Friday's Closing Grain & Livestock Futures Prices
May corn closed at $5.07, up 5 and 3/4 cents
May soybeans closed at $14.98, up 26 cents
May soybean meal closed at $490.60, up $10.40
May soybean oil closed at 42.92, up 33 points
May wheat closed at $7.00 and 1/4, up 11 and 1/4 cents
Apr. live cattle closed at $145.00, up 75 cents
Jun. lean hogs closed at $124.52, down $1.02
Jun. crude oil closed at $100.60, down $1.34
Jul. cotton closed at 93.25, up 5 points
May Class III milk closed at $22.70, down 16 cents
Jun. gold closed at $1,300.80, up $10.20
Dow Jones Industrial Average: 16,361.46, down 140.19 points
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Market News Review
Some cattle trade was evident in parts of Texas on Friday afternoon at 145.00, about 1.00 lower than the previous week. The Northern trade was very slow to develop and too few sales to establish a market. Asking prices were around 147.00 plus in the South and 236.00 to 238.00 in the North. The weekly cattle slaughter was estimated at 585,000 head, 17,000 greater than the previous week, but 40,000 below the same week in 2013.
Boxed beef cutout values were lower on light demand and light to moderate offerings. Choice boxed beef was down .97 at 232.83, and select was .43 lower at 221.64.
The monthly cattle on feed report was released on Friday afternoon. March placements were down 5%, much lighter than expected. March marketing’s were 4% below a year ago. The total number on feed was 1% less than last year.
Chicago Mercantile Exchange live cattle contracts settled 62 to 92 points higher supported by follow-through buying and some degree of cash optimism. However the trade volume appeared to be quite light with many investors cautious ahead of cash news and the cattle on feed report. April settled .75 higher at 145.00 and June was up .92 at 136.77.
Feeder cattle ended the session 40 to 110 points higher on follow through buying and strength in the cash index. Several months once again set contract highs for the second consecutive session. May settled .40 higher at 180.00 and August was up .57 at 184.62.
Feeder cattle receipts at Missouri auctions this week totaled 24,498 head. Compared to the previous week, feeder steers and heifers sold mostly steady to 2.00 higher. The feeder supply was moderate and consisted mostly of calves with many heavy on the flesh side. Yearlings were quite limited at most locations, although every week a few loads of high quality cattle show up. Demand was good and supplies continue tight. Feeder steers medium and large 1 averaging 521 pounds traded at 220.71 per hundredweight. 521 pound heifers brought 196.84.
Lean hog contracts settled 52 to 197 lower pressured by cash discounts and fears that spring pork demand will continue to soften. The early summer premium to the cash index is still supported by ideas of tightening supplies and better demand as we move into the second half of the second quarter. May settled 1.97 lower at 120.92 and June was down 1.02 at 124.52.
Barrows and gilts in the Iowa/Minnesota direct trade closed 3.60 lower with a weighted average of 111.88 on a carcass basis, the West is 3.93 lower at 111.55, and Eastern hogs were down .26 at 109.16. Missouri direct base carcass meat price closed steady from 105.00 to 107.00 on a carcass basis. Cash hogs in the Midwest on a live basis were steady from 79.50 to 90.00.
The pork carcass value FOB plant was down .57 at 116.13 on a negotiated basis.
DTN reports, many analysts believe the pork cutout will appreciate next week and continue to strengthen during May as demand for popular grilling and barbecue items increases.
The weekly hog slaughter was estimated at 1,999,000 head, 3,000 less than last week, but down 143,000 from last year.
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