Closing Grain & Livestock Futures
Dec. corn closed at $3.36 and 1/2, down 3 and 1/2 cents
Jan. soybeans closed at $9.82 and 1/2, down 7 and 1/4 cents
Dec. soybean meal closed at $326.00, down $4.00
Dec. soybean oil closed at 33.40, down 14 points
Dec. wheat closed at $3.87 and 3/4, down 4 and 1/4 cents
Dec. live cattle closed at $115.17, down 40 cents
Dec. lean hogs closed at $63.60, down 7 cents
Jan. crude oil closed at $57.99, up 63 cents
Mar. cotton closed at 73.00, down 72 points
Jan. rice closed at $12.22, up 15 and 1/2 cents
Dec. Class III milk closed at $15.61, up 1 cent
Dec. gold closed at $1,243.70, down $1.50
Dow Jones Industrial Average closed at 24,386.03, up 56.87 points
Grain & Oilseed Market Briefs
Corn, soybeans, wheat down ahead of USDA numbers
Soybeans were modestly lower on fund and technical selling. Weekend rainfall totals in South America were mixed, generally good in central Brazil, scattered in southern Brazil, and mostly dry for Argentina. Corn was modestly lower on fund and technical selling, with March ending the day just above its’ contract low. Corn was also watching South America and while there are concerns about dry conditions in some areas, it’s early in their growing season. The wheat complex was lower on fund and technical selling, with March Chicago notching another new low for the move. Chicago and Kansas City led the way down on supply pressure and dry conditions in parts of the U.S. Plains probably won’t be an issue until spring.
Livestock Market Briefs
Increased production concerns pressure lean hog futures
At the Chicago Mercantile Exchange, cattle futures ended the day mostly lower on technical selling and last week’s disappointing cash business. Direct cash cattle trade is quiet. Boxed beef closed weak on light to moderate demand and offerings. Lean hog futures fell again today on heavy selling and contracts premium to cash. Cash hogs ended the day steady to lower. Barrows and gilts at the Iowa/Southern Minnesota closed $.49 lower with a range of $52.00 to $59.00 and a weighted average of $58.81; the Western Corn Belt closed $.29 lower with a range of $52.00 to $59.00 and a weighted average of $58.81; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.07 lower with a range of $52.00 to $59.20 and a weighted average of $58.92.
EU could issue objection of Bayer, Monsanto merger
The European Union will reportedly release a statement of objections against Bayer’s acquisition of Monsanto this week.
Perdue optimistic NAFTA deal will get done
It’s been a bumpy road so far for the NAFTA negotiations, but U.S. ag secretary Sonny Perdue is optimistic the three sides will eventually reach agreement.
Farmers Union warns tax cuts will impact farm program funding
As Congressional Republicans push to finalize a massive package of corporate and individual tax cuts, two Farmers Union leaders are warning of possible dire consequences for future farm program funding.
Grassley: large farms shouldn’t get unlimited funds
A USDA report shows that federal commodity program payments have shifted to favor larger farms with higher incomes as farms continue to consolidate.
Ten bushel corn and the need for crop insurance
A crop insurance manager says the industry is preparing for more challenges to crop insurance in the next farm bill.
Increased packing capacity helps pork industry grow
The vice president of pork analytics for EMI Analytics says the pork industry continues to grow at a steady pace with the help of increased packing capacity.
The pork industry tackles antibiotics
Consumers continue to have questions about antibiotic use in meat production and pork producers are working to answer those questions.
Survey finds farmers prefer in-person advice to online help
A University of Illinois study says farmers still prefer face-to-face advice over online tools.
Slow pace of export inspections continues
The USDA reports that as of the week ending December 7th, corn, soybean, and wheat export inspections for the 2017/18 marketing year remain behind the respective paces for 2016/17, primarily because of an increase in competition for sales.
2018 MPP sign-up deadline approaching
The deadline to sign up for the Dairy Margin Protection Program is Friday, December 15th.
World Dairy Expo names 2018 cattle judges
World Dairy Expo is still 10 months away, but the livestock judges have already been selected.
Dairy markets fall again Monday
Dairy prices were mostly lower again Monday on the Chicago Mercantile Exchange.
Crouch: Kettler will help grow Indiana ag
The Indiana Lt. Governor says Bruce Kettler stood out from a long list of contenders for Indiana’s new director of agriculture.
Farmers face challenge of growing more food, improving soil health
Indiana State Conservationist Jane Hardisty says soil health is necessary to continue feeding a growing population.
Indiana Farm Bureau recognizes young farmers
Indiana Farm Bureau has named its three Young Farmer award winners.
Michigan Farm Bureau makes policy updates
Michigan Farm Bureau delegates plan to emphasize the importance of strong dairy policy at the upcoming American Farm Bureau Federation annual meeting next month.
Missouri finalizes Xtendimax/Fexapan labels
The Missouri Department of Agriculture has finalized use restrictions for the two other dicamba herbicide products for 2018, following its restrictions for BASF’s Engenia, announced last month.
Nebraska property tax relief proposal gains ag support
A proposal to use income tax credits as a means of delivering property tax relief in Nebraska is gaining traction with some of the state’s ag groups.
Farmer has record yields
A southwest Ohio farmer says his yields are better-than-average despite the challenging growing season.
South Dakota soybean yield champ pays close attention to whole farm
Results in the 2017 South Dakota Soybean Yield Contest reflect the challenges of the state’s growing season.
Wisconsin’s Veterans in Agriculture program needs user input
Wisconsin’s Veterans in Ag bill has been signed into law, but one of its authors says veterans can now help shape the final program.
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