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Soybean & Corn Futures Continue Higher On Demand.

Tuesday's Closing Grain & Livestock Futures Prices.

Dec. corn closed at $3.57, up 11 cents
Nov. soybeans closed at $9.64 and 3/4, up 19 and 1/2 cents
Oct. soybean meal closed at $366.00, up $22.60
Oct. soybean oil closed at 32.44, down 44 points
Dec. wheat closed at $5.09 and 1/4, up 4 cents
Oct. live cattle closed at $164.35, down $2.15
Oct. lean hogs closed at $109.52, up 17 cents
Nov. crude oil closed at $81.84, down $3.90
Dec. cotton closed at 64.16, down 86 points
Oct. Class III milk closed at $24.23, up 12 cents
Oct. gold closed at $1,233.60, up $4.30
Dow Jones Industrial Average: 16,315.19 down 5.88 points

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Ag Market News And ReCap:


Soybeans were higher on commercial and technical buying. Demand continues to look strong and more rain around the Midwest is delaying harvest. Still, the long term fundamentals remain bearish and the trade does expect a record crop. Harvest did make a big jump, now at 40%, compared to 20% a week ago, and the condition rating held. Soybean meal was up and bean oil was down on the adjustment of product spreads. September’s NOPA crush levels are expected to be down from August, but due to supply, not demand.

Corn was higher on commercial and technical buying. Corn’s also watching the weather and the forecasts for better harvest conditions in Western areas during the latter part of the week. 24% of corn is harvested, compared to 43% on average, and maturity is just a bit slower than average, while the condition rating held. Past that – there’s no real fresh supportive news. Ethanol futures were higher.

The wheat complex higher on short covering and technical buying. Contracts were mixed most of the day before settling modestly, following the lead of corn and beans. In any event, wheat’s looking at a bearish fundamental picture. The spring wheat harvest is essentially wrapped up for the year. Winter wheat planting and emergence are ahead of average. Japan’s tendering for 117,100 tons of U.S., Australian, and Canadian food wheat.

For the most part feedlot country was quiet on Tuesday afternoon, except for a few bids in the North at 257.00 dressed. While feedlot managers are still ready to price showlists higher than last week, from 166.00 to 167.00 in the South and 260.00 to 265.00 in the North, bullish expectations have probably been at least momentarily checked by the collapse in live and feeder cattle futures. The kill totaled 114.000 head, 1,000 below last week and down 9,000 from last year.

Boxed beef cutout values were higher on choice and weak on select on light to moderate demand and offerings. Choice beef was up 1.10 at 249.41, but select was down .33 at 236.08.

Live cattle contracts settled sharply lower with the April through June contracts suffering 3.00 limit losses. Even though beef values continue to gain support through the week, there is growing concern that the momentum in the cattle market has shifted lower and this could bring about additional widespread liquidation in the near future. October settled 2.15 lower at 164.35, and December was down 2.77 at 163.92.

Feeder cattle ended the session 220 to 300 points lower with November through August 2015 contracts limit lower. The market came under significant pressure as active liquidation redeveloped. Any sense of rebuilding market support seen in the lightly traded Monday session evaporated, and allowed for additional concern about just how low the market may fall before buyers step back into the complex. October settled 2.57 lower at 238.72, and November was down the 3.00 limit at 237.15.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 7,000 cattle. Feeder steers and heifers were mostly steady to 3.00 lower. Steer and heifer calves were mostly steady to 5.00 higher. Quality was plain to attractive. Feeder steers medium and large 1 with an average weight of 629 pounds traded at an average of 258.59 per hundredweight. 625 pound heifers brought 248.98.

Lean hogs settled 30 points higher to 72 lower with front month contracts moderately higher. Considering the aggressive losses in the cattle market, the narrowly mixed trade seen through the hog complex was somewhat impressive. The expectation of larger overall hog numbers, moving to processors through the week added pressure on the deferred contracts. October settled .17 higher at 109.52, and December was up .30 at 94.92.

Barrows and gilts in the Iowa/Minnesota direct trade were 1.16 lower with a weighted average of 105.19 on a carcass basis, the West 105.06 down 1.23, and the East not reported due to confidentiality. Missouri direct base carcass meat price steady from 96.00 to 100.00. Midwest hogs on a live basis fully steady from 74.00 to 80.00.

The pork cutout value was 4.34 lower at 117.23 FOB plant with loins and bellies significantly lower.

Thanks to lower oil prices, the cost of heating oil and propane promises to be more manageable through the winter ahead. Additionally, some long-term weather forecasts suggest this winter stands to be generally milder than last year. Consumer budgets could be less stressed with more room for meat spending, according to DTN. 

The Tuesday hog slaughter was estimated at 428,000 head, the same as last week, but 6,000 less than last year.

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