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Soybean, Corn Futures Prices Decline After Run

Wednesday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.47 and 1/2, down 9 and 1/2 cents
Nov. soybeans closed at $9.52 and 1/2, down 12 and 1/4 cents
Dec. soybean meal closed at $327.30, up $3.30
Dec. soybean oil closed at 31.98, down 89 points
Dec. wheat closed at $5.06, down 3 and 1/4 cents
Oct. live cattle closed at $162.95, down $1.40
Dec. lean hogs closed at $91.92, down $3.00
Nov. crude oil closed at $81.78, down 6 cents
Dec. cotton closed at 63.71, down 45 points
Oct. Class III milk closed at $24.13, down 10 cents
Oct. gold closed at $1,244.10, up $10.50
Dow Jones Industrial Average: 16,141.74 down 173.45 points

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Ag Market News And ReCap:

Soybeans were lower on fund and technical selling. Harvest jumped over the last week, now at 40%, the crop is in great shape and forecasts for next week look drier. Demand remains strong and the trade continues to expect a record crop. Soybean meal was mixed, consolidating, and bean oil was down, following beans. Current FSA data has U.S. planted area at 81.003 million acres, with the potential for further revisions later. NOPA member crush for September was a lot lower than expected at 99.970 million bushels, but that’s due to supply, not demand.

Corn was lower on fund and technical selling. At 24%, the corn harvest is behind average, but the trade does expect better progress over the next ten days or so. The long term fundamentals remain bearish and corn also expects a record crop. Ethanol futures were lower. New numbers from the FSA has corn planted area at 85.204 million acres. As with soybeans, there is the potential for further revisions.

The wheat complex was mixed. The spring wheat harvest is wrapped up and winter planting and development is right around average. That drier forecast should allow for good planting progress next week in most areas. South Korea bought 25,200 tons of U.S. wheat. FSA has U.S. wheat acreage at 53.301 million acres.

A light to moderate cattle trade was evident in most areas on Wednesday. Live and dressed sales were about steady to 1.00 lower than last week’s weighted average. USDA Mandatory reported Lives sales in Texas, Oklahoma, New Mexico and Kansas were about steady on light to moderate demand at 164.00. In Iowa and Nebraska live sales were 1.00 lower at 164.00 on moderate demand. Dressed sales were reported at 258.00. The cattle slaughter was estimated at 108,000 head, 5,000 below last week and down 16,000 from 2013.

Boxed beef cutout values were higher on choice and weak on select on moderate demand and light to moderate offerings. Choice beef was up 1.08 at 250.49, and select was .64 lower at 235.44.

Chicago Mercantile Exchange live cattle contracts settled 140 to 285 points lower. Stronger losses were curtailed somewhat by higher boxed beef prices in the morning report and development of the cash cattle trade at near steady prices with last week. October settled 1.40 lower at 162.95, and December was down 1.45 at 162.47.

Feeder cattle settled 300 points lower in every contract with the exception of front month October which held narrow losses after the development of the cash cattle trade. The concern that even firm cash cattle and strong beef values can’t keep buyers interested in feeder cattle long term at the current price levels caused mass selling. October settled 1.32 lower at 237.40, and November was down the 3.00 daily limit at 234.15.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 2768 head on Tuesday. Feeder steers trended steady to 4.00 lower except for some 5 weights that were 4.00 higher. Feeder heifers weighing less than 550 pounds were 2.00 to 4.00 lower with heavier weights steady to 3.00 higher. Yearling steers and heifers were not well tested. Demand was very good on a moderate supply. Feeder steers medium and large 1 averaging 516 pounds averaged 275.85 per hundredweight. 616 pound heifers brought 234.85.

Lean hogs settled 100 to 300 points lower. The early market pressure accelerated through the morning session and almost all contracts ended limit down. The pressure in hog values on Tuesday afternoon as well as concern about overall supplies kept traders focused on liquidating positions. December settled at 91.92, and February 89.20, with both 3.00 lower.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.80 lower at 103.37 weighted average on a carcass basis, the West was down 1.91 at 103.15, and no price comparison in the East at 100.53. Missouri direct base carcass meat price was 2.00 lower to 2.00 higher at 98.00. Midwest hogs were steady from 74.00 to 78.00 on a live basis.

The pork carcass cutout value ended the day .24 lower FOB plant at 116.99.

The Wednesday hog kill at 428,000 head is 2,000 more than last week and 4,000 less than last year.


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