Closing Grain and Livestock Futures Prices
Mar. corn closed at $4.44 and 1/4, up 1 and 1/4 cents
Mar. soybeans closed at $13.31 and 1/2, up 5 and 3/4 cents
Mar. soybean meal closed at $446.40, up 40 cents
Mar. soybean oil closed at 38.56, down 10 points
Mar. wheat closed at $5.77 and 1/2, down 3 and 1/4 cents
Feb. live cattle closed at $141.20, up $1.65
Feb. lean hogs closed at $86.57, up 7 cents
Mar. crude oil closed at $99.88, up $2.04
Mar. cotton closed at 87.47, up 116 points
Feb. Class III milk closed at $22.87, down 34 cents
Mar. gold closed at $1,263.20, up $5.80
Dow Jones Industrial Average: 15,794.08, up 165.55 points
Dow Jones Industrial Average: 15,628.53, up 188.30 points
For additional futures prices click http://www.farms.com/markets
Market News ReCap
Soybeans were higher on commercial and technical buying. The near term fundamentals remain supportive and Monday’s USDA report should show tighter ending stocks, but there’s no real fresh news. Conditions in southern Brazil look hot and dry over the next few days, with a chance for rain later in the week. Soybean meal was up and bean oil was down on the adjustment of product spreads. India’s Solvent Extractors’ Association reports January soybean meal exports were 364,443 tons, down 44% on the year, with a 6% rise in price from January 2013 to January 2014.
Corn was higher on technical buying, along with spillover from beans. Unknown destinations bought corn for the third time over the past week, 141,200 tons of old crop, and ending stocks should be a little tighter on Monday. The numbers are out February 10 at Noon Eastern/11 AM Central. Still, there’s a lot of corn available right now and farmer selling has increased recently. Ethanol futures were higher.
The wheat complex was mixed. Chicago took profits, nearby Kansas City was up on winterkill concerns, and Minneapolis was firm on commercial demand. In any event, fundamentals are bearish and the world supply and demand numbers will be watched closely. Iran bought around 400,000 tons of wheat from the European Union and Russia, while Lebanon picked up 25,000 tons of milling wheat from Russia.
The cash cattle movement in the North was moderate on Friday. USDA Mandatory reported dressed sales in Nebraska 5.00 to 7.00 lower than last week 225.00, and live sales were 5.00 lower at 140.00 to 141.00. Southern business was slow to start with bids of 140.00 and asking prices of 143.00 or better after cattle futures closed sharply higher. The weekly cattle kill was estimated at 561,000 head, 5,000 smaller than last week and 31,000 less than last year.
Boxed beef cutout values were lower on light to moderate demand and moderate offerings. Choice beef was down 2.74 at 210.77, and select was 3.12 lower at 209.19.
Chicago Mercantile Exchange live cattle contracts settled 35 to 165 points higher. The most aggressive support was seen in the nearby futures contracts with nearby contracts moving back to over $140.00 per hundredweight, which helped to draw additional light buyer support through the end of the session. Traders continued to focus on longer term demand support and many expect beef supplies will continue to tighten. February settled 1.65 higher at 141.20 and April was up 1.32 at 140.40.
Feeder cattle contracts ended the session 62 to 107 points higher on support from the live cattle complex. The lack of additional direction in the market and narrow trading ranges in the grains limited market activity for much of the session. March settled .80 higher at 167.80, and April was up .72 at 168.52.
Feeder cattle receipts at Missouri auctions this week totaled just 7,477 head. Compared to last week, not enough reported sales to establish a market. Other than a handful of sales early in the week, marketing of cattle was at a standstill. Snow, ice, winds and record setting low temperatures made it extremely difficult to move cattle off the farm. Feeder steers medium and large 1 averaging 629 pounds brought 187.81 per hundredweight. 615 pound heifers averaged 169.41.
Lean hogs settled 7 to 100 points higher with end of the week short covering the main order of business. Early narrow gains expanded near midday. Renewed market support had little to do with market fundamentals or technical direction, but more based on end of the week covering and light trade activity. February settled .07 higher at 86.57 and April was up .52 at 94.72.
There was slow hog market activity with light demand on Friday. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.01 lower at 81.79 on a carcass basis, the West was 1.25 lower at 81.72, and the East was up .57 at 80.39. Missouri direct base carcass meat price was steady from 76.00 to 77.00. Terminal hogs closed steady to 2.00 higher from 55.00 to 58.00 live.
The pork carcass value was up 1.35 at 92.20 FOB plant.
Nationally feeder pig receipts this past week totaled 85,540 head. Early weaned pigs were steady to 1.00 per head higher. All feeder pigs were 2.00 a head higher. The demand was moderate for moderate offerings. Early weaned pigs, 10 to 12 pound basis ranged from 70.00 to 91.00 per head. 40 pound basis pig from 97.00 to 106.00. Prices quoted are on a per head basis delivered to the buyers far, and include freight and fees.
The weekly hog slaughter was estimated at 2,171,000 head, 49,000 more than last week and 30,000, greater than last year.
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