Closing Grain & Livestock Futures Prices.
Sep. corn closed at $3.58 and 3/4, up 6 and 1/4 cents
Aug. soybeans closed at $12.32 and 1/2, up 17 and 1/2 cents
Aug. soybean meal closed at $388.20, up 70 cents
Aug. soybean oil closed at 36.02, up 57 points
Sep. wheat closed at $5.44, up 9 and 3/4 cents
Aug. live cattle closed at $158.22, up 92 cents
Aug. lean hogs closed at $117.07, down 95 cents
Sep. crude oil closed at $98.29, up 41 cents
Oct. cotton closed at 63.92, up 143 points
Aug. Class III milk closed at $21.76, up 29 cents
Aug. gold closed at $1,287.70, down $5.90
Dow Jones Industrial Average: 16,569.28, up 75.91 points
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Ag Market News And Comments.
Soybeans were higher on fund and commercial buying. There are some weather concerns, specifically the recent dry conditions around some key growing areas. There’s rain in the forecast, but there’s a fair amount of uncertainty about totals and coverage. Demand remains solid: Monday, China bought 4 million bushels of new crop U.S. beans and Taiwan picked up another 3.7 million bushels. USDA reports 85% of soybeans are blooming, compared to the five year average of 83%, and 57% are at the pod setting stage, compared to 48% on average. 71% of soybeans are in good to excellent condition, unchanged from last week. Soybean meal and oil followed beans higher, with meal outgaining oil on product demand expectations.
Corn was higher on fund and technical buying, along with spillover from wheat and beans. Corn’s also watching the weather and while there’s rain expected around the region, the trade’s concerned about coverage and totals. According to USDA, 90% of the crop is silking, compared to 88% on average and 36% is at the dough making stage, compared to 29% on average. 73% of corn is called good to excellent, down 2% from a week ago, but well above a year ago. Ethanol futures were higher.
The wheat complex was higher on fund and commercial buying. Wheat’s expecting some new export demand and keeping an eye on Europe’s crop quality following widespread heavy rain during harvest. Additionally, there’s the continued uncertainty in the Black Sea region. For the winter crop, USDA says harvest is at 90%, compared to 85% on average, and for spring wheat, 97% has headed, matching the five year average, with 70% rated good to excellent, unchanged on the week.
Chicago Mercantile Exchange live cattle futures were mostly higher, watching the distribution of this week’s showlist. Commercial demand accounted for most of the support and while packers do appear to be short bought, widespread trade isn’t expected until the second half of the week. August was up $.92 at $158.22 and October was $.22 higher at $156.22.
Feeder cattle futures were higher on the tight supply of market ready cattle and the strength at the Oklahoma City auction. August was $.70 higher at $220.97 and September was up $.77 at $220.67.
Direct cattle markets were quiet Monday, with both sides assessing this week’s showlist. Packers appear to be short bought and the showlist looks mostly lower than last week, smaller in Colorado and Kansas, larger in Oklahoma and Texas. Asking prices are around $165+ Live in the South and $260+ Dressed in the North. Last week’s formula and trade volume totals were below the previous week’s levels.
At Oklahoma City, feeder steers and heifers were $5 to $8 higher, with steer and heifer calves mostly $6 to $10 higher. Demand was called good for all classes and USDA stated quality was “typical of the summer, plain to average.” 800 to 900 pound feeder steers sold at $215 to $229.75 and 700 to 775 pound feeder heifers ranged from $207 to $214.75.
Boxed beef was mixed, with Choice up $.09 $263.22 and Select down $.09 at $258.03 on light to moderate demand and offerings. The estimated cattle slaughter of 113,000 head was up 5,000 on the week, but down 3,000 on the year.
Lean hog futures were mostly higher. August was down on spread trade and general uncertainty ahead of its expiration, while October through June 2015 were supported by short covering and the discount to the cash index. August was $.95 lower at $117.07 and October was $.80 higher at $103.62.
Cash hog markets were steady to lower. Packers are continuing their efforts to move the needed numbers at lower prices. Profit margins remain good, but the wholesale market is a question mark. The market’s also expecting an increase in market ready numbers sometime fairly soon. For now though, the numbers remain tight, with last week’s slaughter down almost 8% when compared to a year ago. Still, high hog weights are continuing to cancel out at least some of that impact.
National Direct barrows and gilts closed $3.22 lower at $109 to $119 for a weighted average of $115.68, the Eastern Cornbelt was down $1.19 at $109 to $118 with an average of $115.53, and the Western Belt was $3.54 lower at $115.50 to $119 for an average of $116.39. Midwest cash markets were steady to $3 lower, with tops at $80 to $94. Missouri Direct butcher trade was steady to $1 lower at $113 to $114 with supply and demand called light to moderate. Missouri Direct sows were steady to $6 higher at $76 to $94.
The carcass pork cutout was $.50 higher at $127.82. All primals expect ribs and hams were higher. The estimated hog slaughter of 337,000 head was down 55,000 on the week and 29,000 on the year.
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