Friday's Closing Grain and Livestock Futures Prices.
Jul. corn closed at $4.59, up 10 cents
Jul. soybeans closed at $14.57, down 3 and 1/2 cents
Jul. soybean meal closed at $487.60, down $3.00
Jul. soybean oil closed at 39.01, up 32 points
Jul. wheat closed at $6.18 and 1/4, up 12 and 1/2 cents
Jun. live cattle closed at $140.12, up 62 cents
Jun. lean hogs closed at $114.57, up $1.60
Jul. crude oil closed at $102.66, up 18 cents
Jul. cotton closed at 84.78, down 72 points
Jun. Class III milk closed at $21.24, down 13 cents
Jun. gold closed at $1,252.10, down 90 cents
Dow Jones Industrial Average: 16,924.28, up 88.17 points
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Agri Markets News Review
Soybeans were mostly higher in consolidation trade, with funds rolling out of July. There was no real fresh news, so traders pretty much took the path of least resistance. USDA’s updated supply and demand numbers are out next Wednesday, June 11. Soybean meal was mixed in consolidation trade and bean oil was up on a technical bounce.
Corn was higher on fund and technical buying, with contracts oversold after the recent declines. Crop weather looks generally very good and even if strong is good, there’s plenty of corn available. Like beans, corn pretty much just took the path of least resistance, while getting ready for Monday’s crop report and Wednesday’s supply and demand update. Ethanol futures were higher.
The wheat complex was higher on fund and speculative buying. Kansas City led the way up – the rain in the Southern Plains is far too late to help the hard red winter crop and is now delaying harvest activity. USDA’s winter wheat production report is also out Wednesday. Informa expects the crop to be around 1.396 billion bushels. Indonesia bought 200,000 tons of wheat from Russia and Thailand picked up 50,000 tons of U.S. wheat.
A light to moderate cattle trade was evident in most areas on Friday afternoon at higher prices. Live business in the South was generally 2.00 higher at 145.00. On the other hand, most dressed activity in Nebraska was 1.00 to 2.00 higher than last week at 232.00 to 233.00. Live business in Nebraska was mostly 1.00 to 1.50 higher at 146.00. While this appears to be the general price range DTN says they have been told some high grading cattle in South Dakota have sold to a regional packer as high as 240.00. The weekly kill was estimated at 614,000 head, 77,000 more than last week, but 37,000 less than a year ago.
Boxed beef cutout values were steady on choice and lower on select on light to moderate demand and offerings. Choice beef was down .13 at 230.86, and select was 1.08 lower at 220.81.
Chicago Mercantile Exchange live cattle contracts settled 62 higher to 40 lower. The live pit was mixed with the June contract higher but generally lower in the deferred months. Spot June attracted late week buying interest thanks to signs of cash stability. The latest feedlot business represents a $3.00 positive basis for June, unusually strong for this time of year. June settled .62 higher at 140.12, and August was down .02 at 141.30.
Feeder cattle settled 30 to 100 points higher with some months continuing to set contract highs, supported by limited replacement supplies and increasingly manageable feed costs. August settled .70 higher at 200.52, and September was up .62 at 200.87.
Feeder cattle receipts at Missouri Auctions this week totaled 34,992 head. Compared to last week, feeder steers and heifers sold steady to 5.00 higher. The feeder supply was moderate to heavy. With the calendar turning to June, the first round of summer yearlings made their way to auction. Demand was good to very good. Buyers were aggressive for anything they could get a chance to own. Feeder steers medium and large 1 averaging 526 pounds traded at 240.82 per hundredweight. 523 pound heifers averaged 217.35.
Lean hogs settled 20 to 280 points higher. The summer futures were sharply higher powered by signs of declining country supplies. Many packers are experiencing difficulty in collecting ready numbers, finding it necessary to reduce late spring chain speed. June settled 1.60 higher at 114.57, and July was up 2.80 at 124.97.
Barrows and gilts in the Iowa/Minnesota direct trade closed 1.11 lower with a weighted average of 110.16 on a carcass basis, the West is down 1.74 at 109.50, and the East is .37 higher at 106.59. Missouri direct base carcass meat price is steady from 96.00 to 104.00. Barrows and gilts at Midwest markets were steady with an instance of 2.00 to 4.00 higher on a live basis from 72.00 to 78.50.
The pork carcass cutout value was 2.39 higher at 120.60 FOB plant. Most primal cuts were moderately higher but bellies were up 6.10
This week’s hog kill was estimated at 1,930,000 head, 180,000 more than last week, but 76,000 less than last year.
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