Closing Grain And Livestock Futures Prices
Mar. corn closed at $4.53 and 3/4, up 4 and 1/4 cents
Mar. soybeans closed at $13.54 and 1/4, down 6 and 3/4 cents
Mar. soybean meal closed at $430.00, down $3.90
Mar. soybean oil closed at 40.24, down 12 points
Mar. wheat closed at $6.20 and 1/4, up 8 and 1/4 cents
Feb. live cattle closed at $143.87, up 12 cents
Apr. lean hogs closed at $97.20, down 17 cents
Mar. crude oil closed at $103.31, up 88 cents
Mar. cotton closed at 86.97, down 94 points
Mar. Class III milk closed at $21.33, up 7 cents
Mar. gold closed at $1,320.60, down $4.00
Dow Jones Industrial Average: 16,040.56, down 89.84 points
For additional futures prices click http://www.farms.com/markets
Market News Update
Soybeans were lower on profit taking and technical selling. There are some weather concerns in parts of Brazil, but the trade’s still expecting a record crop this year. Past that – the near term supply remains tight and demand is strong, keeping fundamentals bullish for now. Soybean meal was down and oil was mostly lower, with both pretty much following beans.
Corn was higher on short covering and commercial buying, along with spillover from wheat and oats. There’s a lot of corn available right now, but producer selling is slow and political problems in Ukraine could lead to increased exports. Corn’s also keeping an eye on Brazil, while waiting for the USDA ag outlook numbers out later this week.
The wheat complex was higher on commercial and fund buying, in addition to the strength in oats. The complex is watching movement around Canada, with most of their rail traffic dominated by oil right now, not wheat, or for that matter, oats. Wheat’s also keeping an eye on the potential for freeze damage around the Plains in the coming week. Russia’s Ag Ministry reports grain stocks on February 1, 2014 totaled 25.3 million tons, up 12% on the year, with farmers holding 15.401 million tons of the total. DTN reports Japan bought 42,900 tons of Canadian western red spring wheat, for arrival by July 31.
Cattle country was relatively quiet on Wednesday afternoon with a few bids in the South at 142.00, and 224.00 in the North about 3.00 to 6.00 less than asking prices. Assuming that feedlot resolve remains firm, significant trade volume will probably be delayed until Thursday or Friday. Asking prices are around 145.00 in the South and 230.00 plus in the North. The cattle slaughter was estimated at 116,000 head, 3,000 more than last week, but 5,000 less than last year.
Boxed beef cutout values were firm to higher on moderate demand and light to moderate offerings. Choice boxed beef was up 1.86 at 213.86, and select was up .77 at 211.49.
Live cattle contracts on the Chicago Mercantile Exchange settled mostly lower pressured by midweek profit taking and long liquidation. The nearby contracts traded higher in a narrow range based on expectations of firming fundamental support. But pressure was seen through deferred futures as traders seemed to be uncertain of just how much short term support can develop through the second half of the year. Traders continue to concentrate on tighter supplies, but the question of continuing demand growing remains largely unanswered. February settled .12 higher at 143.87 and April was down .30 at 141.82.
Feeder cattle settled 20 to 75 points lower as they struggled to find direction following very few new developments in either the live cattle or corn markets. March settled .52 lower at 171.17, and April was down .75 at 172.45.
Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 5327 head on Tuesday. Compared to the last sale three weeks ago, feeder steers and heifers traded steady to 3.00 higher. Supply was heavy as producers took advantage of much milder temperatures and clear roads, which had not been seen in several weeks. Demand was very good. Feeder steers medium and large 1 averaging 520 pounds brought 208.87 per hundredweight. Heifers weighing 527 pounds averaged 187.58.
Lean hogs ended the session 17 to 100 points higher with the exception of April. Light to moderate support trickled back into the complex on Wednesday with the focus on additional support from expected gains in cash and pork values. April futures continue to lag the rest of the market, with significant premium over the cash index likely to limit additional buyer support in the near future. April settled .17 lower at 97.20 but May was up .32 at 105.72.
There was slow hog market activity with light to moderate demand on Wednesday. Barrows and gilts in the Iowa/Minnesota direct trade closed 2.09 higher with a weighted average of 90.42 on a carcass basis. Western hogs ended the day 2.25 higher at 90.18. In the East the market was not reported due to confidentiality. Missouri direct base carcass meat price was steady to 2.00 higher from 81.00 to 83.00. Terminal hogs were steady with instances of 1.00 to 3.00 higher from 58.00 to 60.00.
The pork carcass value FOB plant was down .96 at 94.96 in the afternoon report.
Hog slaughter on Wednesday was estimated at 430,000 head, 46,000 more than last week and 9,000 greater than last year.
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