Monday's Closing Grain and Livestock Futures Prices.
Jul. corn closed at $4.51, down 8 cents
Jul. soybeans closed at $14.57, unchanged
Jul. soybean meal closed at $482.20, down $5.40
Jul. soybean oil closed at 39.28, up 27 points
Jul. wheat closed at $6.12 and 1/2, down 5 and 3/4 cents
Jun. live cattle closed at $142.82, up $1.70
Jun. lean hogs closed at $114.30, down 27 cents
Jul. crude oil closed at $104.41, up $1.75
Jul. cotton closed at 84.55, down 23 points
Jun. Class III milk closed at $21.27, up 3 cents
Jun. gold closed at $1,253.50, up $1.40
Dow Jones Industrial Average: 16,943.10, up 18.82 points
For additional Futures prices and charts click http://www.farms.com/markets
Agri Markets News Review
Soybeans were mostly modestly higher on commercial activity. The near term supply is tight and demand is solid, with China buying 117,000 tons of new crop U.S. beans. USDA reports 87% of soybeans are planted, compared to 81% on average, with 71% emerged, compared to 62% on average, and in the first report of the season, 74% of soybeans are in good to excellent condition. Soybean meal was mixed on old crop/new crop spread adjustments and bean oil was up. The Chinese Ministry of Customs states soybean imports for May were 5.97 million tons.
Corn was lower on fund and technical selling. China has suspended import permits for U.S. dried distillers’ grains, citing unapproved GMO content. Near term weather forecasts look benign and the crop condition rating may not have improved this week, but it did hold around lofty levels. According to USDA, 92% of corn has emerged, compared to 90% on average, and 75% of the crop is rated good to excellent, down 1% on the week. At this point, corn’s waiting for those USDA supply and demand numbers out Wednesday. Ethanol was mixed.
The wheat complex was lower on fund and technical selling. There’s more rain the Southern Plains, delaying harvest, and there are concerns about weather in parts of Russia, but fundamentals remain bearish. For winter wheat, 86% has headed and 9% is harvested, with 30% of the crop called good to excellent, unchanged from a week ago. For spring wheat, 95% is planted and 80% has emerged, and in the first rating of the season, 71% of spring wheat is called good to excellent. USDA’s updated winter wheat production figure is also out Wednesday.
Chicago Mercantile Exchange live cattle futures were sharply higher Monday, supported by last week’s strong cash trade, in addition to technical buying and spillover from feeders. Monday was the first notice day for June live cattle futures. June was $2.70 higher at $142.82 and August was up $1.97 at $143.27.
Feeder cattle futures were sharply higher, with several months limit up, on the lower corn and expectations for further declines in feed price. August was $3.00 higher at $203.52 and September was up $3.00 at $203.87.
As is usual for a Monday, direct cattle markets were quiet, with both sides watching the distribution of this week’s showlist. This week’s offering is mixed, mostly larger than last week, with asking prices around $147 on the Live basis in the South and $235 to $236 Dressed in the North. The showlist looks smaller in Kansas, larger in Colorado, Nebraska, and Texas. Widespread trade volume this week isn’t expected until the second half of the week. DTN reports last week’s trade volume was mixed, significantly larger in Texas and significantly smaller in Nebraska.
Boxed beef was higher on moderate demand and light to moderate offerings. Choice was up $1.07 and Select was $.88 higher at $221.69. The estimated cattle slaughter of 113,000 head was unchanged on the week and down 9,000 on the year.
Lean hog futures were mixed, mostly higher thanks to the strength in cattle. The trade’s expecting better seasonal demand for pork and tighter market ready numbers, but there’s still a fair amount of uncertainty about both. A handful of packing plants were closed Monday. June was down $.27 at $114.30 and July was up $.97 at $125.95.
The National Direct market was up $2.26 at $99 to $115.01, with a weighted average of $110.12. The Eastern Cornbelt was $.92 higher at $105.50 to $107.58, for an average of $107.51, the Western Belt was $3.50 higher at $99 to $115.01, with an average of $112.90, and Iowa/Southern Minnesota was $3.39 higher at $107 to 115.01, for an average of $113.50. Butcher hogs at the Midwest cash markets were steady to $1 higher with tops at $72 to $80. Missouri Direct butchers were steady at $96 to $104 with supply and demand both called light to moderate. Missouri sows were unchanged at $65 to $77.
The pork carcass cutout was up $.85 at $121.45. The estimated hog slaughter of 361,000 head was down 18,000 on the week and 32,000 on the year.
Click here to see more...