Agriculture Today Agriculture Today

Thursday, April 17, 2014

newsletter 02

Closing Grain and Livestock Futures
May corn closed at $4.94 and 3/4, down 2 and 3/4 cents
May soybeans closed at $15.14, down 4 and 3/4 cents
May soybean meal closed at $488.30, down $2.70
May soybean oil closed at 43.41, down 30 points
May wheat closed at $6.91 and 1/4, up 3 and 1/4 cents
Apr. live cattle closed at $144.25, down $1.55
Jun. lean hogs closed at $124.82, up $1.05
May crude oil closed at $104.30, up 54 cents
Jul. cotton closed at 92.34, down 23 points
May Class III milk closed at $22.14, up 14 cents
May gold closed at $1,293.90, down $9.60
Dow Jones Industrial Average: 16,408.54, down 16.31 points

Grain & Oilseed Market Briefs
Grains and oilseeds mixed ahead of holiday weekend

Soybeans were mixed in old crop/new crop spread trade. Weekly export numbers weren’t great, but do reflect the strong demand, and the overall domestic supply does remain very tight. Corn was lower on fund and technical selling. Traders are watching planting and while there has been more snow, they don’t seem too worried about the delays. The wheat complex was higher on fund and technical buying. There’s some rain in the forecast for the Southern Plains, but it should be isolated and nowhere near enough to break drought conditions where it does fall.

Livestock Market Briefs
Feedlot cattle trade was very light

There was light buying activity in the cash cattle trade in parts of the North on Thursday. Boxed beef cutout values were higher on moderate demand and light to moderate offerings. Live cattle contracts on the Chicago Mercantile Exchange settled 30 to 155 points lower. Lean hogs settled 165 higher to 35 lower with only the winter 2015 contracts in the red. Barrows and gilts in the Iowa/Minnesota direct trade closed .50 higher at 115.69 weighted average on a carcass basis, the West was up .55 at 115.65, and the East was not reported due to confidentiality. Market participants viewed the decline in March hog supplies as a signal that spring and summer shortages would be much more severe than expected and responded accordingly.

News Briefs
Beef exports hit marketing year high
USDA reports corn, soybean, soybean product, and wheat export sales for the week ending April 10 were within pre-report estimates.
EPA proposal could put electric supplies in danger

Reliable and affordable electric supplies could be in danger with the Environmental Protection Agency’s proposed regulations for greenhouse gas emissions from new coal-fired plants.
Senators question methane reduction plan

A group of U.S. Senators is questioning the Obama Administration’s plan to reduce methane emissions from cattle.
The ramifications of banning chocolate milk

In an effort to fight childhood obesity, schools across the country have taken chocolate milk off the school lunch menu.
Farmland reaction surprises filmmaker
Director James Moll says he’s pleasantly surprised by the public reaction so far to the film Farmland.
Dairy markets rebound

A bit of a bounce in the cash cheese market ahead of the three-day weekend.
Program beneficial to Indiana producers

Eligible producers can now sign up for USDA’s new disaster assistance programs, restored by passage of the 2014 Farm Bill.
Nitrogen gene commercialization still a ways off

Commercialization of a nitrogen efficiency gene for corn, developed by the Iowa Corn Promotion Board, is still several years away.
Officials promote disaster assistance

Top USDA officials have been crisscrossing the country this week promoting the start of sign-up for USDA’s livestock disaster assistance programs.
South Dakota
Lentsch: STB heard fertilizer concerns

South Dakota Ag Director Lucas Lentsch says he’s pleased the Surface Transportation Board was listening when he testified before the board last week.
Wisconsin’s newest Master Cheesemakers

Wisconsin is adding to the list of Master Cheesemakers.

Late-season chill continues in parts of the Nation

Across the Corn Belt, National Weather Service Frost and Freeze warnings were in effect early Thursday in parts of the middle Ohio Valley.

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