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Soybean Futures Prices Tumble (Jun 12, 2014)
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Thursday's Closing Grain and Livestock Futures Prices.

Jul. corn closed at $4.43, up 3 cents
Jul. soybeans closed at $14.15 and 1/4, down 30 and 1/4 cents
Jul. soybean meal closed at $469.20, down $13.10
Jul. soybean oil closed at 38.58, up 16 points
Jul. wheat closed at $5.85 and 1/4, down 4 cents
Jun. live cattle closed at $146.00, up $2.97
Jun. lean hogs closed at $115.97, unchanged
Jul. crude oil closed at $106.53, up $2.13
Jul. cotton closed at 85.62, up 11 points
Jun. Class III milk closed at $21.29, down 2 cents
Jun. gold closed at $1,273.60, up $12.80
Dow Jones Industrial Average: 16,734.19, down 109.69 points

For additional Futures prices and charts click http://www.farms.com/markets

Agri Markets News Review

Soybeans were lower on fund and commercial selling. Crop development weather looks good and there’s more talk of increased acreage. USDA’s updated acreage numbers are out at the end of the month. Soybean meal was lower, following beans, and oil was mostly firm with a good week for export sales.

Corn was higher on fund and technical buying. Weekly export sales were solid, but it was another relatively slow week on shipments and there’s no real fresh news. The trade’s watching crop development weather, which looks generally good, but there are a few concerns about losing ground to beans. Ethanol future were higher.

The wheat complex was mixed in consolidation trade. Weekly export sales were good, but shipments are off to a slow start already this marketing year. There’s more harvest delaying rain around parts of the Southern Plains and Eastern Midwest, which bearish watching. Japan bought 50,400 tons of U.S. wheat, along with 32,000 tons from Australia and 26,900 tons from Canada. Jordan picked up 50,000 tons of milling wheat, likely Black Sea origin, according to DTN. Ukraine’s spring grain harvest reportedly underway.

Chicago Mercantile Exchange live cattle futures were sharply higher, making another round of new contract highs. There are still no deliveries against the June live contract. Cash business provided a big part of that strength and the trade’s expecting solid meat demand and continued tight market ready numbers. June was $2.97 higher at $146 and August was up $2.85 at $145.05.

Feeder cattle were sharply higher on expectations for further declines in feed grain prices, good pasture conditions, and tight market ready numbers. August was up $2.97 at $205.85 and September was $2.90 higher at $206.52.

Direct cattle trade was scattered Thursday. Live business in Kansas and Texas was at $148 Live, $3 higher than last week, with a few sales at mainly at $150 in Nebraska, as much as $4 higher. Bids are $148 Live and $230 to 236 Dressed, with asking prices at $149 South and $236+ North.

 

Boxed beef was mixed on light to moderate demand and moderate offerings. Choice was down $.93 at $230.89 and Select was up $.65 at $223.60. The estimated slaughter of 116,000 head was steady on the week and down 8,000 on the year.

Lean hogs were steady to higher, with some spillover from cattle. There’s still a fair amount of uncertainty about supply and demand, but at least for now, the market’s expecting tight market ready numbers and good pork demand. June was unchanged at $115.97 and July was up $.90 at $125.92.

Cash hog trade was steady to higher. Production plans for the second half of the week are pretty modest and packers were apparently motivated by tight supplies, higher pork trade, and a few plants being dark Friday.

Eastern Cornbelt barrows and gilts were $1.59 higher at $103 to $116 for a weighted average of $111.71, the Western Belt was up $.93 at $111 to $117.50 with an average of $116.44, and Iowa/Southern Minnesota was $1.02 higher at $111 to $117.50 for an average of $116.66. The National Direct market was up $1.86 at $103 to $117.50 with an average of $114.75. Butcher hogs at the Midwest cash markets were steady at $74 to $80. Missouri Direct butcher trade was steady to $5 higher at $102 to $110 with supply and demand both called light to moderate. Missouri sows were steady at $64 to $77. Illinois Direct sows were steady at $66 to $78 on moderate demand for moderate offerings. Illinois boars sold at $18 to $58.

The pork carcass cutout value was $2.54 higher at $123.45, with all primals except butts posting gains. The estimated slaughter of 411,000 head was unchanged on the week and up 14,000 on the year.

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