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Wheat Futures Prices Finish the Day Strong

Wednesday's Closing Grain and Livestock Futures

Mar. corn closed at $4.08 and 1/4, up 2 and 1/4 cents
Jan. soybeans closed at $10.27, up 3 and 1/2 cents
Jan. soybean meal closed at $359.30, up $2.70
Jan. soybean oil closed at 31.77, unchanged
Mar. wheat closed at $6.48 and 1/2, up 25 and 1/4 cents
Dec. live cattle closed at $156.42, down $2.55
Feb. lean hogs closed at $80.47, down $1.20
Jan. crude oil closed at $56.47, up 54 cents
Mar. cotton closed at 60.65, up 87 points
Jan. Class III milk closed at $15.75, up 17 cents
Dec. gold closed at $1,194.30 up 40 cents
Dow Jones Industrial Average: 17,356.87, up 288.00 points

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

Ag Market News Update

Soybeans were higher on fund and technical buying. There was just no real fresh news for beans and weather around South America looks generally good. Demand’s strong, but beans may continue to drift over the next couple of weeks. Soybean meal was higher and bean oil was steady to weak, adjusting product spreads.

Corn was lower on fund and technical buying. China reportedly purchased 900,000 tons of dried distillers’ grains last week and is said to be in the market for U.S. corn. Still, it looks like corn may also just trade sideways ahead of the new year. Ethanol futures were higher. Ethanol production for the week ending December 12 average 990,000 barrels per day, up 6.68% on the year. Stocks were down sharply at 17.659 million barrels.

The wheat complex was higher on fund and commercial buying. The trade’s continuing to monitor the trade and financial situations in Russia, which could lead to more demand for U.S. wheat. Russia’s reportedly going to be limiting exports to four nations, Armenia, Egypt, India, and Turkey. The ruble did firm up late Wednesday, but not substantially. Wheat’s also watching forecasts for rain around the U.S. Plains.

 

USDA Mandatory reports cattle trading has been limited Wednesday afternoon in Kansas on light to moderate demand. Early sales traded 7.00 to 8.00 lower than the bulk of last week at 156.00 to 157.00. DTN reported a few cattle sold on a dressed basis in Iowa at 250.00. Trading remained inactive in all other regions. The kill totaled 101,000 head, 11,000 less than last week, and down 20,000 from last year.

Boxed beef cutout values were weak to lower on light demand and light to moderate offerings. Choice boxed beef is .47 lower at 242.41 and select is down 3.12 at 231.12.

Live cattle contracts settled 95 higher to 192 points lower on the Chicago Mercantile Exchange on Wednesday. Futures saw a significant shift through the morning trade, moving from limit lower losses to aggressive gains in deferred contracts as buyer support redeveloped. The wide price swing through the complex is likely to create even more uncertainty and volatility through the near future. December settled 2.55 lower at 156.42, and February was down 2.92 at 155.82.

Feeder cattle settled limit down again across the board. The wide shifts in the live cattle futures market had very little to no impact on the feeder cattle market. The lack of support may continue to pressure the long term trend lower in not only the feeder futures, but the entire complex. January settled at 216.60 and March at 212.25, with both the 3.00 limit lower.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 1691 head on Tuesday. Feeder steers and heifers traded 15.00 to 20.00 lower with spots as much as 30.00 lower. Feeders were feeling the pressure this week as feeder futures closed down the limit four consecutive business days. Demand was surprisingly good on a light supply. Feeder steers medium and large 1 averaging 614 pounds traded at 244.10 per hundredweight. 578 pound heifers brought 217.33.

Lean hogs ended the session 75 to 152 points lower. The midday turnaround in the live cattle contracts limited price pressure in the hog pit, but there still remained uncertainty through the complex surrounding the lack of cash hog price support and weaker pork values. Rick Kment at DTN says, it is unlikely any significant buyer support will develop over the near future as traders remain focused on building supplies over the next several weeks and months. February settled 1.20 lower at 80.47, and April was down 1.52 at 91.90.

Barrows and gilts in the direct trade areas were significantly slower on Wednesday. Iowa/Minnesota direct trade was down 3.16 at 77.64 weighted average on a carcass basis, the West was 3.00 lower at 77.57, and the East was 1.21 lower at 77.75. Missouri direct base carcass meat price closed steady to 1.00 lower from 74.00 to 78.00. Midwest hogs on a live basis were steady to as much as 4.00 lower from 52.00 to 60.00.

The pork carcass cutout value is down 1.74 at 87.24. With only the belly primal higher.

The Wednesday hog kill was estimated at 430,000 head, 1,000 more than last week but down 9,000 from last year.

 

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