Friday, November 21, 2014
Closing Grain and Livestock Futures
Dec. corn closed at $3.72 and 3/4, down 1/2 cent
Jan. soybeans closed at $10.39, up 18 and 1/2 cents
Dec. soybean meal closed at $378.40, up $7.60
Dec. soybean oil closed at 32.69, up 2 points
Dec. wheat closed at $5.47 and 1/4, unchanged
Dec. live cattle closed at $170.90, up 65 cents
Dec. lean hogs closed at $90.65, down 12 cents
Jan. crude oil closed at $76.51, up 66 cents
Dec. cotton closed at 59.76, up 122 points
Dec. Class III milk closed at $18.92, up 23 cents
Dec. gold closed at $1,197.70, up $6.80
Dow Jones Industrial Average: 17,810.06, up 91.06 points
Grain & Oilseed Market Briefs
Soybeans manage solid finish
Soybeans were higher on fund and commercial buying. Contracts did struggle at points, but were able to post a solid end to the session. Corn was lower on fund and technical selling, running out of steam near the close. Unknown destinations bought 132,000 tons of 2014/15 U.S. corn, their second large buy this week, and ethanol demand continues to look strong. The wheat complex was narrowly mixed in consolidation trade. Chicago was steady to firm and continues to be in a short term uptrend, despite the bearish fundamentals.
Livestock Market Briefs
Cattle trade at higher prices
DTN reported a light cattle trade was evident in several areas on Friday afternoon. The boxed beef cutout values were steady on choice and lower on select on light demand and offerings. Chicago Mercantile Exchange live cattle contracts settled 12 to 110 points higher. Lean hog contracts settled 45 lower to 70 points higher with only the two front months in the red. Barrows and gilts in the Iowa/Minnesota direct trade closed.69 higher at 86.48 weighted average on a carcass basis, the West was .62 higher at 86.29, and the East was .05 higher at 84.07. The pork carcass cutout value was .23 lower at 93.39 FOB plant.
EPA abandons RFS rulemaking for 2014
The Environmental Protection Agency says it will not finalize the 2014 Renewable Volume Obligations (RVO) for the Renewable Fuels Standard (RFS) this year.
Corn Growers CEO: EPA decision good and bad news
The chief executive officer of the National Corn Growers Association says there is both good and bad news in the Environmental Protection Agency’s decision to put off finalizing ethanol blend volumes for the Renewable Fuels Standard.
President’s plan doesn’t address ag’s concerns
President Obama’s executive order on immigration does not include the guest worker program sought by the agriculture industry.
Agriculture needs to push Congress on immigration
Once the initial positioning and grandstanding dies-down, many in agriculture hope President Obama’s executive action on immigration will eventually lead to Congress taking action.
It’s a profitable time for pork producers
For pork producers that weren’t hit with the Porcine Epidemic Diarrhea virus, 2014 has been one of the most profitable years on record.
Analyst: Russian potash problems won’t have major impact
A fertilizer industry analyst says a flood at a Russian potash mine, which accounts for about three percent of global potash supply, shouldn’t have much impact on potash prices in the U.S.
GAO: Climate change impact on flood and crop ins.
A government report on the impact of climate change says increased losses in taxpayer-funded flood and crop insurance programs could be substantial in the coming decades.
Borlaug calls for changes in communication
New innovations and technologies are losing to the anti-science movement, says Julie Borlaug with the Borlaug Institute for International Agriculture.
Cooperative Network honors four
Cooperative Network recognized four individuals with the Cooperative Builder Award at the organization’s annual meeting in La Crosse this week.
Cattle placements down 1% on year
If there was any surprise in this latest set of cattle on feed numbers, one market analyst tells Brownfield it was in the placement category.
Red meat, poultry cold storage numbers decline
USDA’s monthly cold storage report shows smaller supplies of red meat on solid demand and a lower monthly slaughter rate.
Cheese and butter stocks decline
Cash cheese slipped a little more on the Chicago Mercantile Exchange on Friday.
Are farmland values set to decline?
Crop prices are at the lowest levels they’ve been in recent years.
Cover crops benefit soil health
Soil health is a vital component to sustainable farming.
Cooper Farms to provide Nat’l Thanksgiving Turkey
It’s been a tradition in recent years at Thanksgiving that the Chairman of the National Turkey Federation provides the turkey for the President.
Wisconsin farmer to lead U.S.F.R.A.
Nancy Kavazanjian of Beaver Dam, Wisconsin has been elected chair of the U.S. Farmers and Ranchers Alliance.
Winter-like pattern hold across the Corn Belt
Across the Corn Belt, snow squalls are subsiding downwind of the Great Lakes, but cold conditions persist throughout the region.
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