Monday, May 2, 2016

Closing Grain and Livestock Futures
May corn closed at $3.90 and 1/4, unchanged
May soybeans closed at $10.35 and 1/2, up 14 and 1/2 cents
May soybean meal closed at $345.30, up $13.20
May soybean oil closed at 32.19, down 69 points
May wheat closed at $4.77, down 1 cent
Jun. live cattle closed at $115.80, up 87 cents
Jun. lean hogs closed at $82.70, up $1.00
Jun. crude oil closed at $44.78, down $1.14
May cotton closed at 63.46, up 60 points
May rice closed at $11.06, up 22 cents
May Class III milk closed at $13.03, down 14 cents
Jun. gold closed at $1,295.80, up $5.30
Dow Jones Industrial Average: 17,891.16, up 117.52 points

Grain & Oilseed Market Briefs
Soybeans settle at more than one year highs

Soybeans were higher on commercial and technical buying, closing at more than one year highs and just under the session’s tops. Weekly export inspections weren’t great, but remain on pace to meet the USDA’s estimate for the marketing year. Corn was mixed, with May and July steady and new crop firm on commercial spread adjustments. Corn’s also watching weather in the Midwest, with many getting back in the fields after last week’s delays. The wheat complex was mixed. Nearby Chicago contracts were lower on the heavy deliveries against the May contract, which also pressured Kansas City.

Livestock Market Briefs
Cattle and hog futures close higher

The total trade volume in the cattle last week was larger in all areas. The cattle slaughter was estimated by USDA at 110,000 head 12,000 less than both last week and last year. Boxed beef cutout values were sharply lower on light to moderate demand and moderate offerings. Barrows and gilts in the Iowa/Minnesota direct trade closed .24 higher at 70.64 weighted average on a carcass basis, the west was up .25 at 70.60, and the national market was unchanged at 69.28. The pork carcass cutout value was 1.19 higher FOB plant at 83.73. Lean hogs settled 12 to 135 points higher.

News Briefs
45% of U.S. corn, 8% of soybeans planted

U.S. corn planting continues to move along at a fast pace, but some areas were slowed down by last week’s rain.
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Vetter say TTIP a “tall order” but she’s hopeful
The chief ag negotiator for the U.S. says it will be “a tall order” to get everything U.S. agriculture wants out of T-TIP negotiations which are going on now in New York, but she is hopeful.
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Corn, soybean rallies could boost farms into the black
The rallies in corn and soybean prices have brightened 2016 farm income prospects, but a farm management specialist says there’s still a gap between prices and input costs.
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R-CALF sues Vilsack over state beef council promotions
The cattlemen’s group R-CALF USA filed suit Monday against U.S. Agriculture Secretary Tom Vilsack to stop what the group says is checkoff promotion of beef whether it’s U.S.-produced or imported.
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Grassley: ‘Zero’ chance Congress will pass labeling bill
Iowa Senator Chuck Grassley says the odds are “zero” that a GMO labeling bill will make it through Congress before Vermont’s labeling law goes into effect July 1st.
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Veterinarian student debt causing applicant declines
The continued decline in applicants to veterinary schools is causing serious concern in the industry.
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Alverson: Corn deserves more ‘carbon reduction’ credit
A South Dakota farmer and ethanol industry leader says corn ethanol continues to be unfairly penalized in low carbon fuel markets.
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ASA president surprised by market rally
The president of the American Soybean Association says he was caught off guard by the recent rally in grain futures.
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Changes to loan program helps small and mid-size farmers
Changes to a USDA loan program will give small and mid-sized local and regional food producers more opportunities for growth.
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Recent precipitation causes nutrient loss concern
An agronomist says the warm winter combined with recent precipitation has some farmers wondering what is going on with the nutrients in the soil.
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Ag industry says goodbye to Dr. Ritchie
A man many in the cattle industry say transformed beef production has died.
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The next generation of consumers
A southeast Minnesota farmer says the next generation of consumers have a better understanding of food production than many give them credit for.
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Winfield US enters into agreement with Southern States Cooperative
The chief operating officer (COO) of a leading seed and crop protection business says an agreement with a regional cooperative will help them stay competitive in an era of consolidation.
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Pilgrim’s Pride wants to lead organic production
Pilgrim’s Pride company officials say they are expanding into the organic chicken market with the aim of leading that market.
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ASA concerned with plant breeding scrutiny
The American Soybean Association (ASA) is concerned that new plant breeding methods will be scrutinized the same way transgenic biotechnology was.
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Milk futures, cash cheese lower
In Class III trade at the Chicago Mercantile Exchange, milk futures were lower on follow through selling tied to the continued bearish supply and demand outlook, starting May a lot like they finished April.
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Illinois corn planting two-thirds complete
Rain slowed Illinois planting progress and kept producers out of the field this past week.
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Indiana
Indiana receives avian influenza-free status
The Indiana State Board of Animal Health has lifted the final quarantine associated with the January outbreak of highly pathogenic avian influenza in Dubois County.
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Storms slow planting progress
Farmers in Indiana were able to make significant planting progress before storms moved in late in the week.
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Iowa
Iowa corn planting 57 percent complete
Last week’s rains slowed planting progress in Iowa.
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Minnesota
Minnesota planting progress slowed by rain
Wet, cool weather limited planting progress in Minnesota last week.
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Nebraska
Nebraska ag director supports proposed chicken plant
Nebraska director of agriculture Greg Ibach supports Costco’s plan to build a chicken processing facility in eastern Nebraska.
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Nebraska planting slowed by rain
Last week’s wet and cool conditions prevented Nebraska farmers from making widespread planting progress.
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Ohio
Ohio planting progress limited by rain
Rain showers last week kept farmers in the northern parts of the state from the field, but farmers further south had more idea planting conditions.
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South Dakota
South Dakota corn growers hires sustainability director
The South Dakota Corn Growers Association now has a staff director of sustainability.
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Wisconsin
Pace of corn planting four days ahead in Wisconsin
Variable rainfall impeded planting progress in Wisconsin last week.

Weather
Spring planting idled across much of the central, southern Corn Belt

Across the Corn Belt, rain has mostly ended, although fields remain too wet in many areas for planting activities.

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