Closing Daily Grain And Livestock Futures Prices
Dec. corn closed at $3.89, up 7 and 1/2 cents
Nov. soybeans closed at $8.89 and 1/4, up 21 and 1/4 cents
Oct. soybean meal closed at $308.70, up $6.30
Oct. soybean oil closed at 27.72, up 74 points
Dec. wheat closed at $5.07 and 3/4, up 10 and 1/2 cents
Oct. live cattle closed at $133.70, up $3.00
Oct. lean hogs closed at $71.81, up 22 cents
Nov. crude oil closed at $45.70, up 79 cents
Dec. cotton closed at 60.64, up 33 points
Nov. rice closed at $13.27, up 25 and 1/2 cents
Oct. Class III milk closed at $15.50, down 7 cents
Dec. gold closed at $1,145.60, down $8.20
Dow Jones Industrial Average: 16,314.67, up 113.35 points
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Soybeans were higher on commercial and technical buying. Demand continues to be solid, with China buying another 260,000 tons of U.S. beans. Weather looks good for late crop development and early harvest activity. The harvest estimate from USDA Monday could be around 20%. Soybean meal and oil were higher, following beans.
Corn was higher on commercial and technical buying. Corn’s also watching the weather, with warm temperatures in the forecast for the region. Contracts could stay in a sideways range ahead of the quarterly stocks report. The report is out Wednesday at Noon Eastern/11 AM Central. Ethanol futures were higher.
The wheat complex was higher on commercial and technical buying. The fundamentals are bearish, but wheat’s a good value around current price levels. There are some concerns about dry weather in parts of Australia. South Korea bought 23,000 tons of U.S. wheat. Taiwan is tendering for 89,200 tons of U.S. milling wheat.
Chicago Mercantile Exchange live cattle futures were sharply higher, limit up. Contracts rebounded strongly from the week’s big losses, but it remains to be seen if the gains stick. Cash trade for the week was extremely bearish, as was the wholesale business. October was $3.00 higher at $133.70 and December was up $3.00 at $137.00.
Feeder cattle futures were also limit up on a commercial, speculative, and technical rebound. New spot October was $4.50 higher at $184.60 and December was up $4.50 at $181.60.
Direct cash cattle business was pretty much wrapped up by Friday. The week’s trade volume was light to moderate, with packer demand limited by dropping cash and wholesale prices, slow demand, and high average weights. There was very light direct cattle trade reported Thursday. In Texas, live sales were at $128, down $6 from last week. Dressed business in Iowa was done at $195, $7 to $8 lower than Wednesday and $18 less than last week. Nebraska’s dressed trade was mostly at $203.
In Missouri’s weekly hay summary, the USDA notes pastures could use some moisture. Spring calves heading to market are relieving some of the grazing pressure, but pastures will need some before frost. Hay prices were steady with light demand, a moderate to heavy supply, and light market activity with many farmers harvesting. Supreme quality alfalfa sold at $180 to $200, good quality mixed grass brought $75 to $100, and small square bales of wheat straw ranged from $3 to $6.
In Nebraska, alfalfa and grass hay were mostly steady with last week, except for grass hay in the Northeast, which trended $5 lower. Dehydrated pellets and ground and delivered hay were steady. Moderate demand was noted from back grounding and feedlots, with light demand from other buyers. In Northeast and Central Nebraska, premium large square bales of alfalfa were reported at $200 to $220, good large rounds of grassy hey brought mostly $75 to $85, with a few at $90, and 17% protein dehydrated alfalfa pellets ranged from $240 to $260. In the Platte Valley, good large rounds of alfalfa brought $80 to $85, ground and delivered alfalfa sold at $100 to $120, and 17% protein dehydrated pellets were reported at $240.
Boxed beef was sharply lower on light to moderate demand and heavy offerings. Choice was down $2.62 at $212.23 and Select was $1.82 lower at $209.80. The estimated slaughter of 111,000 head was steady with last week and up 5,000 from last year.
Lean hog futures were mostly lower ahead of the USDA hogs and pigs report. Additionally, cash business was mixed and the cutout did post losses at points during the week. October was up $.22 at $71.81 and December was down $.05 at $65.77.
Cash hogs were mixed. Buyers were getting ready for a large Saturday kill, with estimates near 160,000 head. That’d push the weekly total to 2.276 million head, 2,000 below the previous week. USDA’s hogs and pigs report had the total inventory and market herd up 4% on the year, with a 1% increase in the breeding herd.
National Direct barrows and gilts closed $.32 lower at $58 to $70.50 for a weighted average of $68.44, the Western Cornbelt was down $.33 at $58 to $70.50 with an average of $69.34, and Iowa/Southern Minnesota was $.22 higher at $67 to $70.50 for an average of $69.90. The Eastern Cornbelt was not reported due to confidentiality. Butcher hogs at the Midwest cash markets were steady to $2 higher at $41 to $52. Missouri Direct butchers were steady at $58 to $61 on light to moderate supply and demand. Missouri sows were steady at $22 to $39.
Pork closed $1.52 higher at $83.94. Picnics were weak, all other primals were firm to sharply higher. The estimated slaughter of 422,000 head was unchanged from a week ago and up 53,000 from a year ago.
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