Thursday's Closing Grain & Livestock Futures Prices
Jul. corn closed at $5.16 and 1/2, up 2 and 1/2 cents
Jul. soybeans closed at $14.69 and 1/2, up 23 and 1/4 cents
Jul. soybean meal closed at $480.70, up $5.80
Jul. soybean oil closed at 41.12, up 29 points
Jul. wheat closed at $7.35 and 1/4, down 2 and 1/2 cents
Jun. live cattle closed at $137.92, up 35 cents
Jun. lean hogs closed at $120.15, down $1.02
Jun. crude oil closed at $100.26, down 51 cents
Jul. cotton closed at 93.05, up 50 points
May Class III milk closed at $22.84, down 5 cents
Jun. gold closed at $1,287.70, down $1.20
Dow Jones Industrial Average: 16,550.97, up 32.43 points
For additional futures prices and charts click http://www.farms.com/markets
Market News Review
Soybeans were higher on fund and commercial buying. Weekly export numbers were bullish and unknown destinations bought 140,000 tons of U.S. new crop. Past that – beans, and for that matter, everyone else in the grains and oilseeds, were getting ready for Friday’s USDA numbers, which are out at Noon Eastern/11 AM Central. Soybean meal and oil followed beans higher. Brazil’s CONAB projects 2013/14 soybean production at 86.6 million tons.
Corn was higher on fund and technical buying, along with spillover from beans. Weekly sales weren’t great, but overall numbers were neutral to bullish. Some of the Midwest has made good planting progress this week, but there’s more rain on the way. Ethanol futures were higher. According to Ukraine’s Ag Ministry, corn exports since the start of the marketing year July 1, 2013 are 18.791 million tons, with cumulative grain sales ahead of last year’s pace. Brazil’s CONAB estimates 2013/14 corn production at 75.2 million tons.
The wheat complex was mixed, with Chicago down on fund and technical selling. There’s some rain in the forecast for the Southern Plains, but it’s expected to miss the driest parts of the region, supporting Kansas City. Weekly export numbers look bearish due to slow shipments. Lebanon bought 30,000 tons of milling wheat from Ukraine. Ukraine’s Ag Ministry states grain exports since the start of the marketing year July 1, 2013 are 29.971 million tons, 8.572 million of that wheat. The ministry adds 82% of spring grains are planted, behind last year’s pace due to higher input costs and political instability, with the U.N.’s Food and Agriculture Organization adding it expects a 12% year to year decline in Ukraine’s total grain crop.
Except for a few scattered deals in the North, cattle country remained generally quiet on Thursday afternoon. DTN reported a few dressed sales in Nebraska at 237.00, and some live sales in Iowa at 150.00. Asking prices remain firm at 148.00 in the South where no bids were reported, and around 240.00 in the North. Once again significant trade will wait until Friday. The kill was estimated at 119,000 head, even with both last week and last year.
Boxed beef cutout values were lower on light to moderate demand and moderate offerings. Choice beef was 1.50 lower at 225.68, and select was down .75 at 212.51.
Chicago Mercantile Exchange Live cattle contracts settled 10 to 35 points higher. The lie cattle futures were the only livestock complex to hang onto gains. June and August contracts were able to draw some light buyer support back into the market. The expectation of steady to higher cash cattle prices helped to draw light support into the market. June settled .35 higher at 137.92, and August was up .20 at 137.60.
Feeder cattle futures settled lower in all but the front month as early buyer support quickly evaporated. At current price levels the move lower in futures prices is not considered to threaten any technical or fundamental factors, but was looked at as light position taking toward the end of the week given record highs being set over the last few trading sessions. May settled .47 higher at 183.50, and August was down .40 at 190.27.
Feeder cattle receipts at the Huss Platte Valley Auction a t Kearney, Nebraska totaled 2073 head on Wednesday. Compared to two weeks ago, steers sold 7.00 to 15.00 higher, and heifers sold 6.00 to 13.00 higher. The auction was fast paced from start to finish from a moderate sized crowd with quite a few new numbers handed out. The cattle quality was average to good. Feeder steers medium and large 1 averaging 844 pounds brought 175.25 per hundredweight. 531 pound heifers averaged 213.37.
Lean hogs settled 40 points higher to 102 lower. The June futures have had a hard time drawing any support through the last couple of sessions. A break below $120.00 per hundredweight could become a psychological breaking point that could spark additional liquidation through the complex. Traders appear to need to see some additional fundamental support that supplies will continue to aggressively tighten in the near future before buyers are willing to step back into the market. May settled .32 lower at 114.90 and June was down 1.02 at 120.15.
There was slow hog market activity with light demand on Thursday afternoon. Barrows and gilts in the Iowa/Minnesota direct trade closed .94 lower at 111.79 weighted average on a carcass basis. the West was down 1.27 at 111.62. Eastern hogs were not reported due to confidentiality. Missouri direct base carcass meat price was 3.00 to 4.00 higher from 97.00 to 99.00. Hogs in the Midwest markets were steady with an instance of 4.00 and 5.00 higher from 73.00 to 84.00 live.
The pork carcass value was up .11 at 112.08 FOB plant on a negotiated basis.
For the week ending May 3, Iowa barrows and gilts averaged 287 pounds, 0.5 pounds lighter than the previous week though still 10.2 pounds greater than 2013.
The Thursday hog kill was estimated at 396,000 head 19,000 less than last week, and down 14,000 from last year.
Click here to see more...