Closing Grain and Livestock Futures Prices.
Mar. corn closed at $4.35 and 3/4, up 1 and 3/4 cents
Mar. soybeans closed at $12.92 and 3/4, up 10 cents
Mar. soybean meal closed at $434.00, up $7.90
Mar. soybean oil closed at 37.45, down 19 points
Mar. wheat closed at $5.63 and 3/4, up 8 cents
Feb. live cattle closed at $140.37, down $1.30
Feb. lean hogs closed at $84.87, down $1.35
Mar. crude oil closed at $96.43, down $1.06
Mar. cotton closed at 85.01, down 82 points
Feb. Class III milk closed at $22.81, down 30 cents
Mar. gold closed at $1,259.90, up $20.10
Dow Jones Industrial Average: 15,372.80, down 326.05 points
For additional futures prices click http://www.farms.com/markets
Market News ReCap.
Soybeans were higher on fund and commercial buying. The trade’s watching South American weather with some flooding in parts of Argentina and hot, dry conditions in parts of Brazil. Also, the supply remains tight and demand is strong. Unknown bought 40,000 tons of 2013/14 U.S. bean oil, but bean oil was down following crude, while meal was up on product spread trade and expectations for strong feed demand.
Corn was higher on commercial and fund buying, along with spillover from wheat and beans. Unknown picked up 113,780 tons of 2013/14 U.S. corn and feed demand looks solid, but export inspections were bearish. In any event, corn’s also watching conditions around key growing areas of South America. Ethanol futures were higher.
The wheat complex was higher on commercial and fund buying. Wheat’s watching weather around the U.S. winter wheat growing areas and the Black Sea region with very cold conditions in the forecast, leading to concerns about winter kill. Past that – the complex is keeping an eye on some shipping logistics issues out of Canada. Russia’s Ag Ministry reports that grain exports since the start of the marketing year July 1 are 17.327 million tons, up 28.5% on the year, with wheat accounting for most of the total, 13.1 million tons.
Cattle country was very quiet on Monday afternoon as packers and feedlot managers completed the distribution of this week’s showlists. Generally speaking numbers appear to be somewhat smaller than last week. Asking prices are not well defined with just a few preliminary ideas around 146.00 plus in the South and 235.00 plus in the North. It seems difficult to predict the timing of this week’s business. On one hand packers appear to be very short bought. On the other, the wholesale beef market is clearly on the defensive. Monday’s slaughter is estimated at 110,000 head, 3,000 more than last week, but 4,000 smaller than a year ago.
Boxed beef cutout values were sharply lower on very light offerings. Choice boxed beef was down 3.40 at 220.09, and select was 5.43 lower at 319.42.
Live cattle contracts on the Chicago Mercantile Exchange settled 22 to 130 points lower on Monday. Trader’s attention was focused on the lack of support in both last week’s cash values and sharp boxed beef value reductions. Long liquidation was also a feature in the trade. February settled 1.30 lower at 140.37 and April was 1.02 lower at 139.40.
Feeder cattle ended the session 35 to 142 points lower the combination of early month gains in the corn markets and the quick erosion of both live cattle futures and beef values weighed on the feeder cattle complex. There were triple digit losses in the front months. Trade was extremely light through the session. March settled 1.42 lower at 168.00 and April was down 1.27 at 168.40.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 3,000 head. Compared to last week all classes of feeder cattle and calves opened mostly steady. The demand was moderate to good. A strong winter storm blew in over the weekend and it is expected to be extremely cold for the remainder of the week. Strong winds and very low humidity continue to dry out wheat pastures that are already in need of moisture. Feeder steer calves, medium and large 1 weighing 535 to 600 pounds ranged from 190.00 to 203.00. 550 to 6 weight heifer calves traded from 164.00 to 176.00.
Lean hogs settled unchanged to 195 points lower. The lack of support through the cattle sector and uncertainty about the ability to sustain or grow February pork demand created a sharp pullback in front month futures. February settled 1.35 lower at 84.87, and April was down 1.95 at 92.85.
Barrows and gilts in the Iowa/Minnesota direct trade closed .58 higher at 62.23 on a carcass basis, the West was up .65 with a weighted average of 81.90, and Eastern hogs were 1.14 lower at 78.71. Missouri direct base carcass meat price was 2.00 to 3.00 higher from 75.00 to 76.00. Terminal hogs were 2.00 higher to 2.00 lower live from 51.00 to 55.00.
The pork carcass value FOB plant was 1.25 higher in the afternoon report at 90.55. All primals were higher with the exception of ribs.
The combination of first of the month paychecks and Super Bowl clearance could spark better demand for pork by retailers early this week.
The Monday hog kill was estimated at 435,000 head, 29,000 more than last week and 22,000 greater than last year.
Click here to see more...