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Corn Futures Prices Finish Week Mostly Higher.

 

Friday's Closing Grain and Livestock Futures
Dec. corn closed at $4.68 and 1/4, up 7 and 1/4 cents
Nov. soybeans closed at $13.67 and 3/4, up 1/4 cent
Oct. soybean meal closed at $434.70, up 10 cents
Oct. soybean oil closed at 43.43, up 17 points
Dec. wheat closed at $6.47 and 3/4, up 7 and 1/2 cents
Oct. live cattle closed at $125.67, up 45 cents
Oct. lean hogs closed at $90.90, up $1.50
Oct. crude oil closed at $110.53, up $2.16
Dec. cotton closed at 83.21, up 91 points
Sep. Class III milk closed at $18.06, up 3 cents
Sep. gold closed at $1,386.20, up $13.60
Dow Jones Industrial Average: 14,922.50, down 14.98 points

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

Market News and ReCap

Soybeans were mixed in end of the week consolidation trade. A big portion of the Midwest should more hot, dry weather, further stressing the crop in those areas and probably leading to another decline in the condition rating. Weekly new crop export sales were at the high end of estimates. Soybean meal was mixed, with nearbys up and deferreds down, and bean oil was modestly higher on technical buying. Informa Economics projects 2013 U.S. soybean production at 3.329 billion bushels with an average yield of 42.4 bushels per acre.

Corn was modestly higher, seeing a bounce after the recent losses. Corn’s also watching the weather with a moderate chance of rainfall in North Dakota and Minnesota and much lower chances elsewhere. Weekly new crop corn sales were just below expectations. South Korea’s Nonghyup Feed Inc. bought 60,000 tons of optional origin corn. Informa Economics estimates 2013 U.S. corn production at 14.013 billion bushels with an average yield of 157.2 bushels per acre, above USDA’s August guesses.

The wheat complex was higher on fund and technical buying, along with the lower dollar. That rainfall expected in the Plains will delay spring wheat harvest activity, but it had made solid progress over the past week. Weekly export numbers for wheat are bullish. According to the Canadian Wheat Board, via Dow Jones Newswires, spring wheat protein levels in Western Canada are, at least so far, below average. South Korea’s Nonghyup Feed Inc. canceled a tender for 60,000 tons of feed wheat due to high prices, while Pakistan bought 25,000 tons of wheat from Ukraine.

 

USDA Mandatory reported a light to moderate cattle trade developed in the Texas Panhandle and Kansas on light to moderate demand on Friday afternoon. Compared to the previous week, live sales were mostly steady at 122.00. Trading was slow throughout Nebraska and Iowa Thursday evening and Friday. Live sales were 2.00 lower than last week at mostly 122.00. A few cattle traded in Iowa on Friday at 123.00. Dressed sales in the North were 1.00 to 2.00 lower from 193.00 to 195.00.

The weekly cattle slaughter was estimated at 569,000 head, 58,000 less than last week and 18,000 more than last year.

Boxed beef cutout values were weak on light to moderate demand and moderate offerings on Friday afternoon. Choice beef was down .63 at 195.23 and select was .72 lower at 181.19.

Live cattle contracts on the Chicago Mercantile Exchange settled 45 higher to 40 points lower. Cattle futures posted moderate to strong losses as traders focused on the inability to draw buyers back into the market as well as weakness in beef values. The October futures bounced back and closed higher, and that could lead to increased support early next week. October settled .45 higher at 125.67, and December was down .10 at 129.02.

Feeder cattle finished unchanged to 90 points in the red on higher corn values and weakness in the live pit. Traders were concerned that the recent pressure in corn markets and feed prices will not hold. September settled .17 lower at 156.57, and October was down .77 at 158.02.

Feeder cattle receipts at Missouri auctions this week totaled 11,380 head. Compared to the previous week, feeder steers and heifers sold mostly steady to 3.00 higher. The feeder supply was light as the holiday made for a short week with nearly all Monday auctions remaining dark and the majority of the auctions normally reported in northern Missouri on an off week for scheduling as well. Demand was moderate to good although the light supply made it difficult for buyers to fill loads at many locations. Feeder steers medium and large 1 averaging 627 pounds brought 166.15 per hundredweight. 628 pound heifers traded at 149.04.

Lean hogs settled 5 to 150 points higher. Strong end of the week gains once again developed across the nearby lean futures markets. Traders focused on potential short-term supply issues as hog weights start to fade due to the hot weather. Strong Saturday procurement schedules minimized the decreased pork available due to the holidays but weekly totals remained light. This could spark firm cash and futures prices over the near term. October hogs settled 1.50 higher at 90.90, and December was up 1.07 at 87.00.

There was slow hog market activity with light demand on Friday. Barrows and gilts in the Iowa/Minnesota direct trade closed .45 higher on a carcass basis with a weighted average of 90.95, in the West the market was up .38 at 90.77, and Eastern barrows and gilts were down .08 at 86.49. Missouri direct base carcass meat price closed steady from 81.00 to 82.00.

The pork carcass value FOB plant was up .68 at 95.44 on a negotiated basis with the bellies showing the most gain.

Hog slaughter during the holiday shortened week was estimated at 1,970,000 head, 240,000 less than last week and down 97,000 from a year ago.

According to the United States Meat Export Federation, strong performances by Mexico, the China/Hong Kong region and Central/South America boosted pork exports by 8.5% in volume in July to 178,794 metric tons valued at $502.6 million, a 7.5% increase over 2012.

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