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Wheat Futures Prices Closed Higher

Thursday's Closing Grain & Livestock Futures Prices

May corn closed at $5.01 and 1/4, down 2 and 1/4 cents
May soybeans closed at $14.72, up 3 and 1/2 cents
May soybean meal closed at $480.20, up $2.10
May soybean oil closed at 42.59, up 9 points
May wheat closed at $6.89, up 12 and 1/2 cents
Apr. live cattle closed at $144.25, up 32 cents
Jun. lean hogs closed at $125.55, down 70 cents
Jun. crude oil closed at $101.94, up 50 cents
Jul. cotton closed at 93.20, up 56 points
May Class III milk closed at $22.86, up 45 cents
Jun. gold closed at $1,290.60, up $6.00
Dow Jones Industrial Average: 16,501.65, up 0.002 points

For additional futures prices and charts click http://www.farms.com/markets

Market News Review

Soybeans were higher on fund and commercial buying. Old crop exports were a new marketing year low, but it was another strong week for the shipments. The near term supply remains tight, even with signs of increased U.S. imports, of not only soybeans, but soybean meal. Soybean meal was up, following beans, and bean oil was mostly firm. According to Statistics Canada, canola planted area should be 19.801 million acres, nearly unchanged from last year, but below pre-report projections.

Corn was lower on profit taking, but most months did manage to hold at key technical levels. Parts of the Cornbelt are making some planting progress, but other areas are seeing another round of rain and cooler temperatures. Weekly export numbers were neutral. Ethanol futures were lower.

The wheat complex was higher on fund and speculative buying. There’s more dry and windy weather in the forecast for the Southern Plains and traders are also watching tensions in the Black Sea region. The weekly export numbers were bearish. Statistics Canada projects 2014 wheat acreage at 24.936 million acres, down on the year, but towards the high end of pre-report estimates. Durum planting is expected to be around 4.835 million acres. Morocco bought 30,000 tons of wheat from Poland.

The cash cattle trade was quiet on Thursday afternoon with just a few token bids renewed in the South at 142.00. One regional buyer in Nebraska bid as high as 236.00 on a selective basis. Asking prices remain firm at 147.00 to 148.00 in the South and 238.00 plus in the North. Significant trade volume may not develop until after the release of the cattle on feed report on Friday afternoon. Thursday’s cattle slaughter was estimated at 118,000 head, 10,000 more than last week but 5,000 less than last year.

Boxed beef cutout values were higher on light to moderate demand and light offerings. Choice beef is up 1.16 at 233.80 and select was 1.40 higher at 222.07.

Live cattle contracts on the Chicago Mercantile Exchange settled 22 to 75 points higher. There was some positioning by traders ahead of the cash trade and the cattle on feed report due out on Friday. The spot April contract remains several dollars under the most recent cash test. Board discounts suggest traders are nervous about building fed cattle supplies over the next 30 to 60 days, according to John Harrington at DTN. April live cattle settled .32 higher at 144.25, and June was up .75 at 135.85.

Feeder cattle settled 97 to 165 points higher. Several contracts reached new highs. Some of the buying appeared to be tied to reports of decent early spring rains and improving pasture conditions in parts of the Central Plains. May feeders settled .97 higher at 179.60, and August was up 1.60 at 184.05.

Feeder cattle receipts at the Huss Platte Valley Auction in Nebraska totaled 3870 head on Wednesday. Compared to two weeks ago, steers weighing less than 850 pounds sold 2.00 to 5.00 lower, over 850 traded steady in a light test. Heifers under 600 pounds were unevenly steady, over 600 pounds sold 2.00 to 5.00 lower. Demand was moderate to good on calves and feeders. 675 pound feeder steers averaged 194.23 per hundredweight. Heifers averaging 682 pounds brought 174.95.

Lean hogs settled 5 to 107 points lower with only token strength noted in the far deferred. Profit taking appeared to be the main feature of trade following Wednesday’s limit moves. Summer contracts are now trading with substantial premiums over spot cash, and some are nervous that futures may be too optimistic given lackluster fundamentals immediately in view. May hogs settled 1.07 lower at 122.90, and June was down .70 at 125.55.

Barrows and gilts in the Iowa/Minnesota direct trade closed .68 lower, the West was down .29 with both at 115.50 weighted average on a carcass basis. Eastern hogs were 4.33 lower at 109.42. Missouri direct base carcass meat price closed steady from 105.00 to 107.00. Butcher hogs in the Midwest closed steady on a live basis from 79.50 to 90.00.

The pork carcass cutout value FOB plant was down .71 at 116.70 on a negotiated basis.

Iowa barrows and gilts jumped to 286.4 pounds last week, 0.7 pounds bigger than the prior week and 9.3 pounds heavier than 2013.

Thursday’s hog kill was estimated at 420,000 head, 3,000 greater than last week, but 3,000 less than last year.

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