Closing Grain & Livestock Futures
Dec. corn closed at $3.45, up 2 cents
Jan. soybeans closed at $9.90, down 1/2 cent
Dec. soybean meal closed at $319.80, up $1.60
Dec. soybean oil closed at 33.95, down 49 points
Dec. wheat closed at $4.22, down 5 and 1/4 cents
Dec. live cattle closed at $117.10, down $1.75
Dec. lean hogs closed at $62.02, up $1.37
Dec. crude oil closed at $56.09, down 46 cents
Dec. cotton closed at 71.37, up 159 points
Jan. rice closed at $12.37 and 1/2, up 9 cents
Dec. Class III milk closed at $15.40, up 13 cents
Dec. gold closed at $1,275.30, down $21.20
Dow Jones Industrial Average closed at 23,430.33, up 72.09 points
Grain & Oilseed Market Briefs
Corn up, soybeans mixed to start short week
Soybeans were mixed, mostly fractionally lower. With most forecasts calling for a warm, dry week in many areas, harvest should be very close to wrapping up soon. Corn was modestly higher on commercial and technical buying. Corn was also watching U.S. harvest conditions and planting weather in South America. The wheat complex was lower on fund and technical selling. The fundamentals remain bearish, especially on the global supply side of the market, but losses were limited by good commercial demand.
Livestock Market Briefs
Cattle pressured by on feed numbers
At the Chicago Mercantile Exchange, cattle futures closed sharply lower following Friday’s Cattle on Feed report, which confirmed big placements and increased marketings. Direct cash cattle trade is quiet following the distribution of new showlists – which is pretty typical for a Monday. Boxed beef closed lower on Choice and steady on Select on light to moderate demand and moderate offerings. Lean hog futures closed sharply higher on strong support from the wholesale value at midday and short covering. Cash hogs closed lower. Barrows and gilts at the Iowa/Southern Minnesota closed $1.04 lower with a range of $54.00 to $58.25 and an average of $56.31; the Western Corn Belt closed $.65 lower with a range of $51.00 to $58.25 and an average of $56.37; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct was $.50 lower with a range of $51.00 to $58.25 and an average of $56.46.
96% of U.S. soybeans, 90% of corn harvested
The end is in sight for the 2017 U.S. corn and soybean crops.
Feeding the Economy study shows $6.7-trillion impact
Twenty-two food and ag groups have commissioned a study which finds the economic contributions from the food industry were more than 20% of the overall U.S. economy this year – totaling more than $6 trillion.
Monsanto amends lawsuit against Ark. Plant Board
Monsanto says it has amended its lawsuit, originally filed in September, against the Arkansas Plant Board.
Midwestern states hard hit by NAFTA withdraw
The U.S. Chamber of Commerce says Midwestern ag states are some of the most at risk if the U.S. was to withdraw from the North American Free Trade Agreement.
National Grain and Feed Association on NAFTA
The National Grain and Feed Association is urging U.S. officials to preserve market access for the U.S. grain and oilseed supply when renegotiating the North American Free Trade Agreement (NAFTA).
Ethanol industry leader dismisses latest RFS attack
An ethanol industry leader is dismissing a study that says the federal Renewable Fuel Standard (RFS) has worsened climate change.
Audit uncovers weak points in Brazil meat inspections
A USDA audit of Brazil’s food safety system has revealed concerns about meat exported from that country.
DOT grants 90-day waiver for livestock haulers
The Department of Transportation has granted livestock haulers a 90-day waiver from requiring them to install or use Electronic Logging Devices (ELDs) in their trucks.
Farm Bill could be first big victory for 115th Congress
A senior policy official with the National Farmers Union says passing a new Farm Bill could be the first major win for the 115th Congress.
Export inspections remain slower than anticipated
The USDA reports grain and oilseed export inspections as of the week ending November 16th remain behind what’s needed to meet USDA projections for the 2017/18 marketing year.
Dairy markets mixed Monday
Dairy markets began the holiday-shortened week with mixed trade on the Chicago Mercantile Exchange.
Indiana corn, soybean harvest behind usual pace
Rainfall continues to delay harvest progress this week.
Indiana State Poultry Association helps Hoosiers in need
The Indiana State Poultry Association has donated poultry products to Hoosiers in need the week of Thanksgiving for the last 70 years.
Michigan harvest coming to an end
Rain and snow has brought much of Michigan’s harvest to a halt.
Farm Bureau rallies around hope for NAFTA
Minnesota Farm Bureau members are rallying around the hope no harm is done to agriculture as the renegotiation of NAFTA continues.
FSA connecting new farmers with free business mentorship
A Farm Service Agency (FSA) outreach coordinator in Minnesota wants beginning farmers and ranchers to know free business mentorship is available.
Nebraska initiative focuses on livestock expansion
Livestock industry expansion is the focus of a new program in Nebraska.
Harvest progress delayed as rain moves through Ohio
Harvest progress continues to be delayed as heavy rainfall moves through Ohio.
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