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Soybean Futures Prices Lower on Increasing Supply

Tuesday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.64 and 1/2, down 9 cents
Nov. soybeans closed at $10.10, down 18 and 3/4 cents
Dec. soybean meal closed at $372.50, down 20 cents
Dec. soybean oil closed at 33.07, down 96 points
Dec. wheat closed at $5.30 and 1/2, down 7 and 3/4 cents
Dec. live cattle closed at $166.65, down 40 cents
Dec. lean hogs closed at $87.97, down 87 cents
Nov. crude oil closed at $77.19, down $1.59
Dec. cotton closed at 62.80, down 145 points
Nov. Class III milk closed at $21.42, up 15 cents
Nov. gold closed at $1,167.40, down $2.20
Dow Jones Industrial Average: 17,383.84, up 17.60 points

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Ag Market News And ReCap:

Soybeans were lower on fund and commercial selling. The harvest pace has pulled even with the five year average and planting in Brazil has picked up steam over the past few days. In other words, demand may be strong, but the supply is growing, slowly but surely. USDA’s supply and demand numbers on the 10th should be very interesting. Soybean meal and oil followed beans lower.

Corn was lower on fund and technical selling. 65% of corn is harvested, which is slower than average, but still up almost twenty points on the week. Aside from scattered rain, harvest conditions look good and contracts are giving back October’s gains. Corn’s also looking ahead to the USDA numbers next week. Ethanol futures were mixed.

The wheat complex was lower on fund and technical selling. Winter wheat planting and emergence are both ahead of average, with 59% of the crop called good to excellent. Past that – wheat’s continuing to look at bearish fundamentals and a swift end to corn and soybean harvest should allow farmers in the Eastern Midwest to finish wheat planting.

Feedlot country remained quiet on Tuesday afternoon with bids and asking prices poorly defined. A few showlists have been priced around 170.00 to 171.00 in the South and 268.00 plus in the North. We could see better buying interest surface as early as Wednesday or Thursday as packers remain short bought. The cattle kill totaled 115,000 head, 1,000 more than last week, but 3,000 smaller than last year at this time.

Boxed beef cutout values were weak to lower on light to moderate demand and moderate offerings. Choice beef was down .59 at 250.14, and select was .91 lower at 238.49.

Live cattle contracts on the Chicago Mercantile Exchange settled 40 points lower to 52 higher. Live contracts slipped through the morning trade with moderate pressure. Index rolling took place through the week, which helps to partially explain the weakness in the front month contract compared to the deferred contracts. But the lack of support in the grain markets also created some spillover trade activity. December settled .40 lower at 166.65, and February was up .12 at 167.40.

Feeder cattle ended the session 132 to 187 points higher on the aggressive pressure that redeveloped in the grain complex. Growing focus on harvest progress through most of the Corn Belt and lack of follow through support which was seen in October created some additional strong buyer support through the feeder cattle market. November settled 1.55 higher at 237.12, and January was up 1.80 at 231.60.

Feeder cattle receipts at the Oklahoma National Stockyards on Tuesday were estimated at 8350 head. Compared to the previous week, feeder steers and heifers sold 1.00 to 4.00 higher. Steer and heifer calves were 4.00 to 10.00 higher. Demand was very good for lightweight cattle suitable for early wheat as well as heavier weight thin fleshed or long weaned cattle. Quality was improved and average to attractive. Feeder steers, medium and large 1, calves weighing 638 pounds averaged 245.95 per hundredweight. 631 pound heifer calves averaged 226.35.

Lean hogs settled 25 to 120 lower as any buyer support that developed early in the session was washed away by further pressure in both cash hog prices and pork cutout values in the morning reports. This is putting even more pressure on the idea growing supplies will continue to keep commercial and noncommercial buyers away from the market even after the early week price bounce. December settled .87 lower at 87.97 and February was down 1.20 at 87.80.

Barrows and gilts in the Iowa/Minnesota direct trade closed .81 lower at 85.63 weighted average on a carcass basis, the West was down .13 at 85.57, and the East was not reported due to confidentiality. Missouri direct base carcass meat price closed steady to 3.00 lower from 75.00 to 81.00. Midwest hogs on a live basis were steady from 56.00 to 70.00.

The pork carcass cutout value FOB plant was 2.27 lower 95.67. All cuts finished the day lower with bellies down over $8.00.

Most agree that pork retail items remain vulnerable to further price erosion over the next two to three weeks as retailers focus on Thanksgiving promotions and features. Belly prices also have improved modestly but the belly primal remains some 14% below year-ago levels.

The Tuesday hog slaughter was estimated at 432,000 head, the same as last week, but down 2,000 from last year.

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