Friday, January 23, 2015
Closing Grain and Livestock Futures
Mar. corn closed at $3.86 and 3/4, up 3 cents
Mar. soybeans closed at $9.72 and 3/4, down 4 cents
Mar. soybean meal closed at $331.50, up $1.40
Mar. soybean oil closed at 31.60, down 37 points
Mar. wheat closed at $5.30, down 3 and 3/4 cents
Feb. live cattle closed at $150.35, down $3.00
Feb. lean hogs closed at $69.30, down $2.30
Mar. crude oil closed at $45.59, down 72 cents
Mar. cotton closed at 57.30, down 46 points
Feb. Class III milk closed at $14.98, up 22 cents
Feb. gold closed at $1,292.60, down $8.10
Dow Jones Industrial Average: 17,672.60, down 141.38 points
Grain & Oilseed Market Briefs
Export sales support corn
Soybeans were lower on fund and technical selling. Weekly export sales were a new marketing year low after a couple of big cancellations. Corn was higher on fund and technical buying. Weekly export sales were a new marketing year high, but it was yet another slow week for shipments. The wheat complex was mixed with Chicago and Kansas City lower on fund and technical selling, along with the higher dollar. Minneapolis was up fractionally.
Livestock Market Briefs
Limit losses in cattle futures
Feedlot country was quiet on Friday afternoon with both sides shocked by the limit losses throughout the live and feeder futures. Boxed beef cutout values were lower on light to moderate demand and moderate offerings. Total cattle on feed on January 1 was up one percent from a year ago, marketing’s were down five percent and placements into feedlots were down eight percent on the year. Barrows and gilts in the Iowa/Minnesota direct trade closed .06 lower at 69.04 weighted average on a carcass basis, the West was down .16 at 68.94, and the East was 1.72 lower at 66.22. Lean hogs settled 207 to 280 points lower as strong pressure held through the entire livestock market, and this included hog futures markets. The pork carcass cutout value was .32 lower at 84.38 FOB plant with only hams higher.
Marketing year high for corn exports
USDA reports corn, wheat, and soybean meal export sales for the week ending January 15 were larger than expected, while soybean oil was within the anticipated range and soybeans were below all estimates.
California rains not enough
Although rains have reached parts of California, drought concerns still remain. December rains brought hope that the three-year drought would end.
Study says COOL has not hurt Canadian cattle prices
A new study from Dr. Robert Taylor, Auburn University Alfa Eminent Scholar and Professor says Canadian and Mexican cattle producers have not been hurt by the U.S. Country of Origin Labeling (COOL) rule.
RCPP important step for Lake Erie
Ohio’s 9th District Congresswoman Marcy Kaptur says the $17.5 million dollars awarded as part of the USDA’s Regional Conservation Partnership Program (RCPP) to the Tri-States (Ohio, Indiana, and Michigan) provides the opportunity to fix the cause of nutrient loading and algae blooms in Lake Erie.
Deere & Company layoffs in Iowa/Illinois
More than 900 workers at John Deere ag equipment plants in Iowa and Illinois are being laid off indefinitely.
Iowa, Nebraska, South Dakota land prices
Farm Credit Services of America says cropland prices in Iowa, Nebraska, South Dakota and Wyoming declined somewhat in 2014 but demand remained strong for pastureland.
Cattle placements down 8%
USDA reports cattle placements onto feed and marketings during December 2014 were below December 2013 levels, reflecting the continued tight available supply of cattle.
Pretty good week in the dairy markets
Dairy markets closed a little higher on the Chicago Mercantile Exchange on Friday.
Illinois Nutrient Loss Reduction Strategy
The Illinois Farm Bureau reminds farmers they have until midnight this Saturday, January 24th, to comment on the Illinois Nutrient Loss Reduction Strategy.
Missouri Ag Bill advances
The Missouri Senate Agriculture committee has advanced a broad reaching agriculture bill this week.
Strickler inducted into Hall of Fame
Ohio State Fair General Manager Virgil Strickler has been inducted into the Ohio Fairs Hall of Fame.
Mild weather for the season across the Heartland
Across the Corn Belt, mild weather prevails, although freezing rain is causing some travel difficulties in the upper Great Lakes region.
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