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Soybean Futures Prices Drop on Record Yields

Friday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.48, down 4 and 1/4 cents
Nov. soybeans closed at $9.51 and 3/4, down 14 and 3/4 cents
Dec. soybean meal closed at $330.50, down $4.10
Dec. soybean oil closed at 32.02, down 34 points
Dec. wheat closed at $5.16, down 1 cent
Oct. live cattle closed at $165.05, down 20 cents
Dec. lean hogs closed at $90.57, up 25 cents
Nov. crude oil closed at $82.75, up 5 cents
Dec. cotton closed at 63.00, down 56 points
Oct. Class III milk closed at $23.96, down 17 cents
Oct. gold closed at $1,238.30, down $2.20
Dow Jones Industrial Average: 16,380.34, up 263.10 points

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Ag Market News And ReCap:

Soybeans were lower on fund and speculative selling. Forecasts around most of the region for the next couple of weeks generally look better for harvest activity. Demand remains strong, with another bullish week for the export numbers. Soybean meal and oil were lower on the general tone in grains and oilseeds.

Corn was lower on fund and speculative selling. Corn’s also watching the weather and expecting good harvest progress in the near future. After buying 120,000 tons on Thursday, unknown bought 126,000 tons of U.S. corn Friday, and the weekly export sales and shipments were both positive. Ethanol futures were higher.

The wheat complex was lower on fund and speculative selling. Those soybean harvest delays have slowed down winter wheat planting in the Eastern Cornbelt, so that should pick up steam soon. The weekly export numbers were good, but wheat has been attracting less demand than many were expecting. That’s due to the large available world supply, in addition to some recent higher activity in the dollar.

The cash cattle market was quiet on Friday with trade completed earlier in the week. Cattle prices on Wednesday were steady to firm with the previous week with live sales in the South at 164.00 Northern business saw the dressed basis 256.00 to 258.00. Total cash trade was around 98,000 head in the major feeding states.. The weekly cattle slaughter was estimated at 565,000 head 3,000 more than the previous week, but 55,000 head less than a year ago.

Boxed beef cutout values were steady on light to moderate demand and offerings. Choice beef 249.16 up .24, and select down .14 at 234.78.

Chicago Mercantile Exchange Live cattle contracts settled 7 to 140 points lower on Friday. There was light to moderate pressure that expanded through the morning trade as aggressive triple digit losses redeveloped in the feeder cattle pit. Traders moved their focus from firm cash cattle trade earlier in the week, and back to the losses in the feeder futures. We could see follow through pressure to start the week. October was .20 lower at 165.05 and December was down .25 at 165.05.

Feeder cattle contracts settled the 300 point limit lower in all but the front month October futures. The limit losses offset gains which flooded the market on Thursday, allowing for additional concerns about long term buyer interest rather than fundamental support of cash market strength. The aggressive pressure in the market may lead to additional liquidation next week. October settled 1.75 lower at 238.45, and November was down the 3.00 limit at 234.15.

Feeder cattle receipts at Missouri auctions this week totaled 23,130 head. Compared to last week, feeders under 500 pounds sold steady to 5.00 lower, feeders over 500 pounds were unevenly steady to 5.00 higher. The supply of feeders was moderate and demand was good. Rains made getting cattle off the farms a bit more difficult. October has now moved to the second wettest in history in several parts of the state. 755 head of feeder steers, medium and large 1 averaging 574 pound traded at 272.72 per hundredweight. 387 heifers weighing 574 averaged 248.32.

Lean hogs settled 25 to 135 points higher as eroding pork values were offset by short covering following losses earlier in the week. Deferred contracts held moderate to strong gains based on traders expecting the sharp pressure may be a bit aggressive, leaving the complex in an oversold situation into the weekend. Traders continue to concentrate on the aggressive slide in cash and meat values as well as growing supply concerns. December was up .25 at 90.57, and February was 1.10 higher at 87.55.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.84 lower at 98.27 weighted average on a carcass basis, the West was 1.52 lower at 98.18 and the East was 1.06 lower at 100.80. Missouri direct base carcass meat price was steady to 3.00 lower from 85.00 to 96.00. Midwest hogs on a live basis were steady to 2.00 lower from 71.00 to 78.00 in a light test.

The pork carcass cutout value was down 2.71 at 111.01 FOB plant. All cuts except picnics were lower.

Growing emphasis on the progression of corn and soybean harvest through much of the Corn Belt is helping moderate both short-term and long-term feed prices. It is possible to lock in corn and soybean meal prices at current levels, which will help to keep cost of production low through most of 2015. 

The weekly hog kill was estimated at 2,187,000 head, 51,000 more than the previous week, but 103,000 less than last year.

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Trending Video

Using Weather Forecasts to Grow a Crop

Video: Using Weather Forecasts to Grow a Crop

BY: Ashley Robinson

Growing a crop isn’t easy. There’s a lot of variables involved, a major one being weather. And while you can’t control weather, you can use weather forecasts to help you make informed decisions regarding your crop. This could include application of insecticide, herbicide or fungicide treatments, scheduled irrigation or swathing your crop.

On the Nov. 29 episode of Seed Speaks, we’re taking a closer look at how you can use weather forecasts to grow the best possible crop. We’re joined by Chris Manchur, agronomy specialist for eastern Manitoba with the Canola Council of Canada (CCC); David Clay, distinguished professor of soil science at South Dakota State University; and Wade Kent, senior principal digital agronomist for Nutrien.

Manchur provides agronomic advice and support to growers and agronomists in Manitoba. He’s also the sclerotinia stem rot lead for the CCC and helps to manage canola research and innovation through funding programs such as the Canola Agronomic Research Program and the Sustainable Canadian Agricultural Partnership. Manchur received his bachelor of science degree in plant biotechnology and master of science in RNA interference-based next generation fungicides at the University of Manitoba.

Clay is the past president of the American Society of Agronomy, and Corn Councils Endowed Chair in Precision farming. He has spent over 30 years investing soil health, has published and been awarded numerous awards and is a Fellow of the American Society of Agronomy.

Kent is located in North Central Iowa and farms corn and soybeans with his dad in his spare time. He spent his undergraduate and graduate career at Iowa State University and University of Minnesota studying agronomy, crop physiology, and soil science. At Nutrien, Kent works in the digital and precision landscape focusing on bringing together agronomy and technology to improve efficiency, profitability, and sustainability of Nutrien Ag Solution’s customers.

Join us on Nov. 29 at 12 p.m. CST on Seed World U.S., Seed World Canada, Seed World Europe and the Alberta Seed Guide’s Facebook pages, Seed World U.S.’s LinkedIn page and Seed World Group’s YouTube to watch the discussion.