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Wheat Futures Prices Fall on Supply

Wednesday's Closing Grain + LIvestock Futures Prices

Sep. corn closed at $3.38 and 3/4, up 2 and 1/2 cents
Sep. soybeans closed at $10.71, down 5 and 1/2 cents
Sep. soybean meal closed at $442.80, down $10.90
Sep. soybean oil closed at 31.58, down 1 point
Sep. wheat closed at $5.18 and 3/4, down 8 and 3/4 cents
Oct. live cattle closed at $159.70, up 2 cents
Oct. lean hogs closed at $107.10, up $1.32
Oct. crude oil closed at $91.67, down $1.08
Dec. cotton closed at 67.14, up 135 points
Sep. Class III milk closed at $24.45, down 7 cents
Sep. gold closed at $1,243.50, down $3.30
Dow Jones Industrial Average: 17,068.71, up 54.84 points

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Ag Market News and Commodity Comments

Soybeans were higher on short covering and technical buying. The trade’s getting ready for Thursday’s USDA numbers, expecting a bearish report, including a record crop production estimate. Still, a lot of that negativity may already be dialed in, and there are concerns about damage from recent rainfall, in addition to the chance for an early frost. Soybean meal was lower and bean oil was mostly higher on the adjustment of product spreads.

Corn was higher on short covering and technical buying. Corn was also squaring up ahead of the USDA reports and expecting larger production, yield, and ending stocks projections. That said – the trade’s watching for any damage from recent rain, and keeping an eye on the potential early frost. Ethanol futures were higher. The wheat complex was lower on fund and technical selling.

Wheat also pretty much just saw path of least resistance trade ahead of the USDA numbers. The big bearish factors for wheat continues to be the large available world supply and probable record world crop. Aside from the international portion of the ledger, analysts expect U.S. wheat ending stocks to be up modestly on the month.

Not a whole lot changed in the cash cattle market from morning to afternoon on Wednesday. Packer inquiry remained very slow with bids and asking prices vaguely defined although a few show lists were priced around 255.00 to 260.00 in the North and 165.00 to 168.00 in the South. It looks like significant trade will wait until Thursday or Friday. The kill was estimated at 114,000 head, 4,000 below a week ago, and 9,000 smaller than 2013.

Boxed beef cutout values were firm on choice and weak on select on light to moderate demand and offerings. Choice beef was up .38 at 251.36 and select 238.18 down .50.

Chicago Mercantile Exchange live cattle contracts settled 60 points higher to 70 lower. Futures posted aggressive price swings throughout the session with early support quickly fading away. However, by midsession futures bounced off session lows and some posted gains by the closing bell. Traders continued to concentrate on additional support in the end of the day boxed beef markets that could spark additional interest through the end of the week. October settled .02 higher at 159.70 and December was down .17 at 162.10.

Feeder cattle ended mostly lower after showing strong gains in the opening minutes of trade. The lack of support through the complex led to aggressive losses, but the pressure was unable to hold through the rest of the morning. September was the only contract to settle higher up .22 at 222.85, but October was down .62 at 227.12.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 4432 head on Tuesday. Compared to two weeks ago feeder steers and heifers trended 10.00 to 15.00 higher with spots of fully 20.00 higher. Demand was very good on a heavy supply, including several multi-pot loads of yearling steers. Feeder steers, medium and large 1 averaging 828 pounds averaged 219.20 per hundredweight. Heifers averaging 521 pounds traded at 251.96.
Lean hogs settled 132 points higher to .75 lower. Sharp losses held in February through June for much of the session. Traders continue to be concerned about sustaining domestic support not only through the rest of the year but well into 2015. Moderate support pushed nearby contracts off session lows. Trading was light through the session. October settled 1.32 higher at 107.10 and December was up .40 at 98.65.

There was moderate hog market activity and demand on Wednesday. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.79 higher with a weighted average of 103.01 on a carcass basis, the West was up 1.72 at 101.21, and the East was not reported due to confidentiality. Missouri direct base carcass meat price closed steady to 1.00 higher from 87.00 to 94.00. Midwest hogs were steady with an instance of 4.00 to 5.00 higher from 60.00 to 70.00.

The pork carcass cutout value was .87 higher at 106.15 FOB plant. All cuts were higher with the exception of the butts.

The Wednesday hog kill was estimated at 413,000 head, 3,000 less than last week and 5,000 greater than last year.

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