Friday, October 24, 2014
Closing Grain and Livestock Futures
Dec. corn closed at $3.53, down 6 and 3/4 cents
Nov. soybeans closed at $9.77 and 1/2, down 15 and 3/4 cents
Dec. soybean meal closed at $350.20, down $2.20
Dec. soybean oil closed at 32.39, down 28 points
Dec. wheat closed at $5.17 and 3/4, down 9 cents
Oct. live cattle closed at $168.25, down 80 cents
Dec. lean hogs closed at $90.25, up $1.52
Nov. crude oil closed at $81.01, down $1.08
Dec. cotton closed at 63.81, up 77 points
Nov. Class III milk closed at $20.79, down 22 cents
Nov. gold closed at $1,231.30, up $2.70
Dow Jones Industrial Average: 16,805.41, up 127.51 points
Grain & Oilseed Market Briefs
Soybeans, corn down, expecting good harvest progress
Soybeans were lower on fund and technical selling. The trade’s expecting good harvest progress thanks to warm, dry weather across most of the region. Corn was lower on fund and technical selling. Unknown bought 101,600 tons of 2014/15 U.S. corn and there is solid commercial demand with prices at a good relative value. The wheat complex was lower on fund and technical selling. The fundamentals remain bearish, with a large global supply and expected record world crop.
Livestock Market Briefs
Beef and pork values close lower
Cattle country was relatively quiet on Friday afternoon following a light trade in the North in the morning, with dressed deals marked steady to $1.00 higher than Thursday from 265.00 to 266.00, live sales at 170.00. Boxed beef cutout values were lower on moderate demand and moderate to heavy offerings. Chicago Mercantile Exchange live cattle contracts settled 80 to 230 points lower. Lean hogs settled .25 lower to 1.25 higher. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.70 lower at 89.17 weighted average on a carcass basis, the West was down 1.47 at 89.13, and the East was not reported due to confidentiality. The pork carcass cutout value FOB plant was 2.29 lower at 98.25.
Cattle placements up 1%
USDA’s cattle on feed numbers came out close to pre-report expectations and, as expected, showed an increase in placements.
Good times for eggs
The egg has bounced-back.
Food trends for 2015
Sterling Rice Group, a Colorado-based consulting company for the food industry has released their Top 10 Trends “that will inspire the food industry in 2015”.
L.A. officials seek to establish ‘GMO-free zone’
The Los Angeles city council has asked the city attorney to draft a proposal banning the sale and planting of any genetically modified seeds with the L.A. city limits.
Kansas cellulosic plant will use variety of feedstocks
Last week, Abengoa Bioenergy officially opened its new cellulosic ethanol plant in Hugoton, Kansas.
Dairy markets continue to slide
A “down” day to finish a “down” week on the Chicago Mercantile dairy markets on Friday.
Bountiful Illinois harvest creates piles of corn
Millions of bushels of Illinois corn are already in temporary or emergency storage, and the harvest isn’t even half done.
Taiwanese trade team visits Indiana
Representatives of the Taiwan grain industry are in Indiana this week to see Indiana agriculture first hand.
Harvest delays apparent
Across the Corn Belt, cloudy, showery, chilly weather is hampering fieldwork in the lower Great Lakes region.
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