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Soybean Futures Prices Slightly Higher

Tuesday's Closing Grain & Livestock Futures Prices

Dec. corn closed at $3.64 and 1/2, up 1 and 1/2 cents
Nov. soybeans closed at $10.08, up 2 cents
Dec. soybean meal closed at $375.10, down $1.70
Dec. soybean oil closed at 32.79, up 56 points
Dec. wheat closed at $5.30 and 3/4, up 8 cents
Oct. live cattle closed at $169.20, down 35 cents
Dec. lean hogs closed at $90.20, up $1.15
Nov. crude oil closed at $81.42, up 42 cents
Dec. cotton closed at 64.47, up 80 points
Nov. Class III milk closed at $21.31, up 9 cents
Nov. gold closed at $1,229.00, up 10 cents
Dow Jones Industrial Average: 17,005.75, up 187.81 points

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Ag Market News And ReCap:

Soybeans were higher on fund and technical buying, closing well below the session highs. The harvest made a big jump over the past week, but it looks like the market is more focused on demand. In particular, demand for soybeans and soybean meal looks very strong right now, so Tuesday’s close below the session highs for beans and slight losses for meal may have just been an aberration. Soybean meal was down on profit taking after the recent move to seven year highs and bean oil was up on the adjustment of product spreads. Beans are also keeping an eye on South American planting weather.

Corn was up on technical buying and spillover from wheat and beans, also closing beneath the highs of the day. Contracts are back above the September highs and it looks like corn may have already put in the seasonal low. That’s pretty surprising considering harvest isn’t even halfway done. That said – the fact that it’s nearly November may be playing into that psychology. Ethanol futures were higher. Corn’s also watching planting weather in South America. According to Reuters, China is planning to stockpile more corn.

The wheat complex was higher on fund and technical buying. December Chicago has bounced sharply higher from the September lows, even with bearish fundamentals. The winter planting pace remains slower than average nationally, and there are increasing concerns about weather’s impact on production in Russia and Australia. The U.S. bought 25,000 tons of feed wheat from Britain, the first major U.S. import of British wheat in about two years. Taiwan picked up 41,300 tons of U.S. milling wheat.

Cattle country was quiet on Tuesday and significant trade is not expected much before the end of the week. Although asking prices are not well defined, some cattle have been priced around 172.00 to 173.00 in the South and 270.00 plus in the North. The kill totaled 114,000 head, 1,000 below last week, and 9,000 smaller than a year ago.
Boxed beef cutout values are higher on moderate demand and light offerings. Choice boxed beef is 2.36 higher at 251.56, and select is up 3.11 at 239.10.

Chicago Mercantile Exchange live cattle contracts settled 5 to 50 points lower. The lack of support in the feeder cattle futures kept the deferred contracts under pressure, but triple digit gains in boxed beef values seemed to curb much of the market pressure. Long liquidation and profit taking were the main features. October settled .35 lower at 169.20, and December was down .05 at 167.77.

Feeder cattle settled 5 to 115 points lower. The challenge seen in the feeder cattle futures of late, is the market direction has been so driven by momentum, it is hard to pinpoint a reason for a swift turn in market direction or activity levels. This was the case again on Tuesday as traders quickly tried to square positions given the lack of buyer support early in the week. Although contracts moved well off session lows, there remains some uncertainty about just how much gas is left in the tank to propel feeder cattle futures into the month of November. October settled .05 lower at 238.27, and November was down 1.15 at 233.65.

Feeder cattle receipts at the Tri State Livestock Auction at MC Cook, Nebraska totaled 2400 head on Monday. Compared to last week, steers were steady to 8.00 lower and heifers’ were 7.00 to 10.00 lower. A moderate demand was noted. 277 feeder steers medium and large 1 averaging 571 pounds brought 273.77 per hundredweight. 194 heifers weighing 567 averaged 251.29.

Lean hogs settled 25 to 125 higher. Despite the pressure in the cash market and pork cutout values in the morning report, buyer support remained in the nearby futures contracts. The focus moved from fundamental market direction, which has created so much pressure over the last couple of weeks, to the expectation traders will continue to see the lean hog market as oversold and be willing to step back into the complex at the end of the month. December settled 1.15 higher at 90.20, and February was up 1.07 at 89.30.

Barrows and gilts in the Iowa/Minnesota direct trade closed .70 lower at 87.75 weighted average on a carcass basis, the West was down .58 at 87.45, and the East was 1.90 lower at 86.34. Missouri direct base carcass meat price was 1.00 to 2.00 lower from 79.00 to 83.00. Midwest hogs on a live basis were steady with instances of 1.00 to 5.00 lower from 58.00 to 77.00.

The pork carcass cutout value was 2.39 lower FOB plant at 97.72.

The price of gas has dropped by 29 cents since last year and represents the lowest average cost of gas since Dec. 17, 2010, according to the Lundberg Survey just released. Gas prices have been steadily falling in recent months and are expected to continue to decline amid increasing oil production in the U.S. and abroad. This should make more room in the consumer’s budget for meat.

The hog slaughter was estimated at 432,000 head, 3,000 more than last week, but the same as 2013.

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