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Corn & Soybean Futures Prices Fall on Dry Weather

Friday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.53, down 6 and 3/4 cents
Nov. soybeans closed at $9.77 and 1/2, down 15 and 3/4 cents
Dec. soybean meal closed at $350.20, down $2.20
Dec. soybean oil closed at 32.39, down 28 points
Dec. wheat closed at $5.17 and 3/4, down 9 cents
Oct. live cattle closed at $168.25, down 80 cents
Dec. lean hogs closed at $90.25, up $1.52
Nov. crude oil closed at $81.01, down $1.08
Dec. cotton closed at 63.81, up 77 points
Nov. Class III milk closed at $20.79, down 22 cents
Nov. gold closed at $1,231.30, up $2.70
Dow Jones Industrial Average: 16,805.41, up 127.51 points


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Ag Market News And ReCap:


Soybeans were lower on fund and technical selling. The trade’s expecting good harvest progress thanks to warm, dry weather across most of the region. A record crop is pretty much locked in, but beans are also looking at very strong, if not record, demand. Soybean meal and oil were lower, following the lead of beans. Soybeans are continuing to watch the weather in South America, hoping improved rainfall will help improve planting progress.

Corn was lower on fund and technical selling. Unknown bought 101,600 tons of 2014/15 U.S. corn and there is solid commercial demand with prices at a good relative value. Still, the trade is expecting a record crop and solid near term harvest progress. Ethanol futures were lower. South America’s corn planting progress is also slower than average, and while the delays in planting beans may not have much of an impact on bean acreage, it could mean a smaller second corn crop.

The wheat complex was lower on fund and technical selling. The fundamentals remain bearish, with a large global supply and expected record world crop. Better harvest progress for corn and soybeans will lead to improved winter planting. Similar to corn, wheat is at a good relative value, but that aforementioned world situation is keeping fundamentals bearish. What export demand there is, is pretty routine; Taiwan is tendering for 41,300 tons of U.S. milling wheat.

Cattle country was relatively quiet on Friday afternoon following a light trade in the North in the morning, with dressed deals marked steady to $1.00 higher than Thursday from 265.00 to 266.00, live sales at 170.00. Business was essentially done for the week. Southern deals came in at mostly 170.00, 5.00 to 6.00 higher than the previous week and set new record highs. The weekly kill totaled 576,000 head, 11,000 more than the previous week, but 43,000 less than 2013.

Boxed beef cutout values were lower on moderate demand and moderate to heavy offerings. Choice beef was down 2.02 at 247.41, and select was .93 lower at 232.71.

Chicago Mercantile Exchange live cattle contracts settled 80 to 230 points lower. Light to moderate gains started the trading session on Friday, but the support was not able to hold as the day progressed. Traders quickly gave back gains, with most contracts ending with triple digit losses. October settled .80 lower at 168.25, and December was down 2.20 at 166.90.

Feeder cattle ended the session 175 to 240 in the red. After the cash market support seemed to clear the market, traders began to focus on the cattle on feed report. The fear that a strong bounce in placements will move the focus over the already fact that supplies remain tight, and on concerns of an overbought market like has been seen over the last couple of weeks. October down 2.32 at 237.90, and November was 2.05 lower at 234.65.

Feeder cattle receipts at Missouri auctions this week totaled 28.892 head. Compared to the previous week, feeder steers and heifers traded steady to 5.00 lower. The feeder supply was moderate to good. There was a good mixture of steers from calves to yearlings. In the Southern region of Missouri, an unseasonably large run of feeder cattle was offered. Demand for feeders remains good to very good. 934 head of feeder steers medium and large 1 with an average weight of 523 pounds averaged 280.90 per hundredweight. 403 feeder heifers weighing 526 pounds traded at 233.98.

Lean hogs settled .25 lower to 1.25 higher. Traders in the December and February contracts concentrated on position squaring ahead of the weekend break the thinly traded contracts in the fourth quarter of 2015 showed some additional price support. December settled 1.52 higher at 90.25 and February was up 1.42 at 88.87.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.70 lower at 89.17 weighted average on a carcass basis, the West was down 1.47 at 89.13, and the East was not reported due to confidentiality. Missouri direct base carcass meat price was 2.00 to 3.00 lower from 79.00 to 89.00. Midwest hogs on a live basis were lightly tested at steady prices from 65.00 to 74.00.

The pork carcass cutout value FOB plant was 2.29 lower at 98.25. Only bellies were higher.

Follow through pressure in both pork cutout values and hog prices at the end of the week are adding even more concern about the ability of the lean hog market to stabilize over the near term. Even at the lower prices, it has become difficult for wholesale sales to increase due to the expectation that even more product will be available in the future. 

The weekly hog kill was estimated at 2,141,000 head 46,000 less than last week and down 19,000 from last year.

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