Closing Grain & Livestock Futures
May corn closed at $3.57 and 3/4, up 2 cents
May soybeans closed at $9.72, up 1/2 cent
May soybean meal closed at $315.30, unchanged
May soybean oil closed at 32.47, up 18 points
May wheat closed at $4.24 and 1/2, up 3 and 3/4 cents
Apr. live cattle closed at $120.77, down 30 cents
Apr. lean hogs closed at $65.10, down 55 cents
May crude oil closed at $48.37, up 64 cents
May cotton closed at 76.88, down 6 points
May rice closed at $9.75 and 1/2, down 5 cents
Apr. Class III milk closed at $15.16, up 16 cents
Apr. gold closed at $1,255.60, down 10 cents
Dow Jones Industrial Average closed at 20,701.50, up 150.52 points
Grain & Oilseed Market Briefs
Corn, soybeans both see slight recovery
Soybeans were firm on commercial and technical buying, posting a slight oversold bounce. Brazil’s harvest is about 70% complete with generally good conditions in the near term forecast. Corn was modestly higher on commercial and technical buying. Corn saw a slight bounce after its recent move to new lows for the year. The wheat complex was modestly higher on commercial and technical buying. Winter wheat condition ratings declined in many of the biggest U.S. production states.
Livestock Market Briefs
Cattle futures close higher
Bids and asking prices in cattle country are very difficult to find on Tuesday. Boxed beef cutout values were weak on light to moderate demand and offerings. Chicago Mercantile Exchange live cattle contracts settled .15 to .47 higher with only the April contract lower by .30. Lean hogs settled .55 to 1.07 lower. Barrows and gilts in the Iowa/Minnesota direct trade closed .62 lower at 63.21 weighted average on a carcass basis, the West was down .60 at 63.17, and nationally the market was .39 lower at 63.31. The pork carcass cutout value is down 1.51 at 77.61 FOB plant.
Senate Ag Chairman announces Committee vote for USDA Secretary nominee
The Senate Ag Committee will vote on the USDA Secretary Nominee on Wednesday.
Senator calls for USDA voice on Presidential drug commission
A member of the Senate Ag Committee says a new Trump Administration commission that will address rising opioid addiction should include the Secretary of Agriculture.
Democrat lawmakers want more oversight of animal antibiotics
A report by the Government Accountability Office says more information is needed to deal with gaps in oversight on antibiotic use in food animals.
Corn, soybean leaders testify on commodity programs
Leaders of national commodity organizations addressed federal risk management tools during testimony before a House Ag Subcommittee hearing on the next Farm Bill Tuesday.
NAWG calls for tweaks to federal safety net programs
The president of the National Association of Wheat Growers (NAWG) says current federal commodity support programs must be tweaked before reauthorization in the next Farm Bill.
Singapore to move toward TPP ratification
Singapore is going forward with ratification of the Trans-Pacific Partnership.
Mexico considers granting duty-free access to South American corn
The president of the U.S. Grains Council says Mexico, the number one customer of U.S. corn, is considering offering duty-free access to Brazil and Argentina.
Brazil’s meat scandal fuels calls for U.S. import ban
Some U.S. lawmakers and farm groups are calling for a ban on imports of Brazilian beef in light of that country’s meatpacking scandal.
Analyst: Pork demand has never been better
A livestock analyst says the demand for U.S. pork has never been better.
Cargill faces backlash following Non-GMO verification tweet
Cargill received a storm of negative criticism after tweeting last week it had partnered with the Non-GMO Project to verify product ingredients.
Midwest crop conditions, weather vary
The USDA’s National Agricultural Statistics Service says crop conditions during March varied throughout the Midwest.
Seed treatments still pay off in Upper Midwest
An agronomist maintains seed treatments are still worth the investment for all farmers in wet, cool environments as margins remain tight.
Low-path H7 avian flu confirmed on Georgia poultry operation
Low pathogenic H7 avian influenza has been confirmed at a commercial poultry breeding operation in Georgia.
Retail prices drop to 50 year low
The USDA says grocery prices declined to a 50 year low last year.
Solar jobs triple since 2010
The National Census of Solar Jobs reports 20 percent year to year growth over the past four years in the U.S.
Milk futures higher, cash dairy mostly steady
Class III milk futures at the Chicago Mercantile Exchange followed through and built on Monday’s late gains.
Michigan honey productions inches up
Michigan honey production increased two percent in 2016 retaining its top spot as the eighth largest producer in the country.
WPS Farm Show underway
One of Wisconsin’s oldest farm shows is underway.
Beneficial rains build on the Great Plains
On the Plains, cooler weather accompanies an increase in clouds and precipitation.
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