Soybean, Corn Futures Prices Hammered Down.

Dec 26, 2013

Thursday's Closing Grain and Livestock Futures
Mar. corn closed at $4.26 and 1/4, down 8 and 1/4 cent
Jan. soybeans closed at $13.18 and 3/4, down 15 cents
Jan. soybean meal closed at $441.00, down $6.40
Jan. soybean oil closed at 38.87, down 23 points
Mar. wheat closed at $6.06, down 1/4 cent
Dec. live cattle closed at $132.70, up 35 cents
Feb. lean hogs closed at $85.30, down 57 cents
Feb. crude oil closed at $99.55, up 33 cents
Mar. cotton closed at 82.89, down 29 points
Jan. Class III milk closed at $19.60, down 4 cents
Dec. gold closed at $1,214.10, up $9.00
Dow Jones Industrial Average: 16,479.88, up 122.33 points

For additional futures http://www.farms.com/markets

Market News Update

Soybeans closed lower Thursday with pressure coming from forecasts for wetter weather in South America after scorching temperatures this week. In addition, DTN cites spillover from the corn market as well as the fact that the rejection by the Chinese of U.S. distillers dried grains could be bullish for soybean meal, which would be a suitable replacement for DDGs. There are, however, other concerns about whether China will stand by its commitments to buy U.S. soybeans. China may have its eye on some of South America’s anticipated record soybean crop.

Corn closed lower Thursday after reports that China rejected 2,000 metric tons of dried distillers grains, citing the presence of Syngenta’s MIR 162 trait. That specific trait is not yet approved for import by China and they’ve rejected hundreds of thousands of tons of corn shipments because of it. It’s anticipated the Chinese will be checking for the trait in any shipment of corn or product made from corn. Until it’s approved, the trait will be a bearish issue. Corn traders are also aware that USDA could increase its production estimate in its January 10 report.

March Chicago wheat followed corn, slipping to another new low for 2013. U.S. origin wheat is priced to move, but importers haven’t been clamoring for U.S. wheat during Christmas week. Another factor pressuring the wheat price is Canada’s announcement earlier in the month of its record wheat crop.

Cattle country remained fairly quiet on Thursday afternoon. There were a few bids reported In Kansas and Texas at 129.00 live and in Nebraska at 210.00 on a dressed basis. Asking prices remain firm at 132.00 to 133.00 South and 210.00 to 212.00 in the North. Significant trade volume will wait until Friday. The slaughter totaled 110,000 head, 11,000 less than last week and down 19,000 from last year.

Boxed beef cutout values were steady on the choice and lower on select on light demand and offerings. Choice beef was up .07 at 196.93, and select was down 1.52 at 190.46.

Live cattle contracts settled 17 to 42 points higher on the Chicago Mercantile Exchange on Thursday. Traders positioned themselves ahead of late week cash business. Given signs of limited trade volume, John Harrington at DTN says it is a good bet that some of the price lift is simply a function of selling interest. December settled .35 higher at 132.70, and February was up.42 at 134.15.

Feeder cattle ended the session 12 to 77 points higher. Feeder cattle held decent gains supported by post-holiday short coverings and struggling corn prices. January settled .35 higher at 166.60, and March was up .55 at 167.20.

There are no recent feeder cattle sales to report due to most auctions being shut down for the holidays.

Lean hogs ended the session 30 to 57 points lower. The lean contracts were pressured by long liquidation and ongoing concerns about pork demand. Carcass value was sharply lower in the morning report. February settled .57 lower at 85.30 and April was down .40 at 90.65.

There was slow to moderate hog market activity with light demand on Thursday. Barrows and gilts in the Iowa/Minnesota direct trade closed 2.21 higher at 76.54 on a carcass basis, the West was up 2.39 at 76.48 and the East closed at 76.91 with no comparison on price. Missouri direct base carcass meat price was steady from 71.00 to 74.00. Terminal hogs were 1.00 higher to 1.00 lower from 49.00 to 55.00 live.

The pork value FOB plant closed .44 higher at 86.33 on a negotiated basis.

For the second straight time, Iowa hog weights dropped last week, 280.6 pounds, and 0.7 pounds smaller than the prior week. This essentially confirms that we have finally moved beyond the seasonal top with butchers now likely to trend lighter over the next 30-60 days

Although the average Iowa barrow and gilt live weights may be backing some from the recent record high, it remains 7 pounds above 2012. Thanks primarily to cheaper feed, most expect producers to hold weights significantly above year-ago levels far into 2014.

Thursday’s hog slaughter was estimated at 435,000 head, 1,000 less than last week, but 8,000 more than last year.

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Video: How a Desire to Lead Brought This Wheat Breeder to Canada

Gurcharn Singh Brar is a wheat breeder whose path meandered from the breadbaskets of Punjab, India, to the sprawling fields of the Prairies. In a candid conversation, Brar shared insights into his journey, the challenges faced, and the undying passion that fuels his quest for better crops.

It all began with a childhood rooted in the wheat fields of Punjab, where agriculture isn’t just a livelihood but a way of life. His fascination with wheat and its potential led him to pursue a bachelor’s degree in agricultural sciences at Punjab Agricultural University. It was during this time that he encountered the spectre of rust diseases, particularly stripe rust, which plagued the region’s wheat crops. Determined to combat this menace, he set his sights on a journey that would take him across continents.

Venturing abroad for his graduate studies, he found himself in Saskatchewan at the Crop Development Centre (CDC), working under the mentorship of renowned researchers like Randy Kutcher and Pierre Hucl. Here, he delved deep into the world of wheat genetics, focusing on stripe rust resistance — a quest that would shape his academic pursuits for years to come.

After completing his master’s and Ph.D. in six and a half years, he embarked on a professional journey that would see him traverse academia and research. From brief stints as a research officer to landing his dream faculty position at the University of British Columbia’s Plant Science program, his career trajectory was marked by a strong drive to make a difference in the world of wheat.

Despite the allure of British Columbia’s unique agricultural landscape, he found himself wanting to return to the vast expanses of the Prairies, where wheat reigns supreme. He recently returned to the Prairies and is the new wheat breeder at the University of Alberta in Edmonton.

“The opportunity to lead an established wheat breeding program at the University of Alberta was a dream come true. With the necessary resources and infrastructure in place, I’m excited to drive innovation and develop high-yielding wheat varieties tailored to the unique conditions of northern Canada,” he says.

Brar, one of Seed World Canada‘s 2024 Next-Gen Leaders, has become known for identifying novel sources of resistance to priority diseases and his efforts in developing wheat germplasm with multiple disease-resistant traits.

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“I believe in nurturing talent and empowering students to pursue their passions,” he says. “Watching my students grow and thrive in their research endeavours is hugely rewarding.”

As he looks ahead, Brar’s vision for the future of wheat breeding is clear: “My number one target is to develop high-yielding wheat varieties adapted to the northern climates of Canada. By focusing on early maturity and strong straw traits, we can maximize yield potential while ensuring resilience to environmental challenges.”

His decision to also join the Prairie Recommending Committee for Wheat, Rye, and Triticale (PGDC) executive as member-at-large came from a desire to play an even more important role in the world of Canadian cereals.