Tuesday's Closing Grain And Livestock Futures Prices.
Jul. corn closed at $4.58 and 1/4, down 7 and 1/4 cents
Jul. soybeans closed at $14.81 and 1/4, down 19 and 1/4 cents
Jul. soybean meal closed at $499.60, down $6.40
Jul. soybean oil closed at 38.35, up 4 points
Jul. wheat closed at $6.12 and 1/2, down 8 and 1/4 cents
Jun. live cattle closed at $138.35, up 65 cents
Jun. lean hogs closed at $113.60, up 47 cents
Jul. crude oil closed at $102.66, up 19 cents
Jul. cotton closed at 87.36, up 88 points
Jun. Class III milk closed at $20.94, down 12 cents
Jun. gold closed at $1,244.30, up 60 cents
Dow Jones Industrial Average: 16,722.34, down 21.29 points
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Today's Agri Commodity Market News ReCap
Soybeans were lower on fund and technical selling. As of Sunday, 78% of beans are planted, ahead of average, and many areas should make good progress this week. Past that – the supply remains tight and demand continues to be strong. Soybean meal was lower on profit taking and spillover from both beans and corn, while oil was mixed in consolidation trade. According to Brazil’s trade ministry, May soybean exports were 7.6 million tons, compared to 8.25 million in April. China sold 312,905 tons of soybeans offered from state reserves, out of 430,100 tons offered. Since the state sales started last month, Beijing has auctioned more than 1 million tons of beans.
Corn was lower on fund and technical selling. At 95%, corn planting is nearly wrapped up and at 76% good to excellent, the crop appears to be off to a very solid start. That’s the third highest initial crop condition rating on record. Losses were limited by renewed commercial interest – even if there’s a lot of corn available, export and domestic demand are both good. Ethanol futures were lower.
The wheat complex was lower on fund and technical selling. Spring wheat planting has pulled even with the five year average and the winter wheat harvest is underway in parts of the Southern Plains. The trade’s also watching forecasts for hot and dry weather around some key growing areas of Russia and Kazakhstan. According to DTN, Algeria bought 700,000 tons of milling wheat, believed to be from France, and 200,000 to 250,000 tons of mostly French and Canadian durum.
The cash cattle trade remained untested on Tuesday afternoon. Market watchers were still looking for this week’s first bid. A few asking prices are around 145.00 in the South and 234.00 in the North. Significant trade volume will probably not develop until sometime on Thursday or Friday. The slaughter was estimated at 118,000 head, 1,000 below last week, and 8,000 less than last year.
Boxed beef cutout values were steady on the choice and higher on select on moderate demand and offerings. Choice boxed beef was up .54 at 118.78 and select was 2.37 higher at 223.85.
Chicago Mercantile Exchange live cattle contracts settled 25 to 95 points higher as moderate buyer support redeveloped on Tuesday based on a combination of spillover support from hog futures and aggressive box beef values in the morning report. Nearby futures led the market higher, with the majority of interest in the August futures. Short covering was also a feature of the trade. June settled .65 higher at 138.35 and August was up .95 at 140.07.
Feeder cattle ended the session 37 to 120 points higher on the support from the live pit, but some traders were unwilling to aggressively return to the market. Even though supplies are expected to remain tight for the near term, current price levels alone are enough to cause some traders to ease off the accelerator. August settled .72 higher at 198.30 and September was up .17 at 198.77.
Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 8445 head. Compared to two weeks ago steers traded steady to 7.00 higher. Heifers ranged from 2.00 to 5.00 higher with some as much as 10.00 higher. Demand was good to very good. The sale opened strong and held the momentum all day on a moderate to heavy offering. Feeder steers medium and large 1 averaging 580 pounds brought 226.23 per hundredweight. 570 pound heifers averaged 210.57.
Lean hogs settled 170 points higher to 50 points lower. Lean futures held triple digit gains in July through October futures. The focus once again being brought back to tighter supplies of market ready hogs through the third quarter of the year. This created buyer support, but also widened the price gap between the later summer and winter contracts, indicating that traders feel the supply pinch, will remain short lived. June settled .47 higher at 113.60, and July was up 1.25 at 122.30.
Barrows and gilts in the Iowa/Minnesota direct trade closed .18 higher with a weighted average of 109.05 on a carcass basis, the West was down .23 at 108.49, and in the East the market was 3.07 lower at 103.16. Missouri direct base carcass meat price closed steady from 96.00 to 103.00. Butcher hogs at Midwest markets closed steady to an instance of 2.00 higher from 70.00 to 80.00 on a live basis.
The pork carcass cutout value was .54 higher at 118.78 FOB plant. Only ribs and loins were moderately lower.
The volatility in the summer and fall lean hog contracts clearly indicates that traders continue to question the actual timing and impact that PED will have on hog supplies.
The hog slaughter was estimated at 410,000 head, 8,000 less than last week and up 3,000 from a year ago.
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