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Soybean Futures Prices Hammered Down.

Monday's Closing Grain and Livestock Futures
Dec. corn closed at $4.56 and 1/2, down 2 and 1/2 cents
Nov. soybeans closed at $13.48 and 1/4, down 33 and 1/4 cents
Oct. soybean meal closed at $431.20, down $13.40
Oct. soybean oil closed at 42.13, down 21 points
Dec. wheat closed at $6.41 and 1/4, down 1/4 cent
Oct. live cattle closed at $125.55, up 30 cents
Oct. lean hogs closed at $92.12, up $1.42
Oct. crude oil closed at $106.59, down $1.62
Dec. cotton closed at 84.00, down 46 points
Oct. Class III milk closed at $17.80, down 39 cents
Oct. gold closed at $1,317.80, up $9.40
Dow Jones Industrial Average: 15494.78, up 118.72 points

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

Market News and ReCap

Soybeans were lower on speculative and fund selling. There was good rainfall around some key growing areas over the weekend, which should help the crop during a key development phase. USDA reports that 26% of soybeans are dropping leaves, compared to 54% a year ago and the five year average of 35% and 50% is in good to excellent condition, down 2% on the week. Soybean meal and oil were lower, following the lead of beans. The National Oilseed Processors Association reports the member crush during August was 110.502 million bushels, a little larger than expected, but down on the month and the year due to the tight supply. Soybean oil stocks were also under the prior month and year at 1.669 billion pounds.

Corn was lower on technical and fund selling, along with spillover from beans. Unless there’s an early freeze, weather’s not much of a factor right now and the trade’s watching the early yield numbers. According to the Ag Department, 97% of corn is at the dough making stage, compared to 100% last year and 97% on average and 81% has dented, compared to 97% a year ago and 86% on average, while 22% has reached maturity, compared to 73% last year and 41% on average and 4% is harvested, compared to 24% a year ago and 10% on average. 53% of corn is rated good to excellent, down 1% from last week. Ethanol was mostly firm.

The wheat complex was lower on fund and technical selling, in addition to spillover from corn and beans. The trade’s watching winter wheat planting, along with harvest activity here and abroad. For spring wheat, USDA states 90% is harvested, compared to 99% last year and 87% on average and for winter wheat, 12% is planted, compared to 10% a year ago and 12% on average. Ukraine’s Ag Ministry reports grain stocks as of September 1 were 20.8 million tons, up 7% on the year, with 15.1 million tons of the total wheat.

Cattle country was at a standstill on Monday afternoon following the distribution of the new showlists. The offering of ready steers and heifers is generally smaller than last week with only Nebraska showing about the same number of cattle. A few preliminary asking prices have been suggested at 125.00 in the South and 196.00 plus in the North. The kill totaled 116,000 head, 1,000 less than last week, and 10,000 smaller than a year ago.

Boxed beef cutout values were firm on the choice and weak on select on light to moderate demand and offerings. Choice beef was up .33 at 193.02, and select was down .25 at 176.43.

Live cattle contracts on the Chicago Mercantile Exchange settled mixed. Front month futures faded through the morning as traders looked for interest from the outside markets.  Only October and December ended higher with all other contracts lower and that could spark another round of moderate to strong liquidation through the rest of the week according to DTN. October settled .30 higher at 125.55, and December was up .07 at 129.22.

Feeder cattle settled 2 to 30 points higher on light support. Traders’ main concern was the pressure in the live cattle market was not being outweighed by a lack of strong support in grain markets. September settled .30 higher at 157.60, and October was up .22 at 159.50.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards on Monday totaled 6,000 head. Compared to last week, steer calves opened 2.00 to 5.00 lower with yearling steers steady to 3.00 lower. Heifer calves were 2.00 to 4.00 lower with yearling heifers steady to 2.00 lower. Feeder steers medium and large 1 weighing 5 to 600 pounds traded from 163.00 to 175.00. 7 to 8 weights brought 150 to 162.00. 5 to 6 weight heifers traded from 150.00 to 162.00 and 700 to 800 pounds from 118.00 to 145.00.

Lean hogs settled 20 to 142 points higher with the front month October leading the charge. The triple digit rally sparked additional interest in potential tight supplies over the near term as well as outside market support. October settled 1.42 points higher at 92.12, and December was up 1.22 at 88.47.

The pork carcass cutout value was down 1.45 at 96.74 FOB plant on a negotiated basis.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.09 higher with a weighted average on a carcass basis of 96.48, the West was up .75 at 95.85, and the East was up .81 at 91.82. Missouri direct base carcass meat price close steady from 82.00 to 83.00. Terminal hogs trended 1.00 to 2.00 higher from 60.00 to 66.00.

Hog slaughter and pork production last week totaled more than 10% under the comparable levels of 2012. Given that supply readings are falling increasingly short of June 1 implications, it’s beginning to look like the PED virus is more serious than previously imagined with fourth quarter tonnage likely to be much smaller than previously projected.

Monday’s hog kill was estimated at 428,000 head, 11,000 more than last week, but 8,000 less than last year.

 

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Grinding Corn On Our Small Dairy Farm/International 1256 with Artsway Grinder Mixer

Video: Grinding Corn On Our Small Dairy Farm/International 1256 with Artsway Grinder Mixer

The plan was simple. Use the 830 Case to grind corn for our dairy heifers. Unfortunately, plans don't always work out that way. With the Case having a flat tire, the International 1256 was needed to grind corn. It wasn't plugged in, so it took a bit of work to warm it up. After we got the 1256 running, we were finally ready to start grinding. We headed up to the corn crib and started helping the cobs through to the auger. After getting the corn ground up, we added some pellets. The load was all mixed, so we unloaded it into one of our two, grain bins. The feed should work well for our youngstock.