Friday, July 22, 2016

Closing Grain and Livestock Futures
Sep. corn closed at $3.35, up 3/4 cent
Aug. soybeans closed at $10.06 and 1/2, down 26 cents
Aug. soybean meal closed at $346.70, down $5.80
Aug. soybean oil closed at 30.21, down 85 points
Sep. wheat closed at $4.25 and 1/4, up 7 and 1/2 cents
Aug. live cattle closed at $109.95, up $2.42
Aug. lean hogs closed at $75.27, up 82 cents
Sep. crude oil closed at $44.19, down 56 cents
Dec. cotton closed at 72.68, down 29 points
Sep. rice closed at $10.40 and 1/2, down 20 and 1/2 cents
Aug. Class III milk closed at $16.72, up 27 cents
Aug. gold closed at $1,323.40, down $7.60
Dow Jones Industrial Average: 18,570.85, up 53.62 points

Grain & Oilseed Market Briefs
Soybeans down, watching weather

Soybeans were lower on commercial and technical selling, with November closing at a three month low. NOAA forecasts for August are generally hot with normal to above normal precipitation. Corn was higher on short covering and commercial buying, seeing an oversold bounce, but still down on the week. Corn’s also watching the weather, with high heat balanced by generally good precipitation. The wheat complex was higher on short covering and commercial buying. The fundamentals are bearish, especially on the supply side, but there is buying interest near the recent lows.

Livestock Market Briefs
Cattle and hog futures close sharply higher

The cattle trade was at a standstill on Friday afternoon, and trade appeared completed for the week. Boxed beef cutout values were weak on choice and steady on select on light to moderate demand and offerings. The July 1 cattle on feed report turned out to be somewhat friendly, with June placement activity turning out to be smaller than expected. Lean hog contracts ended the session 82 to 270 points higher and corrected from Thursday’s aggressive round of selling, with the deferred contracts outperforming the nearby contracts. Barrows and gilts in the Iowa/Minnesota direct trade were .28 lower at 70.03 weighted average on a carcass basis, the West was down .14 at 69.95, and nationally the market was .47 lower at 69.41. Feeder pig receipts nationally this past week totaled 74, 875 head.

News Briefs
Roundup Ready soybeans gain EU import approval

The European Commission has granted import approval for Roundup Ready 2 Xtend soybeans.
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What a GMO ban would do to economy and environment
An ag economist says the use of GMO technology is one of the most controversial issues around the globe and some would like to see them banned.
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Not too late for soybean yields
A soybean researcher says it’s not too late for soybeans to make up yield in drier parts of the Eastern Corn Belt.
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Continued concern with herbicide resistance weeds
Herbicide-resistant weeds continue to be a growing concern across the Midwest.
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Vilsack hopes opioid bill gets funding
Congress has passed the Comprehensive Addiction and Recovery Act to help fight the opioid addiction epidemic but it has no funding to go along with it.
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Vet warns against complacency about Seneca Valley Virus in swine
The Seneca Valley Virus in hogs is far from gone, and veterinarian Dr. Paul Sundberg, executive with the Swine Health Information Center warns against complacency in dealing with the disease.
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Consumers unfamiliar with sustainable farming practices
A recent survey shows consumers value sustainability but don’t understand which farming practices are sustainable.
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U.S. red meat stocks down, dairy up
U.S. red meat supplies declined during June.
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Cattle placements up 3% on year
The USDA says placements of cattle into feedlots during June were up for the six month in a row.
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Milk futures, cash dairy steady to higher
In Class III trade at the Chicago Mercantile Exchange, milk futures were steady to up, watching the weather and the cash markets.
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Michigan
Michigan soybean field day highlights checkoff research
A soybean specialist says close management of weeds is needed in areas of the Eastern Corn Belt struggling with drought conditions.
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Missouri
Dicamba crop injury investigated in SE Missouri
The Missouri Department of Agriculture is investigating more than 100 complaints of herbicide damage from mostly dicamba, and in a few cases 2-4-D, in four southeast Missouri counties.

Weather
Heat, humidity & storms
On the Plains, temperatures above 100° can be expected across a broad area for the third consecutive day.

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