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Soybean Futures Prices Bounce Higher

Tuesday's Closing Grain & Livestock Futures Prices

Jul. corn closed at $5.02 and 3/4, up 3 and 1/4 cents
Jul. soybeans closed at $14.83 and 3/4, up 18 and 1/2 cents
Jul. soybean meal closed at $484.70, up $6.50
Jul. soybean oil closed at 41.21, up 23 points
Jul. wheat closed at $7.09 and 1/4, down 5 and 3/4 cents
Jun. live cattle closed at $137.00, down 65 cents
Jun. lean hogs closed at $119.60, up 60 cents
Jun. crude oil closed at $101.70, up $1.11
Jul. cotton closed at 90.93, down 37 points
May Class III milk closed at $22.65, down 9 cents
Jun. gold closed at $1,294.80, down $1.00
Dow Jones Industrial Average: 16,715.44, up 19.97 points

For additional futures prices and charts click http://www.farms.com/markets

Market News Review

Soybean futures rose 1.3 percent on Tuesday, rebounding from Monday's sell-off on a round of bargain buying and some position squaring ahead of a report that will show how big demand from domestic crushers was in April, traders said.

Corn futures also were firm, following soybeans higher, but gains were capped by a pickup in the pace of planting around the Midwest following weeks of delays.

Wheat futures sagged as funds liquidated long positions on poor export demand for U.S. supplies. Chicago Board of Trade soft red winter wheat has fallen for five days in a row, shedding 4.5 percent during that time. 

Feedlot country was at a standstill on Tuesday afternoon with both bids and asking prices poorly defined. Some of the showlists have been priced around 148.00 in the South and 240.00 plus in the North. Significant trade volume will probably be delayed until late in the week. The kill totaled 119,000 head, even with last week, but 5,000 below a year ago.

Boxed beef cutout values were higher on moderate to fairly good demand and moderate offerings. Choice beef was up 2.79 at 226.61, and select is 2.89 higher at 215.53.

Chicago Mercantile Exchange live cattle futures settled 17 to 65 points lower. The early gains in the live pit were short lived despite the aggressive gains in the boxed beef values in the morning report. Traders continued to trade in a narrow range established over the last couple of weeks. There was more focus on moving to the August contracts and away from June. The trade was called light. June settled .65 lower at 137.00 and August was down .22 at 137.85.

Feeder cattle settled 12 points higher to 20 lower. Early buyer support was extremely strong in the feeder futures, but the strength and support slowly eroded through the morning. The lack of support in live cattle futures following the strong beef values did not help make cattle feeders feel more secure either. Gains in grain values also weighed on futures. May settled .12 higher at 184.72, and August was down .20 at 191.67.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 5511 head. Compared to last week, feeder steer calves and yearling steers were steady to 4.00 higher, heifer calves and yearling heifers were 2.00 to 5.00 higher. Demand was good on a moderate supply. Optimistic buyers rapidly absorbed the offering. 211 feeder steers medium and large 1 averaging 570 pounds averaged 219.11 per hundredweight. 102 heifers weighing 570 pounds averaged 194.88.

Lean hogs settled 162 points higher to 102 lower but mostly in the black. The early pressure in the lean pit was chased out in all but the lightly traded May futures. Although there was little focus redeveloping based on aggressive buying stepping back into the market, traders are much more comfortable creating some stability at the current price range. June futures are holding just below the 120.00 per hundredweight, which may not create the immediate flurry of liquidation that some had feared on Monday. May settle 1.02 lower at 112.40, and June was up .60 at 119.60.

There was slow hog market activity with light demand on Tuesday afternoon. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.76 higher at 110.12 weighted average on a carcass basis, the west was up 1.62 at 109.93, and the East was not reported due to confidentiality. Missouri direct base carcass meat price was steady to 4.00 higher from 97.00 to 103.00. Barrows and gilts at Midwest markets closed steady to a $1.00 instance of 4.00 lower from 72.00 to 80.00 on a live basis.

The pork carcass cutout value was 2.22 lower FOB plant at 111.62. Bellies were down almost 11.00 and responsible for much of the loss.

Even if PED extremists are proven to be wrong in their death loss estimates, most analysts agree weekly kills will at least move toward 1.8 million by sometime next month, around 200,000 head below current levels just on seasonal tightening and relatively modest losses tied to PED.

Tuesday’s hog slaughter was estimated at 415,000 head, 2,000 less than last week but 4,000 more than last year.

 

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