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Soybean Futures Prices Roar Higher on Demand

Monday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.63, up 10 cents
Nov. soybeans closed at $10.06, up 28 and 1/2 cents
Dec. soybean meal closed at $376.80, up $34.70
Dec. soybean oil closed at 32.23, down 16 points
Dec. wheat closed at $5.22 and 3/4, up 5 cents
Oct. live cattle closed at $169.55, up $1.30
Dec. lean hogs closed at $89.05, down $1.20
Nov. crude oil closed at $81.00, down 1 cent
Dec. cotton closed at 63.67, down 14 points
Nov. Class III milk closed at $21.22, up 43 cents
Nov. gold closed at $1,229.10, down $2.10
Dow Jones Industrial Average: 16,817.94, up 12.53 points

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Ag Market News And ReCap:


Feedlot country was very quiet on Monday afternoon following the distribution of the new showlists. The new offering appears to be generally larger than last week, especially in the North. A few asking prices have been noted around 172.00 to 173.00 in the South and 270.00 plus in the North. The cattle kill was estimated at 113,000 head, 1,000 below last week, and 10,000 smaller than a year ago.

Boxed beef cutout values were higher on choice and sharply higher on select on moderate demand and light offerings. Choice boxed beef was up 1.79 at 249.20, and sect is 3.28 higher at 235.99.

Live cattle contracts on the Chicago Mercantile Exchange settled 60 to 150 points higher on Monday, supported by firming boxed beef values in the morning report. The pullback from session highs, and the inability to draw additional volume into the market was a concern for the longer term direction of the market. October settled 1.30 higher at 169.55, and December was up .92 at 167.82.

Feeder cattle ended the session 10 to 80 points higher after bouncing all over the place Monday morning. The quick move away from triple digit gains seen early in the trading session created some concern that the market is cooling quickly and may have a tough time regaining momentum through the near future. October up .42 at 238.30, and November was .15 higher at 234.80.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 8,250 head. Compared to last week, steers and heifers opened mostly steady. Demand was good on moderate to active trading activity. Quality is plain to attractive, with more crossbred cattle on offer this week. Feeder steer calves, medium and large 1 weighing 600 to 650 pounds traded from 235.00 to 245.00. 550 to 575 pound heifer calves brought 246.00 to 260.00.

Although September placements in Friday’s cattle on feed report exceeded 2013 for the first time since last February, the early fall in-movement was historically small. This was the second smallest effort since the data series began in 1996.

Lean hogs settled 70 points higher to 120 lower. Moderate pressure was evident through the nearby contracts following still uncertain support in cash and wholesale pork values. Even with the cutout values sharply higher in the morning report, the focus continues to be on available hog supplies over the near term. Decembers was down 1.20 at 89.05, and February was .65 lower at 88.22.

Barrows and gilts in the Iowa/Minnesota direct trade closed .70 lower at 88.45 weighted average on a carcass basis, the West was down .77 at 88.35, and the East had no price comparison at 88.24. Missouri direct base carcass meat price is 5.00 lower to 2.00 higher from 81.00 to 84.00. Midwest hogs on a live basis closed steady to 2.00 lower with an instance of 7.00 lower from 60.00 to 77.00.

The pork cut-out plunged below $100.00 on Friday for the first time since mid-February. Over the last two weeks, carcass value has been gutted by more than $21. Wholesale ham prices have lost an astonishing 35% over the same period. Unfortunately, seasonal odds suggest that the worse is still ahead of us.

The pork carcass value was up 1.86 at 100.11 FOB plant on Monday afternoon,

Monday’s hog slaughter at 432,000 head is 3,000 greater than last week, and 1,000 more than last year.

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