Monday, September 26, 2016

Closing Grain & Livestock Futures
Dec. corn closed at $3.29, down 7 and 1/2 cents
Nov. soybeans closed at $9.45 and 1/4, down 9 and 3/4 cents
Oct. soybean meal closed at $297.60, down $5.70
Oct. soybean oil closed at 33.12, down 19 points
Dec. wheat closed at $3.96, down 8 and 3/4 cents
Oct. live cattle closed at $106.82, down 45 cents
Oct. lean hogs closed at $53.05, down 95 cents
Nov. crude oil closed at $45.93, up $1.45
Dec. cotton closed at 70.08, up 1 point
Nov. rice closed at $9.67 and 1/2, up 2 and 1/2 cents
Oct. Class III milk closed at $15.34, down 22 cents
Oct. gold closed at $1,339.80, up $2.30
Dow Jones Industrial Average: 18,094.83, down 166.62 points

Grain & Oilseed Market Briefs
Corn, soybeans, wheat focusing on supply

Soybeans were lower on commercial and technical selling. Harvest conditions look generally good for much of the region most of the week. Corn was lower on commercial and technical selling. Corn’s also watching the weather and while part of the U.S. crop has been lost recently, the total amount of loss won’t be known for a while. The wheat complex was lower on speculative and technical selling. Forecasts have winter planting delays in some areas, but the rain will help recharge soil moisture.

Livestock Market Briefs
Livestock futures close lower

Monday’s cash cattle business was limited to the distribution of this week’s showlists. Boxed beef cutout values were steady on choice and higher on select on light to moderate demand and moderate to heavy offerings. Chicago Mercantile Exchange live cattle contracts settled.45 to .80 lower but off the triple digit losses seen earlier in the session. Lean hogs settled .22 to .55 lower as traders remained range bound between contract lows and the inability to break above short-term resistance levels based on the lack of fundamental and technical support. Barrows and gilts in the Iowa/Minnesota direct trade closed .81 lower at 50.93 weighted average on a carcass basis, the West was down .40 at 50.89, and nationally the market was .50 lower at 50.38. The pork carcass cutout value was up 1.69 at 78.61 FOB plant.

News Briefs
U.S. corn, soybean ratings hold

The USDA’s weekly national crop progress report shows U.S. corn and soybeans in good overall condition.
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Options limited for farmers with crops under floodwaters
A grain quality official says options are limited for farmers with corn and soybeans submerged by floodwaters.
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OSHA violated ag retailer exemption
A recent appeals court ruling found an Occupational Safety and Health Administration regulation of retail fertilizer facilities violated the Occupational Safety and Health Act.
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More steps needed to begin beef imports to China
An international trade specialist says China has taken just the first step for the US to resume beef exports to that country.
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Vilsack suggests ‘measured reaction’ to China’s beef announcement
U.S. Agriculture Secretary Tom Vilsack told the nation’s state ag directors last week that while China’s announcement that it is lifting its ban on imports of U.S. beef is positive news, there is still more work to be done.
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Risk of holding calves through the winter
A livestock market analyst says current cattle market conditions indicate farmers might want to think about holding on to calves through the winter.
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Farm insurance part of farm safety
A farm insurance agent says having appropriate insurance on the farm can help prevent accidents and save farmers money.
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State ag officials want more input on federal programs
State agriculture officials are calling for more cooperation between the federal government and the state ag departments that have to administer federally-mandated programs—so-called “cooperative federalism”.
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Parallel suicide risks for farmers and veterinarians
A recent study by the Center for Disease Control and Prevention says the farming industry has the highest suicide rate among males.
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Disagreement on equipment inventory
The Association of Equipment Manufacturers (AEM) and Equipment Dealers Association (EDA) disagree on inventory levels as sales continue to lag.
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Farm Bureau survey indicates food price drop
Lower price for eggs, chicken, milk and some beef cuts have resulted in a decrease in the American Farm Bureau’s Fall Harvest Marketbasket Survey.
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Great Lakes Hybrids turns 95
One of the oldest U.S. seed companies is celebrating 95 years this harvest season – and decades of innovations for farmers.
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Solid week for corn, wheat export inspections
The USDA reports corn and wheat export inspections are ahead of the USDA’s expected respective paces for the 2016/17 marketing year.
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Milk futures down, cash cheese mostly lower
In Class III trade at the Chicago Mercantile Exchange, milk futures continued the recent lower technically and fundamentally driven trend.
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Illinois
Illinois corn harvest about one-quarter done
The Illinois corn and soybean harvest is in full swing statewide, with a lot of progress expected in the coming week.
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Indiana
Warm weather advances Indiana harvest progress
Hot and dry weather helped crops dry down and helped Indiana’s farmers get a good start on harvest.
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Michigan
Corn silage harvest wraps up in Michigan
A Michigan farmer says recent rains saved his silage crop this season.
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Michigan dry bean stocks larger than usual
The Michigan Department of Agriculture says the state’s dry beans stocks are the highest in more than 15 years.
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Minnesota
Rain slowing harvest and causing concerns in Minnesota
Persistent rain is slowing harvest in Minnesota, especially in central and southern parts of the state.
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Farmer near Canada border close to finishing soybean harvest
A northwest Minnesota producer who farms 25 miles from the Canada border is nearly finished harvesting soybeans.
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Palmer amaranth detected in Minnesota
Palmer amaranth has been detected in Minnesota for the first time.
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Navy bean harvest progressing for northwest Minnesota farmer
A northwest Minnesota farmer is taking advantage of recent dry weather by wrapping up navy bean harvest before moving to soybeans.
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Missouri
Missouri Ag Chair disagrees with governor on disaster refund
The head of the Missouri House Select Committee on agriculture disagrees with Governor Nixon about income tax deductions for farmers who receive federal disaster payments.
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Dry weather allows Missouri corn harvest to advance
Dry weather in Missouri allowed harvest to advance.
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Nebraska
Nebraska’s harvest is picking up steam
Harvest activity in Nebraska is starting to pick up steam.
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Ohio
Dry conditions permit harvest progress in Ohio
Little to no rain over the course of the last week allowed many farmers to get into Ohio fields to begin the fall harvest.
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Ohio farmers have one year to get fertilizer certification
Ohio farmers have less than a year to get certified in fertilizer application to be permitted to use fertilizer under Ohio law.

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