Friday's Closing Grain and Livestock Futures
May corn closed at $4.92, unchanged
May soybeans closed at $14.36 and 1/2, unchanged
May soybean meal closed at $468.40, down $2.10
May soybean oil closed at 40.48, up 5 points
May wheat closed at $6.95 and 1/2, down 15 cents
Apr. live cattle closed at $146.50, up 2 cents
Apr. lean hogs closed at $125.57, up 10 cents
May crude oil closed at $101.67, up 39 cents
May cotton closed at 93.74, up 118 points
Apr. Class III milk closed at $23.81, down 22 cents
Apr. gold closed at $1,293.80, down 90 cents
Dow Jones Industrial Average: 16,323.06, up 58.83 points
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Market News Update:
Soybeans were mixed in pre-report position squaring. Traders were getting ready for Monday’s USDA numbers, expecting a tighter supply and increased acreage. The market’s also keeping an eye on the potential for more soybean imports. Soybean meal was mostly lower and bean oil was mostly higher in consolidation trade.
Corn was mixed ahead of Monday’s USDA numbers. Stocks should be down from last quarter, but well above a year ago, and acreage is expected to be below a year ago. It looks like rain and cooler temperatures are going to delay planting in some areas. Ethanol futures were higher.
The wheat complex was lower on fund and technical selling. Quarterly stocks are expected to be down from last year, with at least some increase in spring planting. Wheat’s also continuing to watch the situation around the Black Sea and forecasts for rainfall around U.S. winter wheat growing areas. Algeria bought 250,000 to 300,000 tons of optional origin wheat.
Cattle country remained quiet on Friday afternoon with business wrapped up for the week. Decent trade took place early in the week with most of the business done on Tuesday. It’s a good bet that feedlot managers will be pricing showlists on a firm basis early next week. The weekly slaughter was estimated at 585,000 head, 10,000 greater than the previous week and 13,000 head smaller than 2013.
As the first quarter draws to a close so does the reality of commercial beef production substantially below year ago levels. Second quarter promises to be close to 400 million pounds greater than the January through March period.
Boxed beef cutout values closed sharply lower on light demand and offerings. Choice beef was down 4.79 at 234.36 and select was 3.87 lower at 227.34.
Chicago Mercantile Exchange live cattle contracts traded back and forth through the morning with little direction and settled 10 to 55 points lower with only April higher. The lack of support in the morning boxed beef report seemed to have very little impact on the few traders who were still in the market. April settled .02 higher at 146.50, but June was down .17 at 138.35.
Feeder cattle futures settled 10 to 115 points lower. The lack of direction in the rest of the livestock market appeared to indicate that all business that needed to be done before the weekend was in the books and traders were content on the sidelines. April settle 1.15 lower at 179.35 and May was down .37 at 179.50.
Feeder cattle receipts at Missouri auctions this week totaled 31,278 head. Compared to the previous week, feeder steers and heifers sold steady to 5.00 higher, with many instances of 6.00 to 10.00 higher on light weight calves especially the heifers weighing less than 500 pounds. The feeder supply was moderate and demand was good to very good. Feeder steers medium and large 1 averaging 575 pounds brought 213.83 per hundredweight. 578 pound heifers traded at an average of 188.48.
Lean hogs ended the week 27 higher to 67 lower. Compared to the rest of the week, lean hog futures were inactive with prices limited to moves less than $1.00 per hundredweight. On a normal trading day these moves would be in line with active trade, but the volatility of the market over the recent past created some uncertainty going into the afternoon hogs and pigs report. April settled .10 higher at 125.57 and June was up .27 at 129.57.
Barrows and gilts in the Iowa/Minnesota direct trade closed .60 lower at 129.00 weighted average on a carcass basis, the West was down 1.00 at 128.57, and Eastern hogs were up 1.09 at 124.80. Missouri direct base carcass meat price was steady from 117.00 to 119.00. Terminal hogs were steady to 1.00 higher from 83.00 to 90.00.
The pork carcass value FOB plant was .57 higher at 131.32 on a negotiated basis.
The quarterly hogs and pigs report was released on Friday afternoon and there were some surprises as the total inventory was larger than pre report estimates, down just 3% from last year. The complete report along with analysis can be found in the news section of our website.
The weekly hog kill was estimated at 2,033,000 head, 9,000 less than last week, but 154,000 less than last year.
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