Monday's Closing Grain + LIvestock Futures Prices.
Sep. corn closed at $3.56 and 3/4, up 5 cents
Aug. soybeans closed at $13.14 and 3/4, up 30 cents
Aug. soybean meal closed at $400.40, up $2.90
Aug. soybean oil closed at 34.88, down 56 points
Sep. wheat closed at $5.46 and 1/2, down 2 and 3/4 cents
Aug. live cattle closed at $152.62, up 75 cents
Aug. lean hogs closed at $114.55, up 32 cents
Sep. crude oil closed at $98.08, up 43 cents
Oct. cotton closed at 64.13, up 32 points
Aug. Class III milk closed at $21.87, up 10 cents
Aug. gold closed at $1,308.50, down 40 cents
Dow Jones Industrial Average: 16,569.98, up 16.05 points
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Ag Market News and Commodity Comments
Soybeans were mostly lower ahead of Tuesday’s USDA reports. August, which expires later this week, was up on commercial buying, while the other months are pressured by expectations for a big crop. USDA reports 92% of soybeans are blooming, compared to 91% on average, with 72% at the pod setting stage, compared to 65% on average. 70% of the crop is rated good to excellent, down 1% from a week ago. Soybean meal was mixed and bean oil was lower, following beans and getting ready for the USDA numbers. China bought 168,000 tons of 2014/15 U.S. soybeans.
Corn was higher on short covering and technical buying. Corn was also getting ready for the USDA reports, with most crop estimates around 14 billion bushels. The numbers are out Tuesday at Noon Eastern/11 AM Central. According to USDA, 96% of corn is silking, compared to 93% on average, with 54% at the dough making stage, compared to 46% on average and 11% dented, compared to 16% on average. 73% of corn is in good to excellent condition, unchanged on the week, but with 1% declining from excellent, to good.
The wheat complex was lower on fund and technical selling. There was more rain in the Southern Plains over the weekend, recharging the soil ahead of winter planting. USDA says that 95% of winter wheat is harvested as of Sunday, compared to 90% on average, while 6% of spring wheat is harvested, compared to 21% on average, with 70% of spring wheat rated good to excellent, unchanged from last week. Wheat’s also keeping an eye on Europe’s crop quality with more rain on the way and the political situation in Ukraine. According to Reuters, grain shipments at the Port of Vancouver in Washington remain backlogged due to a lack of inspectors.
The cash cattle trade was typically quiet following the distribution of the new showlists. The new offering appears to be generally larger than last week, especially in Texas. A few asking prices have been suggested around 162.00 plus in the South and 253.00 to 255.00 in the North. The kill totaled 114,000 head, 4,000 more than last week, but even with a year ago.
Boxed beef cutout values were lower on light demand and moderate offerings. Choice beef was down 1.01 at 259.44, and select was 1.38 lower at 251.62.
Chicago Mercantile Exchange live cattle contracts settled 7 to 225 points higher. The August contract was under pressure for much of the session but recovered from triple digit losses. The focus on longer term demand drove the market while very little additional news or direction was seen about supplies. August was up .07 and settled at 152.62, and October was .45 higher at 150.45.
Feeder cattle ended the Monday session 150 to 270 higher after trading mixed with a weaker tone through most of the morning. The lack of support in beef values did very little to pressure feeder cattle markets. The front month contracts saw the most significant support. Some contracts finished more than 400 points above early session lows. August settled 2.15 higher at 217.47, and September was up 2.70 at 217.42.
Feeder cattle receipts at the Joplin, Missouri Regional Stockyards on Monday totaled 3500 head. Compared to last week feeder steers and heifers opened mostly steady. The demand was called moderate to good on a light to moderate supply. Feeder steers, medium and large 1 weighing 550 to 600 pounds traded from 234.00 to 245.00 per hundredweight. 5 to 6 weight heifer’s ranged from 217.50 to 235.00.
Lean hogs settled 32 to 155 points higher with nearby contracts pressured for much of the session. The main focus in the complex remained on the balance of 2014 contracts, which traded lower much of the session, but turned higher near the close. August contracts expire on Thursday which would then put October futures as the front month contracts, with prices near $100.00 per hundredweight. August settled at 114.55 up .32 and October was up .85 at 100.17.
Barrows and gilts in the Iowa/Minnesota directs trade closed .52 lower at 113.81 weighted average on a carcass basis, the West was down .69 at 113.63, and the East was .97 lower at 113.23. Missouri direct base carcass meat price was steady to 5.00 lower from 106.00 to 108.00. In the Midwest hogs were mostly 2.00 to 3.00 lower on a live basis from 78.00 to 88.00.
The pork carcass cutout value was sharply lower, down 4.47 at 120.52 FOB plant.
Last week’s hog slaughter increased to 1,919,000 head, 2.8% greater than the previous week and only 5.2% below 2013. Indeed, thanks to heavier carcass weights, last week’s production totaled virtually even with the previous year. It looks like both slaughter and production are gearing seasonally higher.
Monday’s hog kill was estimated by USDA at 375,000 head, 38,000 more than last week, but 45,000 less than last year.
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