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Grain Futures Prices Bounce Higher to End Week

Friday's Closing Grain + LIvestock Futures Prices

Sep. corn closed at $3.46 and 1/2, up 10 and 3/4 cents
Sep. soybeans closed at $10.85 and 1/2, up 21 and 1/4 cents
Sep. soybean meal closed at $436.10, up $4.70
Sep. soybean oil closed at 32.35, up 38 points
Sep. wheat closed at $5.31 and 1/2, up 6 and 1/4 cents
Oct. live cattle closed at $159.75, up $2.70
Oct. lean hogs closed at $105.62, up $2.97
Oct. crude oil closed at $93.29, down $1.16
Dec. cotton closed at 64.31, down 114 points
Sep. Class III milk closed at $24.28, up 6 cents
Sep. gold closed at $1,265.80, up 70 cents
Dow Jones Industrial Average: 17,137.30, up 67.72 points

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Ag Market News and Commodity Comments 

Soybeans were higher on short covering and commercial buying. Demand is solid and with a good week for new crop export sales. Still, the old crop numbers weren’t encouraging, but are largely irrelevant at this point, the fundamentals remain bearish, and the trade is expecting a record crop. Soybean meal and oil followed beans higher.

Corn was higher on short covering and commercial buying. There’s more rain in the Midwest and a chance for an early frost in north central parts of the region. That said – corn’s also looking at bearish fundamentals and a probable record crop. Ethanol futures were higher.

The wheat complex was higher on short covering and commercial buying. The trade’s watching crop quality concerns in the U.S. and Europe, along with the political situation in Ukraine. Also, there are concerns about dry weather in key growing areas of Eastern Australia. However, fundamentals remain bearish for wheat as well, largely due to the ample world supply. South Korea bought 32,300 tons of 13.5% protein western red spring from Canada.

Cattle buying appeared rather slow on Friday afternoon following light to moderate business earlier in the day. Trade volume totals for the week could look fairly light when everything is said and done. Live prices in the South are nearly 8.00 higher than last week at 163.00. Most dressed deals in the North from 250.00 to 252.00 look about 7.00 higher than last week’s weighted average basis Nebraska. The weekly kill totaled 518,000 head 66,000 smaller than the previous week and 57,000 fewer than 2013.

Boxed beef cutout values were firm to higher on moderate demand and light to moderate offerings. Choice boxed beef was up .55 at 248.67 and select was 1.56 higher at 236.25.

Chicago Mercantile Exchange live cattle contracts settled 95 to 270 points higher. Strong gains redeveloped in the complex with traders seeing very little reason to be bearish. The combination of strong cash market gains, aggressive boxed beef support, and renewed commercial interest helped to test daily trading limits and set new contract highs. All nearby and deferred contracts found strong buyer support at the end of the week.  October settled 2.70 higher at 158.75, and December was up 2.42 at 160.92.

Feeder cattle settled 50 to 237 points higher in another round of extremely strong gains in the nearby futures. Traders’ continue to focus on tight supplies as well as appreciating cash cattle trade. September settled 1.92 higher at 225.72, and October was up 2.37 at 224.37.

Feeder cattle receipts at Missouri auctions totaled 11,793 head for the holiday shortened week. Feeder cattle sold steady to 5.00 higher with instances of 5.00 to 10.00 higher. Many steers over 800 pounds now tallying up a per head cost of over $1900.00 and some light 5 weight steers topped the $300.00 per hundredweight mark once again. There is little doubt the thoughts of cheap feed have been a big contributing factor in the current cattle rally. Feeder steers, medium and large 1 averaging 682 pounds brought 249.08 per hundredweight. 671 pound heifers averaged 236.59.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.80 higher at 98.71 on a carcass basis, the West was 1.99 higher at 98.67, and the East was .15 higher at 92.58. Missouri direct base carcass meat price is steady at 86.00. In the Midwest markets hogs were steady with an instance of 3.00 higher from 62.00 to 74.00.

The pork carcass value was .32 lower FOB plant at 103.16. Belly and rib primals were higher but loins were lower.

Lean hogs ended the session 50 to 300 points higher. The support through the complex developed as traders even in the deferred contracts concentrated on short term demand support and the rally in the cash markets as an attempt to bring needed stability to the market. October settled 2.97 higher at 105.62, and December was up 3.00 at 85.45.

The holiday shortened hog slaughter was estimated at 1,780,000 head, 1999,000 less than the previous week and 203,000 short of last year.

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