Closing Grain & Livestock Futures
Dec. corn closed at $3.50 and 1/4, up 1/4 cent
Nov. soybeans closed at $9.70 and 3/4, up 3/4 cent
Oct. soybean meal closed at $309.00, up $2.70
Oct. soybean oil closed at 34.10, down 57 points
Dec. wheat closed at $4.52 and 1/2, up 2 and 3/4 cents
Oct. live cattle closed at $110.10, down 85 cents
Oct. lean hogs closed at $57.32, down $1.32
Nov. crude oil closed at $50.55, down 14 cents
Dec. cotton closed at 68.25, down 100 points
Nov. rice closed at $12.71, down 9 and 1/2 cents
Oct. Class III milk closed at $16.02, up 11 cents
Oct. gold closed at $1,290.60, down $21.90
Dow Jones Industrial Average closed at 22,359.23, down 53.36 points
Grain & Oilseed Market Briefs
Wheat supported by commercial demand
Soybeans were fractionally higher on short covering and technical buying, holding near multi-week highs in pretty quiet trade. The trade’s watching late development and early harvest weather, which looks generally non-threatening. Corn was fractionally higher on short covering and technical buying, holding above last month’s lows, also in pretty quiet trade. Corn’s also watching the weather in the Midwest and Plains, with an eye towards the USDA’s October supply and demand report. The wheat complex was higher on commercial and technical buying. The overall supply outlook remains bearish, but there is that commercial interest near these price levels, with wheat seen as a good value.
Livestock Market Briefs
Cattle futures continue to wait for direction from cash market
At the Chicago Mercantile Exchange, live cattle futures closed mostly lower as it continues to wait for direction from the cash market and on profit-taking after Wednesday big move. Direct cash cattle trade has been untested with both bids and asking prices remaining poorly defined. Boxed beef cutout closed weak on light to moderate demand and moderate offerings. At the Chicago Mercantile Exchange, lean hogs closed sharply lower today on pressure from declining cash and wholesale pork values. Cash hogs closed lower. Barrows and gilts at the Iowa/Southern Minnesota closed $.85 lower with a range of $45.00 to $51.50 and an average of $49.43; the Western Corn Belt closed $.83 lower with a range of $45.00 to $51.50 and an average of $49.46; the Eastern Corn Belt had no comparison but a range of $45.50 to $49.25 and an average of $48.69; the National Daily Direct closed $1.12 lower with a range of $45.00 to $51.50 and an average of $49.09.
Arkansas producers sign petition opposing dicamba cut-off
More than 300 Arkansas farmers have signed a petition in opposition to a proposed April 15th cutoff date for dicamba application next year in Arkansas.
NAFTA third round talks open Saturday
The third round of North American Free Trade Agreement renegotiations begins in Canada in a couple of days.
CREAATE Act would support foreign ag trade programs
The American Soybean Association (ASA) strongly supports legislation that would double funding for two programs they say help make U.S. ag products priorities to other countries.
AFBF: Cash rents assessment
Cash rents are starting to come down on non-irrigated U.S. crop land – after record highs in 2015.
‘Plant-based burgers’ gain wider distribution
So-called “plant-based burgers” are gaining wider distribution.
New high for August red meat production
U.S. red meat production hit a new monthly record high in August.
Canada’s cattle herd shrinking, hog herd expanding
Canada’s cattle herd could be the smallest in 28 years, but its pork sector is poised to set export records.
Big week for soybean export sales
The UDSA reports soybean export sales for the week ending September 14th were above pre-report estimates, while corn was below most expectations and wheat and soybean products fell with their respective anticipated ranges.
OCM critical of USDA’s lack of dairy checkoff reports
A marketing watchdog group claims the USDA has failed to properly oversee the dairy checkoff program.
Milk futures higher, cash cheese mixed
Class III milk futures at the Chicago Mercantile Exchange continued to bounce off the recent lows.
Michigan apple growers find labor through H2A
More Michigan apple growers are turning to the H2A program to secure harvest labor.
Minnesota soybean yields expected down vs 2016
An agronomist in southwest Minnesota expects soybean yields to be lower than a year ago.
Taiwan letters of intent signed with Missouri Ag Department
Missouri’s Secretary of State Jay Ashcroft and Agriculture Director Chris Chinn signed letters of intent with Taiwan today for that country’s purchase of Missouri soybeans, corn and DDGs.
First group of Chinese beef buyers visits Nebraska
The first group of Chinese beef buyers to visit the U.S. since the reopening of the Chinese beef market has been in Nebraska this week.
Farmers face harvest delays, varying yields
Harvest is underway, but a challenging growing season has many farmers in Ohio behind schedule.
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