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Grain Futures Prices Slightly Higher

Wednesday's Closing Grain + LIvestock Futures Prices

Dec. corn closed at $3.29 and 1/2, up 4 cents
Nov. soybeans closed at $9.36 and 3/4, up 1/2 cent
Oct. soybean meal closed at $316.40, down 70 cents
Oct. soybean oil closed at 32.62, up 39 points
Dec. wheat closed at $4.80 and 1/4, up 4 and 1/4 cents
Oct. live cattle closed at $155.32, down 12 cents
Oct. lean hogs closed at $107.45, down 42 cents
Nov. crude oil closed at $92.80, up $1.24
Dec. cotton closed at 61.57, down 126 points
Oct. Class III milk closed at $25.00, up 34 cents
Oct. gold closed at $1,218.60, down $2.40
Dow Jones Industrial Average: 17,210.06, up 154.19 points

For more futures prices and charts click http://www.farms.com/markets/

Ag Market News and Commodity Comments:

Soybeans were higher on technical buying. Beans were oversold after the recent losses, but the fundamentals remain bearish. There was no fresh supportive news and the trade is expecting a record domestic crop this year. Soybean meal was down and bean oil was up on the adjustment of product spreads.

Corn was higher on technical buying and spillover from wheat. Corn also saw a small bounce, while continuing to look at a bearish fundamental picture. Near term weather conditions do look mostly good for late development and harvest activity. Ethanol futures were lower.

The wheat complex was higher on commercial and technical buying. U.S. prices are increasingly competitive on the world market, but there were no fresh sales Wednesday. That said – there are a number of open tenders right now. Wheat’s watching the spring harvest and winter planting delays.

Cattle country remained at a standstill on Wednesday afternoon, and it looks like significant business is delayed until Thursday or Friday. Asking prices are around 161.00 to 162.00 in the South and 247.00 plus in the North. The kill was estimated by USDA at 114,000 head, 2,000 more than last week, but 9,000 less than last year.

Boxed beef cutout values were steady on choice and lower on select on light to moderate demand and moderate to heavy offerings. Choice beef was down .04 at 239.13, and select was .98 lower at 226.31.

Chicago Mercantile Exchange live cattle contracts settled 27 points higher to 40 lower. Futures bounced back and forth within a narrow range on either side of unchanged for most of the session. The early price pressure eroded, although there was no change in fundamental or technical direction developing. There was speculation that early pressure was based on demand worries that may be slightly over blown, and that helped to stabilize the market. But at the same time there is little evidence of firming demand support to counter the growing market fears according to DTN. October settled .12 lower at 155.32, and December was up .12 at 155.32.

Feeder cattle ended 17 to 95 points higher after triple digit losses during initial trade. Nearby contracts were pressured by corn market support during the morning trade. September was .17 higher at 231.07, and October settled .25 higher at 230.40.

Feeder cattle receipts at the Ozark’s Regional Stockyards at West plains, Missouri totaled 3045 head. Compared to last week, feeder steers trended 5.00 lower with the exception of some six weights which traded 3.00 higher. Feeder heifers were 2.00 to 5.00 higher with some six weights 5.00 lower. Yearling steers and heifers were lightly tested with steady to firm undertones. Demand was good on a moderate supply. Feeder steers medium and large 1 averaging 665 pounds brought 246.07. 622 pound heifers traded at 229.58.

Lean hogs settled 50 points higher to 70 lower. The early support through the market moderated and futures ended mixed in a narrow to moderate range. The October futures appeared to be adjusting from previous gains seen earlier in the week. There is increased focus on the upcoming hogs and pigs report and how not only total numbers will affect current availability, but also expectations of gains in farrowing indications through the next two quarters. October settled .42 lower at 107.45 and December was down .05 at 95.20.

There was a moderate to active hog market with moderate to good demand on Wednesday. Barrows and gilts in the Iowa/Minnesota direct trade closed .62 higher at 107.61 weighted average on a carcass basis, the West was .47 higher at 107.57, and the East was 1.40 higher at 101.20. Missouri direct base carcass meat price closed steady from 95.00 to 100.00. Midwest hogs on a live basis were steady from 68.00 to 80.00.

Pork carcass cutout values were .60 higher at 117.43 FOB plant.

Early projections for hog numbers as of September 1st is expected to remain near 96% of year-ago levels. This is not expected to be a surprise to the market, but the confirmation of tighter supplies is likely to add additional market support to the complex.

Hog slaughter was estimated at 421,000 head, 10,000 more than last week, but 17,000 less than last year.

 

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