Friday's Closing Grain & Livestock Futures Prices
May corn closed at $4.94, down 9 and 1/4 cents
May soybeans closed at $14.80 and 3/4, up 7 and 1/4 cents
May soybean meal closed at $491.20, up $4.50
May soybean oil closed at 41.29, up 37 points
May wheat closed at $7.07 and 3/4, up 9 cents
Jun. live cattle closed at $138.05, down $1.20
Jun. lean hogs closed at $122.22, down 57 cents
Jun. crude oil closed at $99.76, up 34 cents
Jul. cotton closed at 94.32, up 12 points
May Class III milk closed at $22.75, down 10 cents
Jun. gold closed at $1,302.90, up $19.50
Dow Jones Industrial Average: 16,512.89, down 45.98 points
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Market News Review
Soybeans were mixed on old crop/new crop spread trade. The near term supply remains tight and demand is solid, but there was no real fresh news. New crop’s watching the corn planting pace over the next few days. Soybean meal was mixed with nearbys up and deferreds down, while bean oil was up, following crude oil. Informa Economics estimates Brazil’s soybean crop at 87.4 million tons and sees Argentina at 54 million.
Corn was lower on fund and technical selling. The trade expects some solid planting progress over the next few days, with warmer temperatures and less rainfall. Demand is good with unknown buying 101,600 tons of old crop U.S. corn. Ethanol futures were lower. Informa Economics expects Brazil’s corn crop to be 70.5 million tons and Argentina is estimated at 23.3 million.
The wheat complex was higher on fund and speculative buying. Kansas City led the way up on forecasts for more dry, hot, and windy weather in the Southern Plains next week. Kansas’ wheat crop is expected to be the smallest since 1996 and Oklahoma has also taken a big hit. Informa Economics projects U.S. winter wheat production at 1.496 billion bushels. Minneapolis was up on the spring planting delays and Chicago followed the other pits. Saudi Arabia is tendering for 550,000 tons of wheat and Egypt is in the market for an unspecified amount of wheat. Israel bought 60,000 tons of feed wheat.
USDA Mandatory reports the cash cattle trade and demand was moderate in the Southern Plains on Friday afternoon. Compared to last week in the Texas Panhandle live sales sold mostly 1.00 higher, while Kansas sales were steady at 146.00. In Nebraska the trade was light on moderate demand with a few early dressed sales 3.00 higher selling from 237.00 to 238.00. A few dressed sales sold in Iowa at 238.00. The weekly cattle kill was estimated at 608,000 head, 23,000 more than last week, but 14,000 below 2013.
Boxed beef cutout values were sharply lower on light to moderate demand and moderate to heavy offerings. Choice beef was down 1.96 at 228.38, select at 217.47 was down 3.51.
Chicago Mercantile Exchange live cattle contracts settled mixed in a very choppy session. Lower to sharply lower boxed beef values at midday and a lack of significant cash cattle trade weighed on futures. June settled 1.20 lower at 138.05, and August was down 1.22 at 137.35.
Feeder cattle also ended mixed after once again setting contract highs. The May contracts held on to losses after traders tried to transition out of the contract and into August or September. May settled .45 lower at 183.50 and August was down .15 at 180.32.
Feeder cattle receipts at Missouri auctions this week totaled 28,440 head. Compared to last week, feeder steers and heifers were 3.00 to 10.00 higher. Demand was good to very good and the supply was moderate. A mostly wash out week in many areas of the state had the auction seats full and tractors waiting idle. Missouri auctions are quality entertainment these days, as wide-eyes watch as top prices are achieved or sustained. Feeder steers medium and large 1, 1044 head weighing 522 pounds traded at 225.93 per hundredweight. 721 heifers with an average weight of 521 pounds brought 202.34.
Lean hogs settled mostly lower as light to moderate pressure held in the nearby contracts as traders remained concerned about the ability to sell pork at the current prices at the same time as increasing demand. Light to moderate support was seen in late 2014 and early 2015 contracts, where prices are at a significant discount to nearby contract months. May settled .15 lower at 117.22 and June was down .57 at 122.22.
Barrows and gilts in the Iowa/Minnesota direct trade closed .46 lower at 112.33 weighted average on a carcass basis. Western direct trade hogs were down .12 at 112.19. In the East the market was not reported due to confidentiality. Missouri direct base carcass meat price was steady at 102.00. Hogs at Midwest markets on a live basis closed steady from 74.00 to 86.00.
Feeder pig receipts nationally this last week totaled 64,115 head. Early weaned pigs and all feeder pigs were steady to weak. Demand was light to moderate for moderate offerings. 10 to 12 pound early weaned pigs traded from 64.00 to 90.00 on a per head basis. 40 pound pigs brought 120.00 to 140.00 per head.
The pork carcass cutout value was up .19 at 113.97 FOB plant.
The weekly hog kill was estimated at 2,019,000 head, 20,000 head more than last week, but 72,000 less than last year.
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