Tuesday's Closing Grain & Livestock Futures Prices.
Sep. corn closed at $3.56 and 1/4, down 2 and 1/2 cents
Aug. soybeans closed at $12.22 and 3/4, down 9 and 3/4 cents
Aug. soybean meal closed at $382.20, down $6.00
Aug. soybean oil closed at 35.47, down 55 points
Sep. wheat closed at $5.52 and 1/2, up 8 and 1/2 cents
Aug. live cattle closed at $158.45, up 22 cents
Aug. lean hogs closed at $115.85, down $1.22
Sep. crude oil closed at $97.38, down 91 cents
Oct. cotton closed at 63.46, down 46 points
Aug. Class III milk closed at $21.63, down 13 cents
Aug. gold closed at $1,284.00, down $3.70
Dow Jones Industrial Average: 16,429.47, down 139.81 points
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Ag Markets News or Comments.
Soybeans were lower on fund and speculative selling. Five day forecasts are showing a chance for moderate to heavy rainfall around some key growing areas. Conditions have been a little dry lately and beans are in a critical development phase at this time. Soybean meal and oil followed soybeans lower.
Corn was lower on fund and speculative selling. Corn’s also watching the weather with coverage expected to be wider than what the trade was thinking last week. The crop condition rating was down slightly, but is higher than the five year average. Ethanol futures were lower.
The wheat complex was higher on short covering and technical buying. The gains picked up steam following a higher close for French wheat. In both the U.S. and Europe, the complex is watching quality concerns for Europe’s crop and waiting for any new export trade news out of the Black Sea region. The spring crop is rated 70% good to excellent and the winter harvest is ahead of the five year average. Russia’s Ag Ministry reports 33.6% of their grain crop is harvested at 52.3 million tons.
Chicago Mercantile Exchange live cattle futures were mixed, mostly lower. Contracts sold off once feeders moved down from the highs and both pits are waiting for cash cattle business to get going. August was up $.22 at $158.45 and October was down $.57 at $155.65.
Feeder cattle futures were mixed. Contracts were up sharply early, but didn’t find a lot of follow through and deferred months ended the day weak. At this point, feeders are watching feed grains and waiting for cash business. August was $.27 higher at $221.25 and September was up $.05 at $220.72.
Direct cattle markets were at a standstill, as is usual for this early in the week, with buyer inquiry expected to increase by Wednesday or Thursday. What asking prices we do have are around $164 to $165 in the South and $265+ in the North. Even if packers are short bought, widespread business probably isn’t in the cards until the second half of the week. This week’s showlist is a bit smaller than last week, with decreases in Kansas and Colorado cancelling out increases in Nebraska and Texas.
At the Central Missouri Sales Company in Sedalia, Missouri, steer and bull calves weighing less than 500 pounds were mostly firm, with instances of $15 to $25 higher, and heifers weighing less than 500 pounds were weak, with instances of $10 lower. Other feeders were either steady or not tested in the previous week’s auction. Supply was moderate to heavy with four load lots of yearlings and demand was good to very good with active trade. 505 to 578 pound feeder steers ranged from $252 to $282 and 804 to 814 steers sold at $214.50 to $216.10. 603 to 641 pound feeder heifers sold at $213.50 to $230 and 729 to 739 pounders ranged from $215 to $218.
Boxed beef cutout values were mixed. Choice was up $.05 at $263.27 and Select was down $1.28 at $256.75. The estimated cattle slaughter of 115,000 head was steady with a week ago and down 6,000 from a year ago.
Lean hog futures were sharply lower on fund and technical selling. Packer and wholesale demand have been slow as of late, as has consumer demand. August was down $1.22 at $115.85 and October was $1.95 lower at $101.67.
Cash hog trade was mixed, with a steady to lower undertone. Packers want to continue and press their leverage, but Monday’s movement was moderate, which could lead to firmer bids in some areas. Pork demand continues to be a question mark. There hasn’t been a lot of consistency lately and while the market has firmed up a little, there’s a lot of pork available even with declining slaughter rates, reflecting high hog weights and slow consumer demand. Still, there could be an increase if beef prices remain around their current levels.
National Direct barrows and gilts were $.19 lower at $107 to $118.50 for a weighted average of $115.86, the Western Cornbelt was down $1.63 at $107 to $118.50 with an average of $115.99, and Iowa/Southern Minnesota was $3.32 lower at $107 to $118.50 for an average of $116.77. Midwest cash markets were $2 lower to $2 higher, with tops at $82 to $94. The Missouri Direct base carcass meat price was steady to $1 lower at $112 to $113 with supply and demand called light to moderate. Missouri Direct sows were steady to $2 higher at $78 to $94. Illinois Direct sows were mostly steady to $1 higher at $80 to $97.
The pork carcass cutout value was up $.14 at $127.96. Ribs jumped more than $7, and loins and bellies were higher. The estimated hog slaughter of 400,000 head was unchanged on the week and 22,000 less than last year. This week’s pace is well behind both a week ago and a year ago.
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