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Soybean Futures Prices Slide Lower

Monday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.48 and 1/4, up 1/4 cent
Nov. soybeans closed at $9.44 and 1/4, down 7 and 1/2 cents
Dec. soybean meal closed at $329.40, down $1.10
Dec. soybean oil closed at 31.70, down 32 points
Dec. wheat closed at $5.13 and 1/2, down 2 and 1/2 cents
Oct. live cattle closed at $167.90, down $2.85
Dec. lean hogs closed at $89.15, down $1.42
Nov. crude oil closed at $82.71, down 4 cents
Dec. cotton closed at 62.29, down 71 points
Oct. Class III milk closed at $23.99, up 3 cents
Oct. gold closed at $1,244.00, up $5.70
Dow Jones Industrial Average: 16,399.67, up 19.26 points

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Ag Market News And ReCap:


Soybeans were lower on fund and technical selling. Weather forecasts this week look conducive for harvest activity and producers should make solid progress. Still, there are some delays in key growing areas and beans are a good value at current price levels, helping contract close near the session highs. USDA reports 95% of U.S. soybeans are dropping leaves, compared to the five year average of 97%, and 53% are harvested, compared to 66% on average. 73% of soybeans are rated good to excellent, unchanged on the week. Soybean meal and oil were lower.

Corn was higher on light technical and commercial buying. Corn’s also watching the weather and expecting excellent harvest progress in the next week or so, but contracts are seeing new demand around current levels. According to USDA, 93% of corn is mature, compared to 94% on average, and 31% is harvested, compared to 53% on average. 74% of corn is in good to excellent condition, steady with a week ago. Ethanol futures were lower.

The wheat complex was mixed in consolidation trade and the late bounce in corn. A faster harvest pace in the Eastern Midwest should lead to better winter wheat planting progress. Additionally, the crop appears to be developing well. USDA reports 76% of winter wheat is planted, compared to 77% on average, and 56% has emerged, compared to 50% on average. Egypt bought 120,000 tons of likely Black Sea origin wheat and Tunisia picked up 151,000 tons of optional origin durum.

The distribution of this week’s cattle showlists is complete and the offering appears to be somewhat smaller than last week. A few early estimates are that ready steers and heifers will be priced around 166.00 to 167.00 in the South and 260.00 plus in the North. The kill totaled 114,000 head, the same as a week ago, but 10,000 smaller than 2013.

Boxed beef cutout values were firm on light to moderate demand and light offerings. Choice beef was up .68 at 249.84, and select was .39 higher at 235.17.

Chicago Mercantile Exchange live cattle contracts settled 150 to 297 points higher. Any market weakness that existed last week quickly evaporated as contracts surged near to limit highs. This helped to set new trading limits in nearby contracts, with the focus still on tight supplies and little emphasis being placed on the ability to sustain boxed beef values. October settled 2.85 higher at 167.90, and December up 2.97 at 168.02.

Feeder cattle ended the session 217 to 295 points higher. Although there remains concern about the sustainability of current price levels through the rest of the year and well into 2015, traders keep coming back to the tight supply argument, which is still able to get the attention of traders. October settled 2.30 higher at 240.75, and November was up 2.67 at 236.82.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 10,200 head. Compared to last week, feeder steers and heifers traded mostly steady at mid-session. The quality this week is much more attractive, with several large packages of cattle on offer. Feeder steer calves medium and large 1 weighing 500 to 600 pounds brought 273.50 to 296.00. 500 to 550 pound heifer calves traded from 245.00 to 259.00.

Lean hogs settled unchanged to 1.42 points lower. The early support that trickled into the market in the morning was unable to hold as traders returned to the bearish attitude concerning both cash hog and pork values over the near term. The overall fear of sharply growing supplies through the rest of the year and stretching well into 2015 is creating widespread concerns through the complex. December settled 1.42 lower at 89.15 and February was down 1.15 at 86.40.

Barrows and gilts in the Iowa/Minnesota direct trade closed .86 lower at 97.33 weighted average on a carcass basis, the West was down .84 at 97.27, and the East was .87 lower at 97.03. Missouri direct base carcass meat price was 1.00 to 4.00 lower from 95.00 to 96.00. Midwest hogs on a live basis were steady with an instance of 4.00 lower from 71.00 to 80.00.

The pork carcass cutout value was 4.55 lower at 106.46 FOB plant. The ham primal was over 17.00 lower, and bellies were down nearly 5.00.

The continued focus on the potential to build short and long term hog supplies has created additional longer term market pressure. If PED remains under moderate control through the winter season, it is expected the recent building of breeding herds will continue to keep big supplies readily available during most of 2015.

Hog slaughter was estimated at 429,000 head, 2,000 more than last week and 3,000 less than last year.

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