Thursday's Closing Grain and Livestock Futures
May corn closed at $5.00, up 4 and 1/4 cents
May soybeans closed at $14.75 and 1/4, up 13 cents
May soybean meal closed at $480.10, up $3.60
May soybean oil closed at 41.67, up 82 points
May wheat closed at $6.76, up 6 and 3/4 cents
Apr. live cattle closed at $145.15, up 55 cents
Apr. lean hogs closed at $125.75, down $1.25
May crude oil closed at $100.29, up 67 cents
May cotton closed at 90.98, down 53 points
Apr. Class III milk closed at $24.23, up 20 cents
Apr. gold closed at $1,284.40, down $6.10
Dow Jones Industrial Average: 16,572.55, down 0.45 points
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Market News Update:
Soybeans were higher on fund and commercial buying. Weekly export sales weren’t great, but at least old crop wasn’t a net reduction, and in any event, the near term supply is tight and overall demand is strong. Past that – beans continue to watch harvest activity in South America. Soybean meal was mixed, adjusting old crop/new crop spreads, and bean oil was higher on the generally positive tone in grains and oilseeds.
Corn was higher on fund and commercial buying, along with spillover from beans. Weekly export sales were at the high end of estimates, with a good week for shipments. Corn’s also watching the potential for planting delays in some key growing areas. USDA’s weekly national crop progress numbers resume April 7. Ethanol futures were lower. According to Dow Jones Newswires, the recent losses in ethanol price are due to the increasing availability of rail cars in the Midwest.
The wheat complex was higher on fund and speculative buying. Weekly export sales were solid and, even with some recent precipitation, the Southern Plains will need a lot more rain to really make a difference, supporting Kansas City. In the Northern Plains, the trade is concerned about spring planting delays, sending Minneapolis higher. Soft red winter growing areas remain in comparatively good condition, so Chicago was a follower.
Chicago Mercantile Exchange live cattle futures were higher as traders get ready for widespread cash cattle business. Boxed beef at midday was down, but traders were encouraged by rising cash bids and increasing packer interest. April was up $.55 at $145.15 and June was $.60 higher at $137.37.
Feeders were higher on cash optimism and expectations for cheaper feed costs in the coming months. April feeders were $1.60 higher at $178.82 and May was up $2.17 at $180.15.
At the Bassett Livestock Auction in Bassett, Nebraska, there was no recent test of the market for an adequate comparison. Estimated receipts were 4,650 head, with demand good for all offerings. Receipts were 69% steers and 31% heifers, with 84% of all cattle weighing more than 600 pounds. 820 to 830 pound feeder steers sold at $174.50 to $187.50. 760 to 790 pound feeder heifers ranged from $162.25 to $170.10.
Direct cattle markets were quiet Thursday, but packer inquiry has started to improve. Asking prices are holding around $153 Live in the South and $246+ Dressed in the North. Bids are at $147 Live in Kansas, and $149 Live and $239 on the Dressed basis in Nebraska. Significant trade volume will, apparently, wait until Friday.
Boxed beef was lower on light demand and light to moderate offerings. Choice was down $1.69 at $231.95 and Select was $2.25 lower at $221.41. The estimated slaughter was 118,000 head, up 3,000 on the week, but down 8,000 on the year.
Lean hogs were lower on some lower cash and higher hog weights. Also, there’s an expectation that PEDv cases will lessen as temperatures get warmer. Additionally, there’s still a lot of uncertainty about how to really quantify PEDv impact. April was down $1.25 at $125.75 and May was $2.25 lower at $123.50.
Cash hog markets were mixed. National Direct barrows and gilts were down $.54 at $112 to $130, with a weighted average of $126.27. The Eastern Cornbelt had no recent comparison, with a base price range of $123.86 to $129, for a weighted average of $125.01. The Western Cornbelt was down $.13 at $112 to $130, with an average of $127.80. The Iowa/Southern Minnesota barrows and gilts were up $.31 at $120 to $130, for an average of $128.24. Terminals were mostly steady, instance of $3 lower at Dorchester, with tops at $85 to $99. Missouri Direct butcher trade was steady at $120 to $121, with sows unchanged to a dollar higher at $73 to $92.
The pork carcass cutout value, FOB at the plant, was $3.83 lower at $129.91, with all primals down. The estimated slaughter of 409,000 head was 2,000 more than last week, but 18,000 less than last year.
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