Monday, October 20, 2014
Closing Grain and Livestock Futures
Dec. corn closed at $3.48 and 1/4, up 1/4 cent
Nov. soybeans closed at $9.44 and 1/4, down 7 and 1/2 cents
Dec. soybean meal closed at $329.40, down $1.10
Dec. soybean oil closed at 31.70, down 32 points
Dec. wheat closed at $5.13 and 1/2, down 2 and 1/2 cents
Oct. live cattle closed at $167.90, down $2.85
Dec. lean hogs closed at $89.15, down $1.42
Nov. crude oil closed at $82.71, down 4 cents
Dec. cotton closed at 62.29, down 71 points
Oct. Class III milk closed at $23.99, up 3 cents
Oct. gold closed at $1,244.00, up $5.70
Dow Jones Industrial Average: 16,399.67, up 19.26 points
Grain & Oilseed Market Briefs
Corn sees late bounce
Soybeans were lower on fund and technical selling. Weather forecasts this week look conducive for harvest activity and producers should make solid progress. Corn was higher on light technical and commercial buying. Corn’s also watching the weather and expecting excellent harvest progress in the next week or so, but contracts are seeing new demand around current levels. The wheat complex was mixed in consolidation trade and the late bounce in corn. A faster harvest pace in the Eastern Midwest should lead to better winter wheat planting progress.
Livestock Market Briefs
Cattle futures start the week with a bang
The distribution of this week’s cattle showlists is complete and the offering appears to be somewhat smaller than last week. Boxed beef cutout values were firm on light to moderate demand and light offerings. Chicago Mercantile Exchange live cattle contracts settled 150 to 297 points higher. Lean hogs settled unchanged to 1.42 points lower. Barrows and gilts in the Iowa/Minnesota direct trade closed .86 lower at 97.33 weighted average on a carcass basis, the West was down .84 at 97.27, and the East was .87 lower at 97.03. The pork carcass cutout value was 4.55 lower at 106.46 FOB plant.
WTO COOL decision doesn’t favor U.S.
The World Trade Organization has ruled that the U.S. has not done enough to change its meat labeling rules in light of the WTO’s decision on Country of Origin Labeling (COOL) complaints brought by Canada and Mexico.
U.S. harvest progress trails average
This year’s U.S. corn and soybean crops are in great shape, but late development and harvest progress remain slower than average.
Markets may not have seen the lows yet
As harvest moved into full swing, Purdue ag economist Chris Hurt says it looked as if there was additional pressure on commodity markets.
NCBA launches petition drive against checkoff proposal
The National Cattlemen’s Beef Association (NCBA) is encouraging producers to sign an online petition opposing Secretary of Agriculture Tom Vilsack’s proposal for a second national beef checkoff.
U.S. milk production up 4% in September
Milk production in the United States in September totaled nearly 16.4 billion pounds up 4 percent from September of last year, the biggest year-over-year increase of 2014.
Solid week for corn, soybean inspections
USDA reports corn and soybean export inspections for the week ending October 16 were above what’s needed weekly to meet USDA projections for the 2014/15 marketing year, while wheat was short of its mark.
Butter gains 1.5 cents
After falling 80.5 cents last week, cash butter gained a penny-and-a-half on the Chicago Mercantile Exchange on Monday.
New tool measures crop yield gaps worldwide
Sub-Saharan Africa has the world’s largest gap in farm yields—70 to 90 percent below their potential—according to a new research tool unveiled at the Global Water for Food Conference in Seattle.
Weather continues to prolong harvest
Frequent rainfalls halted harvest progress for much of the state last week.
Nebraska’s governor encourages E85 use
Nebraska Governor Dave Heineman is encouraging Nebraskans to use E85—the blend of 85 percent ethanol and 15 percent unleaded gasoline—the next time they fill up with a flex fuel vehicle.
Ohio farmers waiting for soils to dry
Continued wet conditions around Ohio have farmers waiting for soils to dry before fieldwork can resume.
Too wet in most Wisconsin fields last week
Not a lot of progress in Wisconsin fields last week after heavy rains swept across the Badger State dropping 1-to-2.5 inches the first few days.
A mild, largely dry pattern ahead
Heavy showers associated with Tropical Storm Ana will linger Monday across the western Hawaiian Islands.
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