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Soybean Future Prices Fall On Trade Sell Off.

Closing Grain and Livestock Futures Prices

Mar. corn closed at $4.40, down 1 and 1/2 cents
Mar. soybeans closed at $13.23, down 11 and 3/4 cents
Mar. soybean meal closed at $443.50, down $5.70
Mar. soybean oil closed at 38.99, up 14 points
Mar. wheat closed at $5.87, down 3 and 1/4 cents
Feb. live cattle closed at $142.10, down 70 cents
Feb. lean hogs closed at $86.50 up 42 cents
Mar. crude oil closed at $100.37, up 43 cents
Mar. cotton closed at 88.37, down 30 points
Feb. Class III milk closed at $23.10, down 5 cents
Mar. gold closed at $1,295.10, up $5.20
Dow Jones Industrial Average: 15,963.94, down 30.83 points

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Market News ReCap

Soybeans were lower on fund and commercial selling. Cash basis levels have been trending lower lately, and while China did buy 240,000 tons of new crop U.S. beans, they canceled on a larger amount, 277,000 tons, of old crop. In any event, the trade expects a big crop out of South America, but there are some weather concerns. Soybean meal was down on spillover from beans and the adjustment of product spreads, which did support bean oil. According to China’s Ministry of Customs, soybean imports for January were up 23.7% on the year at 5.9 million tons. USDA’s weekly export sales report is out Thursday at 8:30 AM Eastern/7:30 AM Central. Soybeans are placed at 450,000 to 1.1 million tons, meal is seen at 80,000 to 350,000 tons, and oil is pegged at 0 to 30,000 tons.

Corn was mixed, adjusting old crop/new crop spreads. Farmer selling has increased after the recent gains and there’s a lot of corn available, putting pressure on the nearbys. Corn’s also watching South American weather conditions and waiting for early planted acreage estimates ahead of USDA’s prospective planting update on March 31. The Andersons, via Dow Jones Newswires, sees 2014 U.S. corn acreage at 93 million to 94 million acres. Ethanol futures were higher. Weekly U.S. corn sales are expected to be between 400,000 and 1.35 million tons.

The wheat complex was mixed in consolidation trade. There’s no real fresh news for wheat and while there’s a chance for some winterkill, we won’t know how much, if any, has occurred until the crop breaks dormancy. The trade’s also watching weather around the Black Sea. Jordan bought 100,000 tons of optional origin milling wheat and Japan picked up 28,700 tons of Canadian western red spring. Japan’s also tendering for 286,900 tons of food wheat from the U.S., Australia, and Canada. Weekly U.S. wheat sales are estimated at 250,000 to 850,000 tons.

Feedlot country was at a standstill on Wednesday afternoon with no bids reported. Asking prices are around 144.00 to 145.00 in the South, and 232.00 plus in the North. The up and down movement in the futures prices may create some hesitation by both sides to step into the market. Significant trade could be delayed until Friday. The cattle kill was estimated by USDA at 113,000 head, 2,000 less than last week and down 1,000 from last year.

Boxed beef values were weak to lower on light to moderate demand and moderate offerings. Choice beef was down 1.09 at 208.05 and select was .53 lower at 207.63.

Live cattle contracts on the Chicago Mercantile Exchange settled 5 to 70 points lower. Early follow through buying support developed on Wednesday morning but the strength was short lived due to a lack of additional buyer interest. A turn around in the financial and stock markets also created some uncertainty which led to additional pressure in the market. February settled .70 lower at 142.10, and April was down .40 at 140.77.

Feeder cattle ended the session 25 to 37 points lower. Moderate pressure was seen in all contract months. The lack of support in the stock market as well as other outside markets created some short term concern. March settled .27 lower at 168.50, and April was down .25 at 169.40.

Philip Livestock Auction at Philip, South Dakota reported cattle receipts of 3199 head on Tuesday. There was no feeder cattle sale last week and price comparisons are from two weeks ago. Feeder steers weighing less than 650 pounds were steady to 3.00 lower, over 650 pounds steady to 2.00 lower. Heifers weighing 550 to 750 pounds trended 3.00 to 5.00 lower. There was good demand for several long strings and packages of feeder steers and heifers which sold on an active to moderate market. Feeder steers medium and large 1 averaging 721 pounds brought 176.26 per hundredweight. 685 pound steers traded at 164.07.

Lean hogs ended the session 42 higher to 17 lower. Initial gains in the lean hog contracts eroded in all but the front months. The February through April contracts remained higher based on potential cash market expectations. The widespread pressure across livestock markets created a significant market pullback in both nearby and deferred contract months. February settled .42 higher at 86.50, and April was up .20 at 94.37.

The pork carcass value was up 1.38 FOB plant at 93.97.

There was slow hog market activity with light demand on Wednesday. Barrows and gilts in the Iowa/Minnesota direct trade closed .22 higher at 83.64 on a carcass basis, the West was up .20 at 83.47, and the East was .29 higher at 80.86. Missouri direct base carcass meat price closed steady from 77.00 to 78.00. Terminal hogs were steady to .50 higher from 55.00 to 60.00 live.

Though the early-year sow kill has been running 5-6% below last year, monitors of gilt slaughter at the University of Missouri indicates that January levels were fully steady with 2013. There may be no real evidence of herd expansion.

The Wednesday hog kill was light at just 384,000 head, 9,000 less than last week and 38,000 fewer than last year.

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