Closing Grain & Livestock Futures
Sep. corn closed at $3.50 and 1/2, down 2 cents
Sep. soybeans closed at $9.30 and 1/4, up 8 and 1/2 cents
Sep. soybean meal closed at $296.10, up $1.50
Sep. soybean oil closed at 33.21, up 36 points
Sep. wheat closed at $4.14, down 5 and 1/4 cents
Aug. live cattle closed at $107.12, down $2.35
Oct. lean hogs closed at $66.92, down $1.85
Sep. crude oil closed at $47.09, up 31 cents
Dec. cotton closed at 66.91, up 9 points
Sep. rice closed at $12.12, down 6 and 1/2 cents
Aug. Class III milk closed at $16.50, up 3 cents
Aug. gold closed at $1,286.40, up $9.50
Dow Jones Industrial Average closed at 21,750.73, down 274.14 points
Grain & Oilseed Market Briefs
Soybeans up, corn down, but both reacting to weather
Soybeans were higher on short covering and technical buying. Parts of the Midwest have received rain this week, but that precipitation has missed some areas, including eight counties in Iowa that are now in extreme drought conditions. Corn was modestly lower on commercial and technical selling. Corn’s also watching the weather, expecting rain in some areas, drier conditions in others, and a chance of much warmer temperatures next week. The wheat complex was mixed, mostly lower. Chicago and Kansas City were down with on the recent soil recharging rain in winter wheat growing areas, with December contracts hitting new lows.
Livestock Market Briefs
Cattle futures down on cash pressure
At the Chicago Mercantile Exchange, cattle futures were sharply lower across the board. Direct cash cattle trade was light in several areas with dressed trade at $8 to $10 lower than last week’s weighted average basis in Nebraska and steady to $4 lower than yesterday’s business. Estimated cattle slaughter is 117,000 down 1,000 on the week and up 3,000 on the year. Lean hogs closed sharply lower on the steady to lower cash on concerns about pork demand and follow through selling from Wednesday. Cash hogs closed lower as the trade continues to watch the seasonal increase of market ready numbers. Pork cutout ended the day up $.42 at $92.25 – led by the strong move up in the rib.
NAFTA talks are underway
The United States’ top trade official took a hard negotiating stance Wednesday as NAFTA renegotiation talks got underway, saying major changes are needed to slash U.S. trade deficits.
Senators urge more resources for rural broadband
Both U.S. Senators from Missouri, Democrat Claire McCaskill, and Republican Roy Blunt, hosted events at the Missouri State Fair Thursday spotlighting the need for more robust internet services in rural America.
Study looks at monitoring feed for swine pathogens
The Swine Health Information Center (SHIC) is funding a study to investigate using dust samples to monitor for swine pathogens in U.S. feed mills.
Rural bankers’ confidence level slips in August
The confidence of rural bankers, when it comes to the ag economy, slipped in August.
Monsanto licenses CRISPR technology from biotech company
Monsanto has signed a licensing agreement with ToolGen, a biotechnology company specializing in genome editing, for the use of ToolGen’s CRISPR technology platform to develop ag products.
Report: Animal rights groups vow to continue pressure
According to a report from the Animal Agriculture Alliance, speakers at the recent Animal Rights National Conference in Alexandria, Virginia made their goals clear—ending all forms of animal agriculture, regardless of how well animals are cared for.
South Korea lifts import ban on US eggs
South Korea has lifted its import ban on US poultry and eggs.
Corn, soybean exports up on week
The USDA reports soybean and wheat export sales for the week ending August 10th were above most pre-report expectations, while corn sales were within analysts’ estimates.
Milk futures mostly higher, cash dairy mostly lower
Class III milk futures at the Chicago Mercantile Exchange were mostly higher, with the most active months up on spread trade.
Indiana Senator hears Hoosier farmers farm bill priorities
Indiana Senator Joe Donnelly will be armed with Hoosier farm bill priorities when the Senate Agriculture Committee resumes farm bill discussions following their August recess.
Crop conditions vary after challenging start
A seed representative says rainfall in northeast Indiana has been either too much or too little and its causing some crop development issues.
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