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Soybean Futures Prices Lower on Sell Off

Monday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.73 and 1/2, down 3 and 1/4 cents
Nov. soybeans closed at $10.28 and 3/4, down 17 and 3/4 cents
Dec. soybean meal closed at $372.70, down $16.30
Dec. soybean oil closed at 34.03, down 77 points
Dec. wheat closed at $5.38 and 1/4, up 5 and 3/4 cents
Dec. live cattle closed at $167.05, up $1.00
Dec. lean hogs closed at $88.85, up 82 cents
Nov. crude oil closed at $78.78, down $1.76
Dec. cotton closed at 64.25, down 20 points
Nov. Class III milk closed at $21.27, up 2 cents
Nov. gold closed at $1,169.90, down $1.70
Dow Jones Industrial Average: 17,366.24, down 24.28 points

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Ag Market News And ReCap:

Soybeans were lower on fund and commercial selling. The trade’s expecting good harvest progress over the past week, but there is more rain in the forecast for parts of the Midwest. USDA reports 83% of soybeans are harvested as of Sunday, compared to the five year average of 83%. Past that – demand remains strong, reflected in the all-time high in Monday’s export inspections report. Soybean meal and oil followed beans lower.

Corn was lower on fund and commercial selling. Corn’s also expecting good harvest progress, but is also wary about the forecasts for more rainfall around the region. USDA states 65% of corn is harvested, compared to 73% on average. Corn’s dealing with solid demand, especially at current price levels, against an increasing supply. Ethanol futures were higher.

The wheat complex was higher on short covering and technical buying. Contracts were mixed early, but managed to post a solid session with U.S. wheat at a good value relative to other origins. Good corn and soybean harvest progress should allow winter planting to get wrapped up in the Eastern Midwest. USDA says that 90% of winter wheat is planted, compared to 89% on average, and 77% has emerged, compared to 72% on average, with 59% of the crop called good to excellent, unchanged on the week. Egypt bought 60,000 tons of wheat from France and Tunisia picked up 150,000 tons of optional origin durum.

Cattle country was quiet on Monday afternoon following the distribution of the new showlists. The early month offering appears to be generally smaller than last week, although the Kansas showlist appears to be about steady. A few early asking prices are around 170.00 plus in the South and 268.00 plus in the North.  Monday’s cattle kill was estimated at 113,000 head, even with last week, but 4,000 smaller than last year.

Boxed beef cutout value were weak on choice and firm on select on light to moderate demand and offerings. Choice beef was down .47 at 250.73, and select was up .77 at 239.40.

Chicago Mercantile Exchange live cattle contracts settled 20 to 117 points higher after trading mixed for much of the session. The lack of strong support in boxed beef values and pressure in the cash cattle trade last week did cause some concern about the ability to draw additional support into the market. Some support came from the feeder cattle gains.  December was up 1.00 at 167.05 and February was up 1.17 at 167.27.

Feeder cattle settled 70 to 150 points higher. Traders looked for additional short-supply buying support through early week trade. Although volume remained sluggish, the move higher through the complex helped to draw additional interest in front moth futures. November settled 1.42 higher at 235.57 and January was up 1.32 at 229.80.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 4500 head. Compared to last week, steer and heifer calves opened steady, yearlings were not tested early. Demand was good and the supply was moderate. Feeder steers medium and large 1 weighing 500 to 600 pounds ranged from 251.00 to 280.00. 5 to 6 weight heifers brought 227.00 to 247.00.

Lean hogs ended the session unchanged to 95 points higher. Moderate support held through the market with firm buyer interest stepping into the complex after the first of the month. Although fundamentals in the markets remain under pressure, the tone seems to be turning in many areas, where the focus is on the oversold status of nearby contracts. December was up .82 at 88.85, and February was up .95 at 89.00.

Barrows and gilts in the Iowa/Minnesota direct trade closed .39 higher at 86.41 weighted average on a carcass basis, the West was down .53 at 85.34, and the East was .09 higher at 83.61. Missouri direct base carcass meat price was steady to 1.00 higher from 78.00 to 81.00. Midwest hogs on a live basis were steady to 1.00 higher from 56.00 to 70.00.

The pork carcass cutout value FOB plant was up .43 at 97.94.

For the week ending October 18, barrow and gilt dressed weights averaged 212 pounds, one pound heavier than the week before and 6 pounds heavier than year-ago. Over the last six weeks of reported data barrow and gilt weights have averaged 210.5 pounds, 7 pounds heavier than 2013.

Monday’s hog slaughter was estimated at 432,000 head, 9,000 more than last week, but down 1,000 from last year.

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