Closing Grain & Livestock Futures
Mar. corn closed at $3.53 and 1/4, up 2 and 1/2 cents
Jan. soybeans closed at $9.55, up 3 and 1/4 cents
Jan. soybean meal closed at $313.50, up 90 cents
Jan. soybean oil closed at 33.38, up 30 points
Mar. wheat closed at $4.33 and 1/2, up 6 and 1/2 cents
Feb. live cattle closed at $123.35, up $1.80
Feb. lean hogs closed at $70.72, down $1.05
Feb. crude oil closed at $60.37, down 5 cents
Mar. cotton closed at 77.50, down 113 points
Jan. rice closed at $11.53 and 1/2, down 14 and 1/2 cents
Jan. Class III milk closed at $14.02, down 6 cents
Feb. gold closed at $1,316.10, up $6.80
Dow Jones Industrial Average closed at 24,824.01, up 104.79 points
Grain & Oilseed Market Briefs
Corn, soybeans, wheat start 2018 in positive territory
Soybeans were modestly higher on commercial and technical buying, managing to finish in the black after turning mixed at midday. Conditions in South America mostly look good, but parts of Argentina could see a hot, dry pattern over the next week. Corn was modestly higher on commercial and technical buying, starting 2018 very close to where it started 2017. Corn is expecting at least some increase in feed demand because of the cold conditions across much of the Midwest and Plains. The wheat complex was modestly higher on commercial and technical buying, along with weakness in the dollar. The U.S. winter crop is dormant, but there is some talk about winterkill, with very cold conditions reaching as far south as the Southern U.S. Plains with drought or near drought conditions and little or no snow cover for much of the region.
Livestock Market Briefs
Cattle futures open the year sharply higher
At the Chicago Mercantile Exchange, cattle futures closed higher carry-over from last week’s cash trade and the strength in the wholesale market. Direct cash cattle trade is quiet and significant trade volume isn’t likely to develop until the latter part of the week. Boxed beef closed sharply higher on moderate demand with light offerings. Lean hog futures closed mostly lower on technical pressure. Cash hogs ended the day steady with a firm undertone. Barrows and gilts at the Iowa/Southern Minnesota closed $.24 higher with a range of $54.50 to $60.50 and a weighted average of $59.43; the Western Corn Belt closed $.06 higher with a range of $54.00 to $60.50 and a weighted average of $59.09; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct closed $.28 with a range of $54.00 to $60.50 and a weighted average of $59.02.
Farmland values expected to slowly decline further in 2018
An ag real estate professional predicts farmland values will continue downward, following unexpected stability at the end of 2017.
Farmers will need to continue to adjust
An ag economist with Purdue University says farmers will have to continue to adjust to tight margins this year.
Successful farmers have good habits in common
Financially successful farmers have many of the same habits in common.
New year on the Hill
The new year begins with the U.S. House still on recess but with the Senate to consider a House-passed disaster bill that contains new assistance for dairy and cotton producers.
Attorney applauds estate tax changes
The new tax law doubles the estate tax exemption to more than 11 million dollars for individuals and 22 million dollars for couples.
Nelson: soybean exports not as good as reported
Allendale market analyst Rich Nelson says it’s likely the USDA will lower its U.S. soybean export total for 2017.
Hedge funds record short on grains
Hedge funds hold record short positions on grains going into the new year and a market analyst says that could help spark a rally.
Dicamba damage raises insurance questions
Crop damage from off-target movement of dicamba has brought up insurance questions from growers.
Activists want to end ‘mutton-busting’
An animal rights group is calling on Denver’s National Western Stock Show to stop its popular mutton-busting competition.
Scientist discusses working on Food Evolution movie
A scientist involved in a movie about genetically modified food says many don’t understand what GM is, let alone the benefits.
Export inspections continue to trail last year
The USDA reports that as of the week ending December 28th, 2017, grain and oilseed export inspections continue to be slower than what’s needed to meet projections for the 2017/18 marketing year.
New technology could help dairy industry
A leader with Ascus Biosciences says new technology will help farmers improve animal health and productivity on their farm.
Dairy markets down to start the new year
The dairy markets were down to start the new year Tuesday on the Chicago Mercantile Exchange.
Iowa plans dicamba training
Iowa is one of several states that will be conducting dicamba training sessions in the coming weeks.
Michigan election year could slow 2018 legislative calendar
A spokesperson for Michigan Farm Bureau says state lawmakers have a short window to pass legislation that would benefit the agricultural industry.
Michigan ag heritage license plate restrictions lifted
New legislation will expand the Michigan agricultural heritage license plate program and increase funding for ag education.
Missouri Corn Growers on legislative priorities
The Missouri Corn Growers Association supports transportation and regulatory legislation in the 2018 session, which starts Wednesday, January 3rd.
Cold wave wide, far reaching
Across the Corn Belt, sub-zero temperatures are maintaining significant stress on livestock.
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