Monday's Closing Grain And Livestock Futures Prices.
Jul. corn closed at $4.65 and 1/2, down 1/4 cent
Jul. soybeans closed at $15.00 and 1/2, up 7 and 1/4 cents
Jul. soybean meal closed at $506.00, up $5.80
Jul. soybean oil closed at 38.31, down 19 points
Jul. wheat closed at $6.20 and 3/4, down 6 and 1/2 cents
Jun. live cattle closed at $137.70, down 10 cents
Jun. lean hogs closed at $113.12, down 22 cents
Jul. crude oil closed at $102.47, down 24 cents
Jul. cotton closed at 86.48, up 22 points
Jun. Class III milk closed at $21.06, up 23 cents
Jun. gold closed at $1,243.70, down $1.90
Dow Jones Industrial Average: 16,743.63, up 26.46 points
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Soybeans were mostly weak on old crop/new crop spread trade. The near term fundamentals remain bullish, with a tight supply and strong demand, but the trade does expect a big, if not record, crop this year and there’s talk that acreage could increase in some areas due to the early corn planting delays. USDA reports 78% of soybeans are planted, compared to 55% a year ago and the five year average of 70%, while 50% has emerged, compared to 29% last year and 45% on average. Soybean meal looked a lot like beans, adjusting old crop/new crop spreads, and bean oil was down on a comparative lack of demand.
Corn was mostly firm on technical selling in the July contract against commercial buying in the other months. Crop weather looks good, but the trade is concerned about losing some acres to soybeans, particularly in the Northern Plains. According to the USDA, 95% of corn is planted, compared to 90% a year ago and 94% on average, with 80% of corn emerged, compared to 71% last year and 80% on average. In the first rating of the season, 76% of the U.S. corn crop is in good to excellent condition. Ethanol futures were lower.
The wheat complex was lower on fund and technical selling, along with the mostly higher dollar. Poor conditions in the Southern Plains are being treated as old news and there was just no fresh supportive input to start the week. For the winter wheat crop, 79% has headed, compared to 71% a year ago and 78% on average, while 30% is rated good to excellent, unchanged on the week. For spring wheat, 88% is planted, compared to 80% last year and 88% on average, and 67% has emerged, compared to 58% a year ago and 72% on average. The trade is keeping an eye on hot, dry conditions in portions of Russia and Kazakhstan. DTN reports Indonesia bought 125,000 tons of 12% protein wheat from Russia, and Pakistan has picked up 100,000 tons of either Russian or Ukrainian milling wheat.
It was quiet in cattle country following the distribution of the new showlists. Fed offerings are mixed, somewhat larger in Nebraska and Kansas, but quite a bit smaller in Texas and Colorado. Overall early June supplies appear to be a bit smaller than the previous week. A few showlists have been priced around 144.00 to 145.00 in the South and 214.00 plus in the North. The kill totaled 116,000 head, 9,000 below last year and not comparable to last week’s holiday kill.
Boxed beef cutout values were steady to weak on light to moderate demand and offerings. Choice beef was down .23 at 232.43, and select was .42 lower at 221.48.
Chicago Mercantile Exchange live cattle contracts settled 52 higher to 17 lower. The trade on Monday was stuck in a fairly narrow range, but the lack of volume appeared to keep the market from going anywhere. Trader focus continued to be on the potential to move beef following the Memorial Day holiday, but overall cattle available to packers may not tighten significantly over the near futures as expected through June. This could lead to additional indecision by some nearby traders as they look for confirmation of supply levels. June settled .10 lower at 137.70, and August was up .52 at 139.12.
Feeder cattle ended the session 10 to 60 points higher. The feeder market was sluggish with trade and prices stuck in a narrow range. The lack of direction in the live futures and buyer support developing in the corn market limited what was expected to be light to moderate buyer interest seen in initial trade. August settled .52 higher at 197.57, and September was up .47 a 198.60.
Feeder cattle receipts at the Oklahoma National Stockyards totaled 11600 head on Monday. Compared to two weeks ago, not enough comparable sales of feeder steers and heifers for a market trend, but a higher undertone was noted. Steer and heifer calves opened firm to 2.00 higher. Feeder steer calves medium and large 1 weighing 550 to 600 pounds traded from 220.00 to 230.25. 550 to 6 weight heifer calves brought 201.00 to 204.50
Lean hogs settled mostly higher. Traders focused on the support in pork values in the morning report, as well as potential stability in July through December contracts. This helped to draw commercial buying back into the market. June settled .22 lower at 113.12, but July was up .57 at 121.05.
Barrows and gilts in the Iowa/Minnesota direct trade were .75 higher at 108.99 weighted average on a carcass basis,, the West was up `1.00 at 108.84, and the East had no price comparison at 06.23. Missouri direct bas carcass meat price was steady from 96.00 to 103.00. Barrows and gilts at Midwest markets closed steady to 1.00 lower from 70.00 to 80.00 live.
The pork carcass value FOB plant was up 2.23 at 118.24 with only bellies under a dollar lower.
Even if PED death loss eventually becomes quite evident and pronounced by the third quarter, the fact that the August lean contract is already trading more than $14 above the cash index may suggests that all of the price potential linked to tight supplies has been played.
The Monday hog kill was estimated at 379,000, last week was a holiday, but 20, 000 head less than last year.
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