Thursday's Closing Futures Prices
Dec. corn closed at $3.44 and 3/4, up 1 and 1/2 cents
Nov. soybeans closed at $9.42, up 7 cents
Oct. soybean meal closed at $333.00, up $3.20
Oct. soybean oil closed at 32.88, unchanged
Dec. wheat closed at $4.93 and 1/4, down 14 and 1/2 cents
Oct. live cattle closed at $164.00, down $2.10
Oct. lean hogs closed at $109.50, up $1.37
Nov. crude oil closed at $85.77, down $1.54
Dec. cotton closed at 63.94, down 95 points
Oct. Class III milk closed at $24.17, up 22 cents
Oct. gold closed at $1,224.60, up $19.30
Dow Jones Industrial Average: 16,659.25 down 334.97 points
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Ag Market News And ReCap
Soybeans were higher on commercial and technical buying. Weekly export sales and shipments were bullish and overall demand continues to look strong. Still, the trade’s expecting a record crop, with new USDA numbers out Friday. Soybean meal was up, following beans, and oil was just about unchanged, consolidating. CONAB projects Brazil’s new bean crop at 88.8 million to 92.4 million tons. Weather around Brazil generally looks dry for the next ten days.
Corn was higher on short covering and technical buying. Weekly export numbers were good and rainfall around the Midwest is delaying harvest. That said – like beans, corn is expecting a record crop, cancelling out some of the strong demand. Ethanol futures were lower. CONAB estimates Brazil’s upcoming corn crop at 76.6 million to 78.9 million tons.
The wheat complex was lower on fund and commercial selling. Export shipments were good, but sales are slow, and that’s disappointing following the drop in price. The supply and demand update should be bearish, especially on the world side, with large stocks and a probable record production estimate. CONAB sees Brazil’s wheat production at 7.7 million tons. Brazil is a net importer of wheat.
Feedlot country remained at a standstill on Thursday afternoon with significant business delayed until Friday. The cash market is expected to trade higher when everything is said and done. The only question at this point is how much higher. Some asking prices are around 167.00 plus in the South and 260.00 plus in the North. The cattle kill was estimated at 108,000 head, 4,000 less than last week and 8,000 smaller than last year.
Boxed beef cutout values were firm on fairly good demand and moderate offerings. Choice boxed beef was up .51 at 247.06, and select was .37 higher at 234.85.
Chicago Mercantile Exchange live cattle contracts closed mixed from 217 lower to 35 higher with only the far deferred contracts in the black. Moderate to strong losses developed at midday after prices seemed to be running away with buyer interest in the early trade. The change of direction of the market created some significant end of the day shifts through the entire market. October settled 2.10 lower at 164.00, and December was down 2.17 at 165.87.
Feeder cattle ended 62 to 140 points in the red. The early gains were unable to hold early support, and this caused triple digit gains to move into mixed price levels and then ending lower across the board. The move from the near limit gains is concerning for the entire livestock market. October settled .67 lower at 241.65, and November was down 1.40 at 241.52.
Feeder cattle receipts at the Springfield, Missouri Livestock Marketing Center totaled 2130 head on Wednesday. Compared to last week, feeder steers were mostly steady, heifer calves weighing less than 500 pounds were 6.00 to 7.00 higher in spots and heifers were not well tested. Demand was moderate to good on a heavy supply. Feeder steers, medium and large 1 averaging 578 pounds traded at 266.00 per hundredweight. Heifers averaging 565 pounds brought 251.18.
Lean hogs finished the session137 points higher to 32 lower. Deferred futures lacked follow through buyer support, the focus on short term supply and current demand helped to keep moderate to strong nearby price support into the close. October settled 1.37 higher at 109.50 and December was up .45 at 95.62.
There was light hog market activity with light to moderate demand on Thursday. Barrows and gilts in the Iowa/Minnesota direct trade were 1.44 lower weighted average on a carcass basis 105.74, the West was down 1.70 at 106.42, and Eastern markets 101.91 down .93. Missouri direct base carcass meat price steady from 96.00 to 102.00. Midwest hogs were steady with an instance of 4.00 lower from 72.00 to 76.00.
The pork carcass cutout value was up .08 at 123.45 FOB plant, with only bellies and picnics higher.
Although the average weight of Iowa barrows and gilts last week only increased 0.2 pounds over the prior week, 284.8 pounds versus 284.6 pounds, it continued to tower over 2013 by 10.5 pounds.
The Thursday hog kill was estimated at 423,000 head, the same as last week, but 11,000 less than last year.
The Thursday hog kill was estimated at 423,000 head, the same as last week, but 11,000 less than last year.
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