Tuesday, September 30, 2014

 

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Closing Grain and Livestock Futures
Dec. corn closed at $3.20 and 3/4, down 5 cents
Nov. soybeans closed at $9.13 and 1/4, down 10 and 1/4 cents
Oct. soybean meal closed at $304.60, down $3.50
Oct. soybean oil closed at 32.27, down 52 points
Dec. wheat closed at $4.77 and 3/4, down 3 and 1/2 cents
Oct. live cattle closed at $160.45, down 50 cents
Oct. lean hogs closed at $107.97, up 65 cents
Nov. crude oil closed at $91.16, down $3.41
Dec. cotton closed at 61.37, down 10 points
Oct. Class III milk closed at $24.06, up 7 cents
Oct. gold closed at $1,210.50, down $7.00
Dow Jones Industrial Average: 17,042.90, down 28.32 points

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Grain & Oilseed Market Briefs
Another down day for corn, soybeans, wheat

Soybeans were lower on fund and technical selling. Quarterly stocks were a lot smaller than expected at 92 million bushels, reflecting just how strong demand was last quarter. Corn was lower on fund and technical selling. Quarterly corn stocks were a little larger than expected and up 50% from this time last year. The wheat complex was lower on fund and technical selling, along with the higher dollar. All wheat and winter wheat production were both down on the year, pretty much as expected.

Livestock Market Briefs
Pork ends higher but beef was steady to weak

The cash cattle market remained untested with no bids evident. Boxed beef cutout values were steady to weak on moderate to fairly good demand and moderate to heavy offerings. Live cattle contracts on the Chicago Mercantile Exchange settled 37 to 100 points lower. There was an active hog market, with moderate demand. Lean hogs settled 20 to 117 points higher with only December lower. The pork carcass cutout value FOB plant closed 1.29 higher at 121.98.

News Briefs
Soybean stocks drop 35%
Any other year, a quarterly soybean stocks figure below 100 million bushels would have been bullish for futures.
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Margin Protection requires decisions, commitment from dairymen
The new Margin Protection Program for dairymen will require choices to be made by producers, and will require some financial commitment from them.
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USDA raises 2013 soybean estimate
USDA has adjusted its 2013 U.S. soybean production figure.
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U.S. wheat crop down 5% on year
According to USDA, 2014 U.S. wheat production totaled 2.035 billion bushels, down 5% from the 2013 total of 2.135 billion bushels.
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$52 million to grow organic and local food economies
The United States Department of Agriculture announced grants of $52 million to support local and regional food systems like farmers’ markets and food hubs and to spur research on organic farming on Monday.
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Illinois
Dry days allow advance of Illinois corn harvest
There wasn’t much precipitation in Illinois this past week allowing corn harvest to reach 14 percent complete, behind the 5 year average of 34 percent.
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Indiana
Too early to apply fall nitrogen?
Cooler temperatures are set to move into Indiana this week.
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Harvest data is critical to decisions for next year
For southwest Indiana farmer Joe Steinkamp harvest is a great time to think about the decisions he needs to make for the next growing season.
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Summit Seed Coatings heads to Indiana
Salem, Indiana will be the first home for Summit Seed Coatings in the Midwest.
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Iowa
Iowa’s crops get welcome push from Mother Nature
The recent run of above-normal temperatures has helped push Iowa’s crops closer to maturity.
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Missouri
MO Corn’s new president takes Asia trip
A recent visit to Japan and South Korea by a delegation of U.S. farmers centered on the quality of U.S. corn and the projected ample U.S. corn crop.
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Missouri corn averaging 19 percent moisture
There was little, if any, rain this past week in Missouri.
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Nebraska
Nebraska farmers, machinery dealers welcome sales tax change
Effective October 1st, Nebraska farmers and ranchers will no longer have to pay sales tax on repair and replacement parts for agricultural machinery and equipment.
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Warmer temps help Nebraska crops dry down
The warmer temperatures in Nebraska the past few days have accelerated the dry down of row crops and lowered grain moisture levels, pushing the crops closer to harvest.
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Ohio
Bioproducts World Showcase and Conference

The OBIC Bioproducts Innovation Center at Ohio State University will host the Bioproducts World Showcase and Conference, October 6-8 in Columbus.
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Replacement female sale scheduled
The Ohio Cattlemen’s Association will hold their second annual Replacement Female Sale on Friday, November 28, at Muskingum Livestock in Zanesville beginning at 7 p.m.
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Ohio’s Demi Snider named National Beef Ambassador
Ohio has its second National Beef Ambassador.
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South Dakota
South Dakota corn harvest only 2 percent complete
This past week, South Dakota temperatures were well above normal, helping advance row crop development.
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South Dakota Governor gets BIO award
South Dakota Governor Dennis Daugaard has been chosen by the Biotechnology Industry Organization (BIO) for its 2014 Food and Agriculture Governor of the Year Award.
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Wisconsin
The economic impact of Wisconsin potatoes
A new study from the University of Wisconsin-Whitewater says potatoes contributed more than $522 million to the Wisconsin economy annually.

Weather

Warm, dry weather regime throughout the Heartland
Across the Corn Belt, late-developing corn and soybeans are getting a boost toward maturity under a warm, dry weather regime.

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