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Wheat Futures Prices Drop on Supply

Tuesday's Closing Grain and Livestock Futures Prices.

Jul. corn closed at $4.45 and 1/2, down 5 and 1/2 cents
Jul. soybeans closed at $14.62 and 1/2, up 5 and 1/2 cents
Jul. soybean meal closed at $484.50, up $2.30
Jul. soybean oil closed at 38.94, down 34 points
Jul. wheat closed at $6.01 and 1/4, down 11 and 1/4 cents
Jun. live cattle closed at $143.50, up 67 cents
Jun. lean hogs closed at $115.30, up $1.00
Jul. crude oil closed at $104.35, down 6 cents
Jul. cotton closed at 86.30, up 175 points
Jun. Class III milk closed at $21.28, up 1 cent
Jun. gold closed at $1,259.80, up $6.30
Dow Jones Industrial Average: 16,945.92, up 2.82 points

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Agri Markets News Review

Soybeans were higher on fund and technical buying. The trade was getting ready for Wednesday’s USDA supply and demand numbers. The report is out at Noon Eastern/11 AM Central. Analysts expect slight changes to domestic old and new crop ending stocks, and little or no change for production. Soybean meal was up and bean oil was down on the adjustment of product spreads. According to Reuters, a strike at Argentina’s Rosario port has delayed 126 ships from either entering or leaving the port. Brazil estimates 2014 soybean production at 86.1 million tons.

Corn was lower on fund and technical selling. Corn was also getting ready for those USDA numbers, expecting modest adjustments to the major categories. The crop condition rating did decline over the past week, but corn remains in great shape overall. Ethanol futures were lower. Brazil projects 2014 corn production at 77.9 million tons, compared to the prior guess of 75.2 million, on increased 2nd crop acreage.

The wheat complex was lower on fund and technical selling. The winter harvest has been slowed down by rain and the problems with the hard red winter crop is a known, but the fundamentals remain bearish. The trade’s expecting bigger new crop ending stocks and a slightly smaller winter production figure. World wheat figures will also be watched closely. France’s wheat crop is about a week ahead of schedule and roughly 74% good to excellent.

Chicago Mercantile Exchange live cattle futures ended the session higher. Traders were interested in taking profits at points, but between boxed beef and feeders, the losses didn’t stick around long. Also, the trade seems optimistic about price levels for this week’s cash trade. June was $.67 higher at $143.50 and August was up $.12 at $143.40.

Feeder cattle were higher, making another round of new all-time highs on technical buying, good pasture conditions, and another round of losses in corn. August was up $1.65 at $205.17 and September was $1.92 higher at $205.80.

Direct cattle markets are quiet Tuesday, with bids and asking prices poorly defined. What asking prices we do have are around $147 Live in the South and $235 to $236+ Dressed in the North. There are a few bids at $142 Live in Kansas. Widespread business isn’t expected until Thursday or Friday. Except for Kansas, this week’s showlist looks larger than last week.

Boxed beef was modestly higher on moderate to fairly good demand and moderate offerings. Choice was up $.58 at $232.51 and Select was $.66 higher at $222.35. The estimated cattle slaughter of 117,000 head was down 1,000 on the week and 8,000 on the year.

Lean hog futures were mixed, mostly higher. June was supported by cash, but July and August were down on spread trade and profit taking. Additionally, there’s a pretty thick air of uncertainty in general hanging around the hog market. The trade’s definitely waiting for those updated hogs and pigs numbers out from USDA at the end of the month. June was up $1.00 at $115.30 and July was down $.80 at $125.15.

Cash hog markets were steady to higher. Direction was a little uncertain around midday, but most of the direct markets had a solid finish and the cutout value closed higher. In any event, buyers are sellers continue to monitor the market for signs that market ready numbers are tightening and wholesale demand is improving. National Direct barrows and gilts were $4.11 higher at $101 to $116, for a weighted average of $114.26, the Western Cornbelt was up $1.84 at $106 to $116, with a weighted average of $114.52, and Iowa/Southern Minnesota was $1.48 higher at $106 to $116, for an average of $114.72. The Eastern Cornbelt was not reported due to confidentiality. Butcher hogs at the Midwest cash markets were steady to $1 higher with tops at $73 to $80. The Missouri Direct base carcass meat price was steady to $1 higher at $96 to $105 on light to moderate supply and demand. Missouri sows were steady to $1 lower at $64 to $77.

The pork cutout was up $.86 at $122.31, with all primals higher, except for the bellies. The estimated hog slaughter of 410,000 head was unchanged from last week and up 6,000 from last year.

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