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Grain, Livestock Futures Prices Finish Lower.

 Wednesday's Closing Futures Prices.

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

 Sep. corn closed at $5.38 and 1/2, down 6 and 3/4 cents
Aug. soybeans closed at $14.77 and 1/2, up 2 and 1/4 cents
Aug. soybean meal closed at $469.10, up $2.30
Aug. soybean oil closed at 45.79, up 8 points
Sep. wheat closed at $6.65, down 4 and 1/2 cents
Aug. live cattle closed at $121.30, down 82 cents
Aug. lean hogs closed at $95.80, down 50 cents
Aug. crude oil closed at $106.48, up 48 cents
Dec. cotton closed at 83.67, down 70 points
Aug. Class III milk closed at $17.99, down 9 cents
Aug. gold closed at $1,277.50, down $12.90
Dow Jones Industrial Average: 15,470.52, up 18.67 points

Market News and ReCap

Soybeans were mixed with August up on commercial buying and the other months down, watching the weather. The cash basis has been down this week and the crop is in generally good shape several forecasts showing dry, but not exceptionally hot weather in the near term. However, in some areas, the crop does need moisture and given the tight near term supply, there’s no real room for error. China bought 165,000 tons of 2013/14 U.S. corn. Soybean meal followed the lead of beans with August up and the other months down, while soybean oil was modestly higher with crude oil firm.

Corn was lower on technical selling and profit taking. The big factor continues to be weather and contracts moved towards session lows after the forecasts were updated at midday. Still, there’s a long way to go for this year’s crop and most contracts did manage to hold above key support points. Dow Jones Newswires adds the interior cash basis remains strong due to a lack of farmer selling. Ethanol futures were lower. The Busan branch of the Korea Feed Association bought 60,000 tons of Black Sea origin corn.

The wheat complex was lower on technical selling and spillover from corn. A group of South Korean flour mills bought 42,300 tons of U.S. milling wheat, including soft white, along with 60,000 tons of noodle wheat from Australia, and there’s more talk of new demand from China. Past that – wheat’s watching the winter harvest and spring development weather. Via Dow Jones Newswires, Agriculture and Agri-Food Canada lowered their domestic wheat production guess slightly, from 29.4 million to 29 million tons, raising domestic use while lowering exports, leaving ending stocks projected at 5.8 million tons.


 

Cattle country was at a standstill on Wednesday afternoon with bids few and far between, A few bids were reported at 117.00 in Kansas by private sources. Significant trade volume will probably be delayed until Thursday and or Friday. Asking prices remain around 121.00 to 122.00 in the South and 196.00 plus in the North. Wednesday’s cattle slaughter was estimated at 125,000 head, 1,000 more than last week, but a 1,000 less than last year.

Boxed beef cutout values were weak to lower on light to moderate demand and moderate offerings. Choice beef was down 1.03 at 189.44, and select was .57 lower at 183.78.

Live cattle contracts on the Chicago Mercantile Exchange settled 60 to 115 points in the red. Even though the early trade was extremely uneventful, selling pressure quickly developed in the cattle futures markets. This pushed contracts lower, with prices testing support levels. August settled .82 lower at 1221.30, and October was down 1.15 at 125.25.

Feeder cattle ended the session 95 to 117 points lower with the losses in the corn market hot enough of a motivator to draw buyers back into the market. The combination of moderate to sharp losses in the live cattle futures market and midweek profit taking pushed the August futures sharply lower. August settled 1.57 lower at 150.97 and September was down 1.32 at 153.95.

Feeder cattle receipts at Ozark’s Regional Stockyards at West Plains, Missouri totaled 4154 head on Tuesday. Compared to last week, steers weighing less than 800 pounds were unevenly steady to 4.00 higher, with lighter yearlings650 to 750 pounds 3.00 to 6.00 higher, over 900 pounds steady to 2.00 lower. Heifers weighing 450 to 750 pounds 2.00 to 5.00 higher, over 750 pounds 2.00 to 4.00 lower. The supply was moderate to heavy and the demand was moderate to good. Feeder steers medium and large 1 averaging 973 pounds averaged 130.35 per hundredweight. 527 pound heifers brought 142.36.

Lean hogs settled 27 higher to 50 points lower. Lean futures bounced around in a narrow range through much of the session. The midmorning support seen in the complex evaporated from the nearby contracts with the August contract leading the push lower. The deferred contracts drew light buyer support. August settled .50 lower at 95.80 and October was down .07 at 85.27.

There was moderate market activity and demand in the hogs on Wednesday. Barrows and gilts in the Iowa/Minnesota direct trade closed .55 higher at 99.07 on a carcass basis, the west was up .90 at 98.58, and the East was 1.13 higher at 95.00. Missouri direct base carcass meat price closed steady to 3.00 lower from 90.00 to 95.00. Terminal hogs were steady on a live basis from 62.00 to 70.00.

The pork carcass cutout value was .42 lower at 99.97 FOB plant on a negotiated basis.

The average retail price of pork last month jumped to $3.55, 1.7% greater than May, 4.5% higher than June 2012, and the highest monthly average since September 2011. Such a golden price tag has clearly scattered consumers and caused wholesale demand to plummet.

The Wednesday hog slaughter was estimated at 404,000 head, 3,000 less than last week, but 5,000 more than last year.

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