Mar. cotton closed at 87.09, up 72 points
Mar. Class III milk closed at $21.79, up 30 cents
Mar. gold closed at $1,323.70, up $6.70
Dow Jones Industrial Average: 16,103.30, down 29.93 points

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Market News Update

Soybeans hit new five month highs on fund and commercial buying. USDA’s projecting this year’s crop at 3.55 billion bushels with an increase in ending stocks to 285 million bushels, but, this is just the start of the conversation for this year’s crop. In any event, the fundamentals look bullish and it was another solid week for export numbers. Old crop sales may have been a new marketing year low, but they were still more than what’s needed weekly to meet USDA projections for the marketing year. Soybean meal and oil followed soybeans higher. According to China’s Ministry of Customs, soybean oil imports for January were 100,953 tons, up 16.1% from January 2013.

Corn was lower on technical and fund selling. USDA estimates production at 13.99 billion bushels, pushing ending stocks well over 2 billion, and the weekly export numbers were bearish. Still, a lot like beans, the response has been muted as there’s a long way to go considering the crop hasn’t even been planted. Ethanol futures were mostly firm. China’s Ministry of Customs reports corn imports for January 2014 were 650,904 tons, an increase of 64% on the year.

The wheat complex was lower on fund and technical selling. USDA sees production at 2.16 billion bushels, leading to a slight increase in ending stocks, up to 587 million bushels, and it looks like they also expect a big world crop. Weekly export numbers were mixed and the transportation problems in Canada are being treated as old news. According to China’s Ministry of Customs, wheat imports for January were 725,942 tons, a jump of 304.8% from January 2013.

USDA Mandatory reported cattle trading was moderate in the Texas Panhandle and Kansas on Friday with good demand. Compared to last week, live sales were 3.00 higher at 145.00. Trading was light in Nebraska on good demand. Compared to last week, dressed sales were trading 5.00 to 6.00 higher at 230.00 to 231.00. The weekly cattle slaughter is estimated at 539,000 head, the same as last week, but 29,000 less than a year ago.

Cattle on feed numbers in the U.S. on February 1 were down 3% from last year. Placements during January were 9% more than 2013. Marketing’s of fed cattle during January were down 5%. The report is considered bearish because of the increased placements. USDA released the monthly report on Friday after the close of futures trading. More on the report can be seen in the news section of our website.

Boxed beef cutout values were weak on light demand and light to moderate offerings. Choice beef was down .57 at 213.75, and select was .48 lower at 210.88.

Chicago Mercantile Exchange live cattle contracts settled 5 to 52 points lower pressured by late week profit taking and long liquidation. Most traders appeared content to take positions ahead of the weekend and the cattle on feed report. February settled .05 lower at 144.55, and April was down .42 at 141.45.

Feeder cattle ended the session 05 to 60 points lower. The potential for the cattle on feed report to weaken the market has better odds than turning the market bullish based on the fact that any supply tightness talk in the industry has been hashed over the last few weeks. March settled .42 lower at 170.70 and April was down .60 at 171.20.

Feeder cattle receipts at Missouri auctions this week totaled 48,028 head. Compared to the previous week steers sold mostly steady to 5.00 higher, with the bulk of the advance on the mid-weight offerings. Feeder heifers sold firm to 5.00 higher, heifers returning to the farm as replacements were as much as 10.00 higher. The feeder supply was heavy as unfavorable weather conditions made marketing the last few weeks difficult and caused a backup in the market. Demand was good. 1836 feeder steers, medium and large 1 averaging 573 pounds traded at 202.40 per hundredweight. 577 pound heifers averaged 177.82 at Missouri auctions.

Lean hogs settled 10 to 152 points in the black. The support seen early in the session in deferred futures had mixed results as traders seemed to remain with supply availability through the end of the year. April settled 1.52 higher at 99.35, and May was up 1.10 at 107.00.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.34 higher at 93.69 on a carcass basis, the West was up .99 at 93.05, and the East was .42 higher at 88.30.The Missouri direct base carcass meat price closed steady from 82.00 to 84.00. Terminal hogs were steady in a light test from 59.00 to 60.00.

The pork cutout value FOB plant was up .35 at 94.03 on a negotiated basis.

After a slow start to the week’s cash hog trade, the market has been on fire since Wednesday. Adequate numbers of ready barrows and gilts are getting tougher and tougher to find.

The weekly hog slaughter at 2,134,000 head is 21,000 more than last week and 65,000 more than last year.

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