Wednesday, May 22, 2013
Closing Grain and Livestock Futures
Jul. corn closed at $6.58 and 1/2, up 18 and 1/2 cents
Jul. soybeans closed at $14.94 and 1/4, up 16 cents
Jul. soybean meal closed at $440.60, up $1.90
Jul. soybean oil closed at 49.64, up 16 points
Jul. wheat closed at $6.88 and 1/2, up 8 cents
Jun. live cattle closed at $120.00, down $1.10
Jun. lean hogs closed at $94.55, up $2.15
Jul. crude oil closed at $94.28, down $1.90
Jul. cotton closed at 83.42, down 44 points
Jun. Class III milk closed at $18.10, up 4 cents
Jun. gold closed at $1,367.40, down $10.20
Dow Jones Industrial Average: 15,307.17, down 80.41 points
Grain & Oilseed Market Briefs
Solid session for grains and oilseeds
Soybeans were higher on commercial and technical buying. The near term supply remains tight, there’s plenty of commercial interest, and China continues to be very interested in beans. Corn was higher on technical and commercial buying. China bought 360,000 tons of corn and unknown destinations picked up 180,000 tons, both U.S. origin for new crop delivery. The wheat complex was mostly higher on speculative and technical buying. There’s some rain in the forecast for the hard red winter crop, but the longer term outlooks show more hot and dry weather on the way.
Direct trade hogs close sharply lower
DTN reports a light cattle trade was evident in parts of Texas on Wednesday afternoon with live sales 1.00 lower than last week at 124.00. Boxed beef cutout values were firm on the choice while weak on the select on light to moderate demand and offerings. Chicago Mercantile Exchange live cattle contracts settled 85 to 115 points lower. Lean hogs settled 27 to 215 points higher as moderate to strong support redeveloped through the lean pit despite the lack of momentum early in the session. There was slow market activity with light demand in the cash hogs on Wednesday afternoon. The pork carcass cutout value FOB plant was up .65 at 94.34 in the afternoon mandatory report on a negotiated basis.
Five-year Farm Bill is a necessity
The full Senate began debate on the Farm Bill earlier this week.
Hog producer informs restaurant leaders
A Midwest hog farmer met with a group of restaurant executives in Arizona recently to answer their questions about modern farming practices.
Monsanto’s 2013 Farm Mom of the Year
Betty Rosson keeps the book at her family’s farm and cattle ranch in Virginia and she is this year’s Monsanto Farm Mom of the Year.
American Lamb Board nominations
Nominations to fill two-producer director positions for the American Lamb Board (ALB) are being accepted.
Pork, chicken supplies larger than expected
According to USDA, the supplies of red meat and poultry at the end of April were up on the month and year, with pork and chicken both topping pre-report estimates.
A little more cheese in the coolers
Total cheese in cold storage at the end of April 1.012 billion pounds up 1 percent from the end of March and 4 percent more than a year ago.
High wind hits Stark County, Illinois, some damage in town
An estimated 70-80 mph straight-line wind hit Bradford, in Stark County, Monday evening.
The Indy 500′s Fastest Rookie
The American Dairy Association of Indiana started the tradition of honoring the Fastest Rookie 39 years ago.
Herbicide resistance management is focus of Iowa initiative
The Iowa Soybean Association (ISA) is launching a new initiative to increase awareness of herbicide resistance in weeds—and what farmers should be doing about it.
Few growing degree days limit hay growth
It’s nearing hay season, but there’s some concern in Missouri about how productive the first cutting will be.
MU specialist: stick with corn maturity plan
University of Missouri corn specialist Brent Myers suggests that corn growers stick with the corn hybrid maturities they had planned on rather than switching to earlier season varieties through the end of the month.
Crop planted in two weeks
For Neall Weber who farms just west of Columbus, near Hilliard (Ohio) spring planting has been quick.
Cong. Gibbs named ‘Soy Champion’
The American Soybean Association (ASA) has presented Ohio 7th District Congressman Bob Gibbs with the organization’s ‘Soy Champion Award.’
Wisconsin conservation funds restored
The Wisconsin State Legislature’s Joint Finance Committee has voted to restore funding for County Conservation staff.
Fieldwork slows across much of the Corn Belt
On the Plains, recovery efforts continue in the wake of the tragic tornado in Moore, Oklahoma.
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