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Soybean Futures Prices Jump Double Digits

Tuesday's Closing Futures Prices for Grain And Livestock Markets

May corn closed at $5.07, up 7 and 3/4 cents
May soybeans closed at $14.82 and 1/2, up 18 and 1/4 cents
May soybean meal closed at $478.10, up $3.80
May soybean oil closed at 42.11, up 68 points
May wheat closed at $6.81, up 4 and 3/4 cents
Apr. live cattle closed at $143.32, up 30 cents
Apr. lean hogs closed at $123.30, down $1.72
May crude oil closed at $102.56, up $2.12
May cotton closed at 91.79, up 117 points
Apr. Class III milk closed at $24.02, up 7 cents
Apr. gold closed at $1,308.70, up $10.70
Dow Jones Industrial Average: 16,256.14, up 10.27 points

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

Market News Recap:

Soybeans were supported by fund and commercial buying ahead of Wednesday’s USDA numbers. The trade does expect a tighter U.S. supply and slight changes to the South American numbers. Past that – the trade’s watching harvest activity in Argentina and Brazil, in addition to the export market and the potential for more domestic imports. According to Allendale Inc., South American soybean prices are more than $50 cheaper per ton than U.S. supplies. Allendale does add Chinese processing margins have improved, which could limit cancellations. In any event, the demand categories will be very closely watched Wednesday with the supply and demand report out at Noon Eastern/11 AM Central. Soybean meal and oil were higher, following beans.

Corn was higher in fund and commercial buying, along with pre-report position squaring. U.S. ending stocks should be a little smaller than last month with minor adjustments for South America. The trade’s also keeping an eye on the early planting pace. Some corn has been planted, but USDA doesn’t have an official national number. Ethanol futures are lower. Ukraine’s Ag Ministry reports that corn exports since the start of the marketing year July 1, 2013 are almost 17.703 million tons, with cumulative sales well ahead of the year ago pace. China and Brazil have reached a corn trade agreement.

The wheat complex was higher on technical and speculative buying. U.S. ending stocks should be up on the month, but should be tighter than a year ago. USDA reports 35% of this year’s U.S. winter wheat crop is rated good to excellent, with 36% called fair, and 29% in poor to very poor shape. A trading glitch at the CME Group disrupted futures and options trade late Tuesday. According to a statement from the Group, the technical issue has been resolved and trading is back on schedule. According to Ukraine’s Ag Ministry, grain exports since the start of the marketing year July 1, 2013 top 28 million tons, considerably more than this time last year. Out of the total, 7.879 million tons are wheat. There’s still plenty of tension between Kiev and Moscow, with Russia’s state run gas company raising energy prices for Ukraine by around 80% over the past week.

A few opening bids were noted in cattle country on Tuesday afternoon about $4.00 under asking prices basis the South. More specifically some of the showlists are priced around 150.00 in the Kansas and Texas and 244.00 plus in the North. Significant trade volume is not expected until late in the week. The kill was estimated at 118,000 head, the same as last week, but 4,000 head smaller than last year.

Boxed beef cutout values were lower on the choice and higher on select on light to moderate demand and offerings. Choice beef was down .94 at 226.99, and select was up .98 at 216.97.

Chicago Mercantile Exchange live cattle contracts settled 30 to 90 points higher. Light to moderate gains developed and held across the complex. The widespread losses in lean hog futures had little impact on cattle markets. Electronic trading was halted for a time due to technical problems. April settled .30 higher at 144.32 and June was up .35 at 135.27.

Feeder cattle ended the session 2 to 80 points higher but most contracts were lower much of the day due to higher corn values. The lack of pressure in the grain markets limited buyer interest. April settled .80 higher at 178.30, and May was up .02 at 178.87.

Feeder cattle receipts at the Oklahoma National Stockyards totaled 5500 head on Monday. Compared to last week, feeder and stocker steers were steady to 2.00 higher. Feeder and stocker heifers’ were 2.00 to 3.00 higher. Steer and heifer calves trended mostly steady. Demand continues to be very good for all classes. Feeder steers medium and large 1 averaging 777 pounds brought 174.92 per hundredweight. 763 pound heifers traded at 162.58.

Lean hog futures settled 82 to 292 lower as traders continued to focus on the lack of buyer support through the complex. The expectation that any additional PEDV market concerns may be harder to sell to traders over the next several weeks and months seems to be the main pressure in the market. So far there is very little concrete documentation about overall pork available to the market. April settled 1.78 lower at 123.30, and June was down 2.92 at 118.75.

Barrows and gilts in the Iowa/Minnesota direct trade were 1.27 lower in the afternoon report with a weighted average of 123.48, the West was down 1.17 at 123.25, and Eastern hogs were 1.26 lower at 122.93. Missouri direct base carcass meat price closed steady to 1.00 lower from 117.00 to 118.00. Hogs on a live basis in the Midwest were fully steady from 85.00 to 98.00.

The pork carcass cutout value closed .01 lower at 129.64 FOB plant.

The Saturday hog kill is only expected to be from 20,000 to 25,000 head.

Hog slaughter is estimated at 416,000 head, 1,000 more than last week, and 4,000 greater than last year.

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