Friday's Closing Grain & Livestock Futures Prices
Dec. corn closed at $3.81 and 3/4, down 4 and 1/2 cents
Nov. soybeans closed at $10.21, down 29 and 1/2 cents
Dec. soybean meal closed at $379.90, down $13.60
Dec. soybean oil closed at 32.20, up 13 points
Dec. wheat closed at $5.60 and 1/2, up 6 and 3/4 cents
Dec. live cattle closed at $170.20, up 55 cents
Dec. lean hogs closed at $92.67, up $1.40
Nov. crude oil closed at $75.82, up $1.61
Dec. cotton closed at 59.80, up 7 points
Nov. Class III milk closed at $21.79, up 18 cents
Nov. gold closed at $1,185.00, up $23.90
Dow Jones Industrial Average: 17,634.74, down 18.05 points
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Ag Market News And ReCap:
Soybeans were lower on fund and commercial selling. The day started off with another round of talk about Argentina shipping bean meal to the U.S., pressuring both beans and meal. In any event, demand is solid with China buying 180,000 tons of U.S. beans, it was originally reported for unknown destinations, and it was a good week for export sales and shipments. Soybean meal was lower on that import chatter and bean oil was up modestly.
Corn was lower on fund and commercial selling. Weekly export numbers were bearish and the trade does expect increased export competition from Ukraine in the near future. Past that – the trade’s watching the weather and the tail end of harvest. Ethanol futures were mixed.
The wheat complex was higher on fund and technical buying. Chicago and Kansas City are supported by the concerns about the impact of the cold snap on the emerging winter crop. Weekly export sales were a little larger than expected, up 57% on the week, but shipments were slow. All told, wheat had a very strong week.
USDA Mandatory reported cattle trading was limited in Kansas on very good demand. Compared to last week live sales are 3.00 to 4.00 higher at 170.00 to 171.00. Trading has been light in Nebraska with a few early live sales 3.00 to 4.00 higher at 170.00 to 172.00, and a few early dressed sales from 264.00 to 266.00. Early live sales in Colorado have been reported at 4.00 to 6.00 higher than last week at 172.00. Buyer inquiry increased in all major feeding regions by mid-afternoon. The weekly kill was estimated at 560,000 head, 4,000 short of last week, and down 41,000 from last year.
Boxed beef cutout values were firm on choice and weak on select on light to moderate demand and offerings. Choice boxed beef was up.81 at 252.16 and select was down .64 at 238.28.
Chicago Mercantile Exchange live cattle contracts settled 20 to 75 points higher. Trade was mixed much of the session as traders waited for more concrete evidence to surface in the cash feedlot trade. Spot December momentarily pushed over 170 points in the early going, but quickly attracted selling interest. Some longs took profits off the table prior to the weekend. December settled .55 higher at 170.20, and February was up .25 at 171.27.
Feeder cattle ended the session 65 to 205 points higher. Volume was light and buying interest cooled along with position evening in the live pit. November settled .65 higher at 240.00, and January was up 1.90 at 236.12.
Feeder cattle receipts at Missouri auctions this week totaled 32,307 head. Compared to last week, feeder steers and heifers sold unevenly steady. Buyers remain very selective and still showing the most demand for those cattle with plenty of days separated from their mother and good vaccine programs. Feeder steers medium and large 1, 1010 head with an average weight of 525 pounds traded at 278.67 per hundredweight. 821 heifers averaging 524 brought 247.76.
Lean hogs were mostly higher, with the exception of late 2015 contracts ending in the red. The first three contracts were well supported by aggressive buying interest. The late week board strength was partially supported by technical buying, ideas of improving pork demand after Thanksgiving and fears the more cold temperatures will prompt more cases of PED. December settled up 1.40 at 92.67 and February was 1.15 higher at 92.75.
Barrows and gilts in the Iowa/Minnesota direct trade closed .02 higher, the West was up .13 with both at 86.54 weighted average on a carcass basis. Eastern markets were .25 lower at 84.06. Missouri direct base carcass meat price closed steady from 77.00 to 81.00. Midwest hogs on a live basis were lightly tested at steady prices from 56.00 to 66.00.
The pork carcass cutout value FOB plant was .31 lower at 95.93. Only hams and loins were higher.
Students of hog market history know all too well that weekly slaughter totals could still hold at current levels or even grow larger for another 30 days.
The weekly hog kill was estimated at 2,219,000 head, 13,000 less than last week, and down 27,000 from last year.
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