Monday's Closing Grain & Livestock Futures Prices.
Dec. corn closed at $3.46, up 12 cents
Nov. soybeans closed at $9.45 and 1/4, up 22 and 3/4 cents
Oct. soybean meal closed at $343.40, up $4.10
Oct. soybean oil closed at 32.88, up 60 points
Dec. wheat closed at $5.05 and 1/4, up 6 and 3/4 cents
Oct. live cattle closed at $166.50, up $1.60
Oct. lean hogs closed at $109.35, down 10 cents
Nov. crude oil closed at $85.74, down 8 cents
Dec. cotton closed at 65.02, up 92 points
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Ag Market News And ReCap:
Soybeans were higher on short covering and technical buying. Traders were watching the weather, with more harvest delaying rain around the Midwest in the forecast until midweek. National crop progress numbers and export inspections are delayed until Tuesday by Columbus Day. Soybean meal and oil were higher, following beans. China reports September soybean imports were 5.03 million tons, up modestly on the year, with 2014-to-date purchases 15% larger than this time last year.
Corn was higher on short covering and technical buying. Corn was also watching that weather and those widespread harvest delays. Some areas were able to make progress over the weekend and anecdotal yields were generally good. Last week’s USDA numbers were nominally bearish, but it’s starting to look like contracts may be close to seeing sustained new demand. Ethanol futures were higher.
The wheat complex was higher on short covering and technical buying. The rain’s delaying planting in the Eastern Midwest, but adding some much needed soil moisture in the West. Past that – there was just not much fresh news to start the week, so wheat followed corn and soybeans. Algeria bought 600,000 tons of optional origin milling wheat and Egypt picked up 175,000 tons of wheat from Russia and France.
The new showlists are collected and the ready numbers appear to be generally smaller with only Nebraska producers offering more finished steers and heifers. Early asking prices appear to be around 166.00 to 167.00 in the South and 260.00 to 265.00 in the North. Significant trade volume will probably be delayed until late in the week again. The cattle slaughter is estimated at 114,000 head, the same as last week, but 8,000 less than 2013.
Boxed beef cutout values were firm to higher on moderate to fairly good demand and moderate offerings. Choice beef was up .69 at 248.31, and select was 1.67 higher at 236.41.
Chicago Mercantile Exchange live cattle contracts settled 72 to 160 points higher on Monday. The firmness in beef values, as well as expectations cash markets will continue to firm as the week progresses helped to keep the traders that have entered the market bullish. October settled 1.60 higher at 166.50, and December was up 1.40 at 166.70.
Feeder cattle contracts settled 72 to 140 points higher. The focus on trade activity in the live cattle pit and the expectation that firmness in the cash cattle prices will continue kept buyers cautiously optimistic through the first of the week trade. October settled .80 higher at 241.30 and November was up .85 at 240.15. Feeder cattle receipts at the Joplin, MO Regional Stockyards on Monday totaled just 3,000 head. Compared to last week, steer and heifer calves traded steady in a light test. Yearlings were not tested early. Demand is good and supply is light. Storms and heavy rains in the trade areas has curtailed auction offerings.
Feeder steers medium and large 1 weighing 520 to 560 pounds traded from 272.60 to 275.00. 540 to 700 pound heifers brought 232.50 to 239.00.
Lean hogs settled 22 to 87 points higher with only spot October in the red. Trade was sluggish for much of the session. The October contract backed away from initial market support and held a loss into the close. Higher cattle futures were supportive to lean futures prices. October settled .10 lower at 109.35, and December was up .22 at 94.62.
There was moderate hog market activity and light to moderate demand.
The Iowa/Minnesota direct trade closed .91 lower at 106.38 weighted average on a carcass basis, the West was down .94 at 106.32, and the East was .45 lower at 102.03. Missouri direct base carcass meat price steady from 96.00 to 100.00. Midwest hogs on a live basis steady to 2.00 higher from 74.00 to 80.00.
The pork carcass cutout value FOB plant was down 1.06 at 121.57 with all cuts except ribs and loins lower.
With the spot October lean hogs set to expire on Tuesday, spec buyers could start to look favorably upon deeply discounted December, especially if the cash index remains relatively firm.
The Monday hog kill at 427,000 head is 2,000 more than last week, but 4,000 less than last year.
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