Wednesday's Closing Grain and Livestock Futures Prices.
Jul. corn closed at $4.56 and 1/4, down 2 cents
Jul. soybeans closed at $14.82 and 1/2, up 1 and 1/4 cents
Jul. soybean meal closed at $496.50, down $3.10
Jul. soybean oil closed at 39.25, up 90 points
Jul. wheat closed at $6.14 and 1/2, up 2 cents
Jun. live cattle closed at $138.00, down 35 cents
Jun. lean hogs closed at $112.55, down $1.05
Jul. crude oil closed at $102.64, down 2 cents
Jul. cotton closed at 86.08, down 128 points
Jun. Class III milk closed at $21.21, up 27 cents
Jun. gold closed at $1,244.00, down 30 cents
Dow Jones Industrial Average: 16,737.53, up 15.19 points.
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Agri Markets News Review
Soybeans were mostly weak, adjusting old crop/new crop spreads. The near term supply remains tight and overall demand is strong, propping up nearby contracts. Deferreds were down on expectations for a large, if not record, domestic crop. Soybean meal was lower and bean oil was higher on product spread trade.
Corn was modestly lower on fund and technical selling. The crop is off to a solid start, but the trade does have an eye on potential storm damage in parts of Iowa, Missouri, and Nebraska. Past that – the trade’s waiting for next Wednesday’s USDA supply, demand, and production numbers. Ethanol futures were lower. The EIA reports ethanol production for the week ending May 30 was 938,000 barrels per day, up 11,000 on the week.
The wheat complex was modestly higher on short covering and technical buying. The complex is watching early harvest results out of the Southern Plains and the planting pace in the Northern Plains. Chicago was technically oversold and due for a bounce. In sell-buy-sell trade, Japan bought 30,800 tons of optional origin feed wheat.
Although the cash cattle trade was generally quiet Wednesday afternoon a few preliminary bids were reported by private sources at 142.00 live in the South and 228.00 to 230.00 in the North. A few cattle were reportedly sold in Iowa at 146.00. For the most part significant trade will be delayed until Thursday or Friday. Asking prices are around 145.00 in the South and 234.00 in the North. The kill was estimated at 117,000 head, 2,000 less than last week, and down 6,000 from last year.
Boxed beef cutout values were steady to weak on light demand and moderate offerings. Choice beef was down .55 at 232.11, and select was up .01 at 223.86.
Chicago Mercantile Exchange live cattle contracts settled mostly higher with only front month June in the red. Trading was relatively quiet as traders squared positions following activity seen earlier in the week. Traders looked for additional longer term direction in the market, but none could be found. June settled .35 lower at 138.00 and August was up .10 at 140.17.
Feeder cattle settled 32 to 72 points higher. Inactivity was seen through the market as traders seemed to be stuck in the gap between previous gains and a lack of additional direction through the live cattle complex. The market had been mixed for much of the session but ended higher and once again set new contract highs. August was up .47 at 198.77, and September was .72 higher at 199.50.
Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 3525 head on Tuesday. Compared to last week, feeder steers were 5.00 to 10.00 higher with feeder heifers trading 3.00 to 5.00 higher. Demand was good on a moderate supply. Feeder steers medium and large 1 averaging 528 pounds brought 231.96 per hundredweight. 568 pound heifers averaged 215.71.
Lean hogs settled mostly lower. Support that developed early in the week ran into significant road blocks on Wednesday as traders started to back away from the market although there was very little to no additional direction that developed in the market. June and July saw the most significant pressure as commercial selling led the market lower. June was down 1.05 at 112.55, and July was .80 lower at 122.10.
Barrows and gilts in the direct trade areas ended the day higher. Iowa/Minnesota barrows and gilts were up 1.29 at 110.07 weighted average carcass basis, the West gained 1.00 and closed at 109.37, the East was 2.93 higher at 106.09. Missouri direct base carcass meat price was steady from 96.00 to 103.00. Butcher hogs at Midwest markets were steady to an instance of 3.00 lower from 70.00 to 77.00 live.
The pork carcass cutout value was down .27 in the afternoon report at 118.51 FOB plant. The belly primal was over 3.00 higher but most other cuts were lower.
The pork cut-out closed higher again on Tuesday with better demand for butts, hams, and bellies overshadowing softer buying interest for picnics, ribs, and loins. DTN reports we’re beginning to see a pattern of wholesale appreciation that fits with seasonal expectations.
The Wednesday hog slaughter was estimated at 409,000 head, down 12,000 from last week, but 4,000 more than last year.
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