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Soybean Futures Prices Remain Lower

Tuesday's Closing Grain + LIvestock Futures Prices

Dec. corn closed at $3.25 and 1/2, down 4 and 3/4 cents
Nov. soybeans closed at $9.36 and 1/4, down 2 cents
Oct. soybean meal closed at $317.10, down $2.30
Oct. soybean oil closed at 32.23, up 23 points
Dec. wheat closed at $4.76, down 3/4 cent
Oct. live cattle closed at $155.45, down 5 cents
Oct. lean hogs closed at $107.87, up 57 cents
Nov. crude oil closed at $91.56, up 69 cents
Dec. cotton closed at 62.83, up 24 points
Oct. Class III milk closed at $24.66, up 4 cents
Oct. gold closed at $1,221.00, up $4.20
Dow Jones Industrial Average: 17,055.87, down 116.81 points

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Ag Market News and Commodity Comments

Soybeans were lower on fund and commercial selling. USDA’s condition rating did decline slightly, but the crop is in great shape for this time of year. Demand is strong, but fundamentals are bearish due to the record expected crop. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. The trade’s keeping an eye on shower activity ahead of widespread planting in South America. Safras & Mercado projects Brazil’s crop at 95.9 million tons.

Corn was lower on fund and commercial selling. 74% of corn is in good to excellent condition and while maturity is behind average, warmer weather should help it catch up. Fundamentals remain bearish due to the expected record crop. Ethanol futures were lower. Unknown destinations bought 110,000 tons of U.S. grain sorghum.

The wheat complex was mixed. Spring wheat harvest is a little behind average, but winter wheat planting is just ahead of the normal pace. In any event, wheat’s also looking at bearish fundamentals, primarily due to the large available world supply and this year’s expected record global crop. Russia’s Ag Ministry reports harvest is 75% complete at 90.8 million tons and 60% of spring crops are planted. Kazakhstan adds harvest is 58% complete at 9.5 million tons. Israel picked up 35,000 tons of optional origin feed wheat.

It was a typical Tuesday in cattle country with no bids reported and asking prices still not well defined. A few showlists have been priced around 160.00 to 162.00 in the South and 247.00 plus in the North. Packers were expected to start the week extremely short bought again. But this seems to be unable to spark cattle buying activity early in the week, as the main concern of packers seems to be cutting procurement costs if possible in order to sustain just enough supply to get through the week, according to DTN analysts. The kill totaled 109,000 head, 6,000 below last week, and 13,000 less than last year.

Boxed beef cutout values ended the day lower to sharply lower on light to moderate demand and moderate to heavy offerings. Choice beef 239.17, down 3.85, and select 1.18 lower at 227.29.

Chicago Mercantile Exchange live cattle contracts settled 30 points higher to 70 lower. The lack of support through the deferred contracts was the main barrier for more support to develop through the session. Traders were clearly focused on the lack of movement in cash markets as well as softness in meat values, which may continue to keep pressure on contracts in the first half of 2015. October settled .05 lower at 155.45, and December was up .07 at 158.72.

Feeder cattle ended the session 40 to 110 points higher. The strongest gains were seen in the late year contracts as traders still expect supplies to tighten over the next few months. September settled .60 higher at 230.90, and October was up .87 at 230.15.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 4112 head. Compared to  last week, steer calves weighing less than 550 pounds, and heifer calves were steady, steer calves over 550 pounds and yearlings were steady to 5.00 higher, spots of 650 to 800 pound steers 5.00 to 10.00 higher. The demand was good on a moderate supply. Feeder steers, medium and large 1 averaging 630 pounds brought 254.53 per hundredweight. Heifers averaging 573 pounds traded at 240.44.

Lean hogs settled 57 points higher to 80 lower. The October contract had held gains of around $1.00 per hundredweight but slipped from the highs near the close. The expectation is that commercial support is firm despite uncertainty in supply levels over the next several months. October was up .57 at 107.87 and December was .45 lower at 95.25.

Barrows and gilts in the Iowa/Minnesota direct trade closed .25 higher at 106.99 weighted average on a carcass basis, the West is up .64 at 107.10, and Eastern hogs closed .15 lower at 99.79. Missouri direct base carcass meat price was 1.00 to 5.00 higher from 95.00 to 100.00. Midwest hogs on a live basis were 2.00 to 3.00 higher from 68.00 to 80.00.

The pork carcass cutout value FOB plant was up 1.23 at 116.83. Most cuts were higher, with only bellies and loins slightly lower.

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