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Soybean Futures Prices End Higher on a Strong Week

Friday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.76 and 3/4, up 2 and 3/4 cents
Nov. soybeans closed at $10.46 and 1/2, up 22 and 1/4 cents
Dec. soybean meal closed at $389.00, up $9.00
Dec. soybean oil closed at 34.80, up 49 points
Dec. wheat closed at $5.32 and 1/2, down 3 and 1/2 cents
Oct. live cattle closed at $169.50, down $1.00
Dec. lean hogs closed at $88.02, up 82 cents
Nov. crude oil closed at $80.54, down 58 cents
Dec. cotton closed at 64.45, down 5 points
Nov. Class III milk closed at $21.25, unchanged
Nov. gold closed at $1,171.10, down $27.00
Dow Jones Industrial Average: 17,390.52, up 195.10 points

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Ag Market News And ReCap:

The trade volume totals in the cattle were generally light on Friday afternoon with feedlots resisting lower packer bids. Dressed sales in the North were about steady with last week at 265.00. Live business in both the North and the South appeared to be about 2.00 lower from 167.50 to 168.00. We will either see more business late in the day or packers will start out next week extremely close to the knife. The weekly slaughter was estimated at 553,000 head, 23,000 less than the previous week and down 70,000 from last year.

Boxed beef cutout values were lower to sharply lower on light demand and light to moderate offerings. Choice beef was down 2.15 at 251.20, and select was .78 lower at 238.63.

Live cattle contracts settled with triple digit losses on Friday following a sharp turnaround seen through the morning trade. The lack of early support in cash cattle trade quickly created a change of thinking particularly in the nearby contracts. End of the month positioning also took place at the end of the session as traders backed away from record high prices. October settled 1.00 lower at 169.50 and December was down 1.27 at 166.05.

Feeder cattle ended the week 12 to 47 lower on the weakness in live cattle futures. The feeder cattle market continues to be in an internal battle between tight supplies and uncertain beef support through the end of the year. This could keep prices moving in a wide range over the near future. November settled .07 lower at 234.15, and January was unchanged at 228.45.

Feeder cattle receipts at Missouri auctions this past week totaled 28,610 head. Compared to last week, feeder steers and heifers traded very uneven. Prices ranged from 5.00 lower to 7.00 higher. The good quality calves are still putting pressure on the market, driving the prices continually upwards. As expected this time of the year, the bulk of the supply of feeder heifers continue to stick around 400 to 600 pounds, with steers this week staying close to 4 to 7 weights. Feeder steers medium and large 1 averaging 574 pounds averaged 269.15 per hundredweight. 575 pound heifers brought 242.83.

Lean hogs settled unchanged to 1.55 lower. The futures spent much of the day in a narrow trading range. The lack of support through deferred contracts created narrow losses in the 2015 contract months. Light trade was evident through the entire complex, as traders seemed willing to carry current price levels into November.  December settled .82 lower at 88.02, and February was down 1.10 at 88.05.

Barrows and gilts in the Iowa/Minnesota direct trade closed .45 lower at 86.02 weighted average on a carcass basis, the West was down .44 at 85.87, and the East had no price comparison at 83.52. Missouri direct base carcass meat price was steady from 78.00 to 80.00. Barrows and gilts on a live basis at Midwest markets were steady from 56.00 to 74.00 in a very light test.

Pork carcass value FOB plant was down .33 at 97.51, with only bellies and picnics higher.

With the pork cut-out stumbling lower again, suggestions of a seasonal bottom seem quite tenuous at this point. While processors margins have improved this week, they remain seasonally disappointing.

The weekly hog kill at 2,193,000 head is 52,000 more than last week, but down 77,000 from last year.

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