Closing Grain & Livestock Futures
Dec. corn closed at $3.44 and 1/2, down 4 and 1/2 cents
Nov. soybeans closed at $9.78 and 3/4, down 7 and 3/4 cents
Oct. soybean meal closed at $317.10, down $4.30
Dec. soybean oil closed at 34.16, up 33 points
Dec. wheat closed at $4.26, down 6 and 3/4 cents
Oct. live cattle closed at $111.67, up 47 cents
Dec. lean hogs closed at $64.85, up 60 cents
Nov. crude oil closed at $51.47, up 18 cents
Dec. cotton closed at 66.88, down 43 points
Nov. rice closed at $12.07 and 1/2, up 14 and 1/2 cents
Nov. Class III milk closed at $15.72, down 37 cents
Nov. gold closed at $1,278.60, down $9.50
Dow Jones Industrial Average closed at 23,328.63, up 165.59 points
Grain & Oilseed Market Briefs
Harvest pressure sends soybeans, corn lower
Soybeans were lower on fund and technical selling. The trade’s expecting good harvest progress ahead of new rain delays in parts of the Midwest and Plains. Corn was lower on fund and technical selling. Corn was also watching the weather and expecting generally good harvest progress in many areas. The wheat complex was lower on fund and technical selling. The fundamentals remain bearish, especially on the global supply side, but there’s commercial interest at these prices levels, limiting losses.
Livestock Market Briefs
Cattle futures up ahead of bearish Cattle on Feed report
At the Chicago Mercantile Exchange, live and feeder cattle futures traded both sides ahead of Friday’s Cattle on Feed numbers. Moderate cash cattle trade developed later in the day on Friday with Northern dressed deals at $174 to $175, steady with last week’s weighted average basis in Nebraska. Boxed beef closed steady with a firm undertone on moderate demand and light offerings. At the Chicago Mercantile Exchange, lean hogs finished Friday with modest gains. Cash hogs closed higher. Barrows and gilts at the Iowa/Southern Minnesota closed $1.00 higher with a range of $60.00 to $66.50 and an average of $65.21; the Western Corn Belt closed $.90 higher with a range $60.00 to $66.50 and an average of $64.98; the Eastern Corn Belt was not reported due to confidentiality; the National Daily Direct is $.88 higher with a range of $60.00 to $66.50 and an average of $64.37.
RFA head hopes Pruitt ‘learned a lesson’ on RFS
The head of the Renewable Fuels Association, Bob Dinneen, says he hopes EPA administrator Scott Pruitt has “learned a lesson” when it comes to the Renewable Fuel Standard.
EPA backs off on proposed RFS changes
EPA administrator Scott Pruitt told farm state senators in a letter sent last night that his agency is abandoning proposed changes to the Renewable Fuel Standard (RFS).
Monsanto files complaint against Arkansas Plant Board
Monsanto says it filed a complaint Friday in court about the Arkansas Plant Board’s rejection of Monsanto’s petition to stop that state’s ban on the company’s XtendiMax dicamba herbicide for 2018.
NMPF confirms Canadian dairy policy was part of NAFTA discussion
The National Milk Producers Federation confirms the Canadian dairy policies were brought up during this week’s 4th round of NAFTA renegotiations.
U.S. Wheat Associates to close Cairo office
U.S. Wheat Associates will close its Cairo, Egypt office December 1.
POET “breakthrough” in cellulosic ethanol production
The nation’s largest ethanol producer says it’s made a breakthrough in cellulosic ethanol production.
Interactive dairy education comes to classrooms
The National Dairy Council has teamed up with Discovery Education to help K-12 students learn about dairy farming.
Cattle placements up again
The USDA says producers continued their aggressive placement on cattle onto feed during September 2017.
September milk production up 1.2% on year
Milk production during September 2017 in the top 23 U.S. states 16.175 billion pounds, up 1.2% from September 2016.
Milk futures, cash dairy lower
Class III milk futures at the Chicago Mercantile Exchange were lower ahead of the USDA’s monthly milk production report.
Illinois farmer says yields surprisingly good
A west-central Illinois farmer is about half done with harvest and says his yields are good, “We’re pleasantly surprised. I wasn’t sure we were going to have the kind of yields that we’re pulling out. But, it’s been a pleasant surprise.”
Parson to launch “Buy Missouri” in fly-around
Lieutenant Governor Mike Parson launches a new statewide program next week called “Buy Missouri”.
Dairy Business Association settles court battle with WI Department of Natural Resources
A settlement has been reached in a lawsuit between the Dairy Business Association and the Wisconsin Department of Natural Resources.
Wisconsin waives 5-year Johne’s Disease vaccination recertification
Wisconsin veterinarians already certified to administer Johne’s Disease vaccinations no longer need recertification every five years.
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