The markets are closed Thursday July 4, for the holiday.
Wednesday's Closing Grain and Livestock Futures Prices.
Jul. corn closed at $6.78 and 1/4, up 5 and 1/2 cents
Dec corn closed at $5.02 unchanged.
Jul. soybeans closed at $15.83 and 1/2, up 10 and 1/2 cents
Nov soybeans closed at $ 12.50, up 8.6 cents
Jul. soybean meal closed at $490.60, up $3.60
Jul. soybean oil closed at 47.22, up 30 points
Jul. wheat closed at $6.57 and 3/4, up 8 and 1/4 cents
Aug. live cattle closed at $121.95, up 5 cents
Jul. lean hogs closed at $101.62, up 62 cents
Aug. crude oil closed at $101.24, up $1.64
Jul. cotton closed at 84.39, up 117 points
Jul. Class III milk closed at $17.20, down 9 cents
Jul. gold closed at $1,252.10, up $8.50
Dow Jones Industrial Average: 14,988.55, up 56.14 points
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Market News and ReCap.
Soybeans were higher on commercial and technical buying. There have been no deliveries on the July contract, reflecting the very tight near term supply. The fundamental outlook for new crop is much less bullish, but with that current supply situation, traders are reluctant to sell off too much. Informa Economics projects this year’s U.S. crop at 3.376 billion bushels, with an average yield of 43.9 bushels per acre on harvested area of 76.918 million acres. Soybean meal was mostly higher with the cash basis firm Wednesday and bean oil was up on pre-holiday position squaring, along with spillover from beans and crude oil. USDA’s weekly export sales report is out Friday, July 5 at 8:30 AM Eastern/7:30 AM Central. Soybeans are pegged at 200,000 to 500,000 tons, meal is seen at 50,000 to 125,000 tons, and oil is placed at 0 to 10,000 tons.
Corn was mostly steady ahead of the July 4th holiday. July was up as the near term supply for corn is also tight, domestic demand is good, and there are rumblings of new export demand for U.S. corn. In any event, the trade will continue to watch the weather as the crop heads into key development stages. The latest estimate from Informa Economics has this year’s U.S. corn crop at 14.259 billion bushels with an average yield of 160.0 bushels per acre on harvested area of 89.135 million acres. Ethanol futures were mixed with nearbys up. South Korea’s Nonghyup Feed Inc. purchased 124,000 tons of feed corn (69,000 tons from Brazil and 55,000 tons from the Black Sea region). Weekly U.S. corn exports are expected to be between 250,000 and 500,000 tons.
The wheat complex was higher on commercial and technical buying. China and Japan both bought U.S. soft red winter wheat with Beijing buying 360,000 tons and Tokyo picking up 43,000 tons. China also purchased 300,000 tons of Australian standard wheat, while Tunisia bought 100,000 tons of optional origin soft wheat and South Korea’s Nonghyup Feed Inc. picked up 45,000 tons of Black Sea feed wheat. At this point, the trade’s watching winter harvest numbers and keeping an eye on spring wheat development conditions. Informa Economics sees 2013 U.S. wheat production for all types at 2.016 billion bushels with an average yield of 44.1 bushels per acre on harvested area of 45.7 million acres. Spring wheat is pegged at 1.476 billion bushels, hard red winter is seen at 730 million bushels, soft red winter is placed at 532 million bushels, and white winter is estimated at 214 million bushels. November European wheat futures were higher. Weekly U.S. wheat sales are projected at 400,000 to 800,000 tons.
USDA Mandatory reported the cattle trade was limited in the Texas Panhandle on Wednesday and moderate in Kansas on light to moderate demand. Compared to last week, live sales were 1.00 lower at 119.00. Dressed sales in Kansas were at 187.50. Northern inquiry improved a bit in the afternoon, but it remains to be seen whether or not buyers will really hold cattle over into the holiday break. Asking prices remained at 122.00 in the South and 195.00 to 196.00 in the North. The kill totaled 125,000 head, 2,000 more than last week, but not comparable to last year’s holiday kill.
Boxed beef cutout values were firm to higher on moderate demand and light to moderate offerings. Choice boxed beef was up .63 at 197.73, and select was up 1.85 at 188.47.
Chicago Mercantile Exchange live cattle contracts settled 5 to 52 points higher. Moderate gains developed in the futures market but trade volume was sluggish as traders focused on the early close and the market holiday on Thursday. Short covering and pre-holiday positioning were the main market features. August settled .05 higher at 121.95, and October was up .30 at 126.22.
Feeder cattle ended the session 50 points higher to 15 lower. Support developed in the August contract following gains in the live cattle pit and some light pressure across the corn pit. August settled .05 higher at 150.95 and September was up .02 at 153.30.
Feeder cattle receipts at the Unionville, Missouri Livestock Auction totaled 1893 head on Tuesday. It was an active cattle market with the only good comparison from the previous auction three weeks ago coming on the yearling steers over 800 pounds which were fully 7.00 to 8.00 higher. A sharply higher undertone was noted on the remainder of the yearling supply of both steers and heifers with too few calf comparisons for a good test. 438 feeder steers medium and large 1 averaging 819 pounds traded at 146.27 per hundredweight. 134 heifers weighing 776 brought 135.58.
Lean hogs finished the session 62 points higher to 62 lower. Trade was mixed to higher most of the session as traders looked for some stability in the market fundamentals, although there is growing concern that the top may have been set in cash prices. July settled .62 higher at 101.62, and August was up .22 at 96.85.
Barrows and gilts in the Iowa/Minnesota direct trade closed 1.31 higher at 101.23 on a carcass basis, the West was .95 higher at 101.13 and the East was up .75 at 97.75. Missouri direct base carcass meat price closed steady from 93.00 to 94.00 and terminal hogs were steady from 65.00 to 70.00.
The pork carcass cutout value was down .80 at 106.11 FOB plant with all cuts lower.
Limited country hog receipts so far this week just aren’t affording short-bought packers much breathing room. Even if hog buyers decide to limp through the week with just piecemeal procurement, they will risk starting next week dangerously close to the knife.
The hog slaughter was estimated at 424,000 head, 15,000 more than last week, but no comparison to last year as it was a holiday.
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