Monday's Closing Futures Prices for Grain And Livestock Markets
May corn closed at $4.99 and 1/4, down 2 and 1/2 cents
May soybeans closed at $14.64 and 1/4, down 9 and 1/2 cents
May soybean meal closed at $474.30, down $4.80
May soybean oil closed at 41.43, down 14 points
May wheat closed at $6.76 and 1/4, up 6 and 1/2 cents
Apr. live cattle closed at $143.02, down 2 cents
Apr. lean hogs closed at $125.05, up $1.87
May crude oil closed at $100.44, down 70 cents
May cotton closed at 90.62, down 178 points
Apr. Class III milk closed at $23.95, up 1 cent
Apr. gold closed at $1,298.00, down $5.20
Dow Jones Industrial Average: 16,245.87, down 166.84 points
For additional futures prices click http://www.farms.com/markets
Market News Recap:
Soybeans were lower on fund and technical selling. The trade’s getting ready for Wednesday’s USDA numbers, expecting a tighter U.S. supply and slight changes to South America’s numbers. China bought 120,000 tons of new crop U.S. beans, which is encouraging, but it looks like Brazilian soybeans, switched from China, have hit the U.S., which should help ease the tight supply. Soybean meal was mostly lower and bean oil was mixed, with both pits waiting for the USDA numbers. Beans are also watching South America, with Brazil’s crop more than 80% harvested and Argentina around 10%.
Corn was lower on fund and technical selling. Corn’s also getting ready for the reports, expecting a decline in U.S. stocks and small changes for the South American numbers. The trade’s also watching some early planting delays, but forecasts have improved a bit and should allow for some progress. Ethanol futures were mixed with May, June, and July down, and all other months up.
The wheat complex was higher on short covering and speculative buying. USDA’s first weekly national progress report of the year is delayed until Tuesday, but the trade does expect the numbers to reflect the impact of drought on the U.S. hard red winter crop. Wednesday, U.S. wheat ending stocks should be up on the month with no real change for the world estimate. Australia’s winter crop weather has largely improved, but there are still some dryness issues in Western Australia.
Cattle country was quiet following the distribution of the new showlists. Ready numbers are larger in the South and smaller in the North. A few showlists have been priced around 150.00 in the South and 144.00 plus in the North. Significant trade volume may not develop until late in the week. The kill totaled 115,000 head, 1,000 more than last week and 2,000 greater than a year ago.
Boxed beef cutout values were lower on light demand and light to moderate offerings. Choice beef was down .81 at 227.93, and select was 1.38 lower at 215.99.
Chicago Mercantile Exchange live cattle contracts settled 12 to 80 points higher with only April lower. Trade was sluggish with only a light trading range seen through the morning. Support came from triple digit gains in the lean hog pit. Support also came from short covering and cash premiums. April settled .02 lower at 143.02, and June was up .12 at 134.92.
Feeder cattle ended the session 27 to 105 points higher with only April lower. Pressure in the corn markets and mostly higher live cattle prices were supportive to the feeder issues. With lower live cattle and beef prices last week, feeder cattle buyers remain cautious at current price levels. April settled .20 lower at 177.50, and May was up .32 at 178.85.
Feeder cattle receipts at the Joplin Regional Stockyards totaled 5500 head. Compared to last week, steer and heifer calves were steady. Yearling cattle were steady to 2.00 higher. Demand was moderate to good and the supply was moderate. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 202.00 to 217.50, 5 to 6 weight heifers brought 184.00 to 198.00
Lean hogs settled 25 to 187 points higher. Lean futures gained following the aggressive sharp losses at the end of last week and mixed trade early in the session. The focus on still tight hog supplies helped to draw support to the nearby contracts. April settled 1.87 higher at 125.02, and June was up 1.12 at 121.67.
There was slow hog market activity with light demand. Barrows and gilts in the Iowa/Minnesota direct trade closed .25 higher at 124.20 weighted average on a carcass basis. The West was up .19 at 123.95, and the East was 1.48 lower at 124.19. Missouri direct base carcass meat price was steady to 4.00 lower from 117.00 to 119.00. Terminal hogs were steady with instances of 1.00 to 3.00 lower from 85.00 to 96.00 with an extreme top of 99.00.
The pork carcass value was 1.14 lower at 129.85 FOB plant. Only butts and bellies showed gains.
There were 247 new farms with positive tests for the PED virus during the week ending on March 23. That was the fewest since the week ending January 19. Many believe new outbreaks will continue to decline as the weather warms.
Monday’s hog slaughter was estimated at 404,000 head, 3,000 more than last week and 6,000 less than last year.
Click here to see more...