Corn and Soybeans Futures Prices Higher

Thursday's Closing Grain and Livestock Futures
 

Jul. corn closed at $7.76 and 3/4, up 9 cents
Jul. soybeans closed at $16.01 and 1/4, up 9 and 1/2 cents
Jul. soybean meal closed at $525.70, up $5.20
Jul. soybean oil closed at 46.49, down 49 points
Jul. wheat closed at $6.79 and 1/4, up 7 and 1/4 cents
Aug. live cattle closed at $121.92, down 15 cents
Jul. lean hogs closed at $102.17, up 25 cents
Aug. crude oil closed at $104.91, down $1.61
Oct. cotton closed at 85.18, down 212 points
Jul. Class III milk closed at $17.38, down 3 cents
Jul. gold closed at $1,280.10, up $32.70
Dow Jones Industrial Average: 15,460.92, up 169.26 points

For more futures prices and charts clickhttp://www.farms.com/markets

 Market News and ReCap

Soybeans were higher on technical and commercial buying. USDA left old crop ending stocks unchanged, while raising the new crop guess due to an increased production estimate. However, the crop is developing slower than average and there is a lot of time left in the growing season. Soybean meal was up and bean oil was down on the adjustment of product spreads. China bought 120,000 tons of U.S. beans and unknown picked up 120,000 tons of optional origin, some or all of that U.S. origin, with both for 2013/14 delivery.

Corn was higher on commercial and technical buying. USDA raised the old and new crop ending stocks numbers, lowering production, but also cutting feed and export use. That said – a lot like beans, corn is more focused on crop development weather. Ethanol futures were higher. Taiwan bought 60,000 tons of corn from Brazil.

The wheat complex was mixed with Chicago up and Kansas City and Minneapolis down. USDA has increased the winter production estimate, but the guess is below a year ago and there are hard red winter yield worries and soft red winter harvest delays. Ending stocks were down from last month on expectations for increased export demand, with a big increase in the projection for China. November European wheat was higher. Japan bought 49,954 tons of milling wheat (23,963 tons U.S. white club, 22,784 tons Canadian western red spring, 1,710 tons of U.S. soft red white, and 1,497 tons Australian premium white). Also in the export market, Iran picked up 450,000 tons of milling wheat (250,000 tons Russian, 200,000 tons Black Sea origin) and Algeria purchased 400,000 to 500,000 tons of optional origin milling wheat, which DTN says is likely French. Jordan is tendering for 150,000 tons of optional origin wheat.