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Soybean Futures Prices Make Gains

Tuesday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.56, up 7 and 3/4 cents
Nov. soybeans closed at $9.64 and 1/4, up 20 cents
Dec. soybean meal closed at $342.90, up $13.50
Dec. soybean oil closed at 31.76, up 6 points
Dec. wheat closed at $5.19 and 1/4, up 5 and 3/4 cents
Oct. live cattle closed at $166.55, down $1.35
Dec. lean hogs closed at $88.45, down 70 cents
Nov. crude oil closed at $82.81, up 10 cents
Dec. cotton closed at 62.79, up 50 points
Nov. Class III milk closed at $21.69, up 1 cent
Oct. gold closed at $1,251.00, up $7.00
Dow Jones Industrial Average: 16,614.81, up 215.14 points

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Ag Market News And ReCap:

Soybeans were higher on fund and commercial buying. China’s third quarter GDP results weren’t great, but they were better than expected and demand remains strong. Harvest is slower than average, but is expected to catch up, in most areas, thanks to a better weather outlook. Soybean meal was higher, also attracting new commercial demand, and bean oil was firm, just following the rest of the soy complex. The trade’s also watching the slow planting progress in South America.

Corn was higher on fund and technical buying. Corn’s also looking at solid demand and a slower than average harvest as farmers in some states are focusing on beans. Past that – fundamentals may be bearish, but prices are at a good relative value. Ethanol futures were higher. Like beans, corn’s also keeping an eye on South America’s planting pace.

The wheat complex was higher on fund and technical buying. Wheat’s in a short term uptrend without any real fundamental news. Winter wheat planting is right around average and emergence, at 56%, is ahead of the normal pace. Egypt has a tender for an unspecified amount of wheat and Japan is in the market for 109,700 tons of food wheat from the U.S. and Australia.

It was a typical Tuesday in cattle country with bids and asking prices still not well defined although a few showlists have been priced around 167.00 to 168.00 in the South and 260.00 plus in the North. Significant trade volume will likely be delayed until the second half of the week. The kill totaled 115,000 head, 1,000 more than last week, but 9,000 less than 2013.

Boxed beef cutout values were steady on light to moderate demand and offerings. Choice beef was steady at 249.83, and select was .24 lower at 234.93.

Chicago Mercantile Exchange live cattle contracts settled 45 to 135 points lower after trading mixed much of the session. The live contracts were pressured by the triple digit losses in feeder cattle futures that kept buyers from stepping into the market. October settled 1.35 lower at 166.55, and December was down .97 at 167.05.

Feeder cattle settled 175 to 290 points lower. Triple digit losses were based on the uncertainty of follow through beef demand support through early 2015. October settled 1.80 lower at 238.95, and November was down 2.90 at 233.92.

Feeder cattle receipts at the Sioux Falls Regional Stockyards at Worthing, South Dakota totaled 1959 head on Monday. Steer calves sold with steady to higher undertones compared to last week’s limited calf offering. Heifer calves were mostly steady with the exception of heifers under 500 pounds having a much lower undertone. Yearling steers and heifers trended steady. There was good demand for calves and yearlings. Feeder steers medium and large 1 weighing 567 pounds averaged 281.85 per hundredweight. 521 pound heifers brought 263.58.

Lean hogs settled 27 higher to 70 lower. The trade was well contained in a narrow mixed trading range through most of the session based on the potential to draw additional stability into the pork complex. But the morning pork report dashed early expectations of market firmness as pork values suffered sharp losses. December settled .70 lower at 88.45, and February was down .32 at 86.07.

Barrows and gilts in the Iowa/Minnesota direct trade closed 1.02 lower at 95.86 on a carcass basis, the West was down 1.45 with a weighted average of 95.17, Eastern hogs clos3ed 1.56 lower at 95.47. Missouri direct base carcass meat price was 1.00 to 7.00 lower from 88.00 to 93.00. Midwest hogs on alive basis were steady to 2.00 lower from 68.00 to 80.00.

The pork carcass cutout value FOB plant was 2.42 lower at 104.04 with only ribs and bellies higher.

Continued concerns surrounding PED redeveloping through the upcoming months as temperatures cool seem to be the one wild card in the lean hog market which could help to draw aggressive price support back into the market over the next few months. A strong redevelopment of PED could throw all fears of abundant hog supplies out the window for all of 2015.

The Tuesday hog slaughter was estimated at 429,000 head, 1,000 more than last week and 2,000 less than last year.

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