Friday, December 6, 2013
Closing Grain and Livestock Futures
Dec. corn closed at $4.24, up 1 and 1/4 cents
Jan. soybeans closed at $13.25 and 1/2, down 2 and 1/2 cents
Dec. soybean meal closed at $447.30, up $1.20
Dec. soybean oil closed at 40.28, down 10 points
Dec. wheat closed at $6.37 and 1/4, down 3/4 cent
Dec. live cattle closed at $131.42, down 22 cents
Dec. lean hogs closed at $81.67, down 85 cents
Jan. crude oil closed at $97.65, up 27 cents
Mar. cotton closed at 80.41, up 156 points
Dec. Class III milk closed at $19.08, up 10 cents
Dec. gold closed at $1,230.30, down $2.90
Dow Jones Industrial Average: 16,020.20, up 198.69 points
Grain & Oilseed Market Briefs
Corn firm on late bounce
Soybeans were mixed, taking the path of least resistance and adjusting old crop/new crop spreads. South American development conditions look good and beneficial growing weather should lead to record crops. Corn closed firm thanks to a late short covering and technical bounce. There’s no fresh news for corn and the overall fundamentals remain bearish ahead of the USDA supply and demand update on the 10th. The wheat complex was mixed in end of the week consolidation trade. The complex is keeping an eye on the weather around winter wheat growing areas, with cold temperatures and snow and ice reported in some areas.
Livestock Market Briefs
Livestock futures contracts end the week mixed
USDA Mandatory reported cattle trading and demand was light to moderate in Nebraska on Friday. Boxed beef cutout values were lower to sharply lower on light demand and light to moderate offerings. Live cattle contracts on the Chicago Mercantile Exchange settled 17 points higher to 22 lower. Lean hogs ended the session 32 points higher to 85 lower. Barrows and gilts in the Iowa/Minnesota direct trade closed .60 higher with a weighted average of 79.28 on a carcass basis, the West was up .36 at 78.02, and the East was not reported due to confidentiality. The pork carcass value was up .99 at 90.32 FOB plant on a negotiated basis in the afternoon report.
Sen. Brown shares Farm Bill optimism
Ohio Senator Sherrod Brown, a member of the House and Senate Farm Bill Conference Committee shared with members of the Ohio Farm Bureau Federation last evening that after a conversation with Senate Ag Committee Chairwoman Stabenow Thursday afternoon he’s much more optimistic that a Farm Bill will be completed.
High-oleic soybeans provide opportunity in 2014
The United Soybean Board held their annual meeting in St. Louis this week.
U.S. ending stocks could be a bit tighter Tuesday
Ahead of Tuesday’s USDA supply and demand update, analysts, on average, expect slightly tighter domestic 2013/14 balance sheets for corn, soybeans, and wheat.
A pretty good week in the dairy markets
Cash cheese prices held steady to close out the week in the Chicago Mercantile Exchange on Friday.
Monitoring PEDv in Indiana
The Porcine Epidemic Diarrhea Virus was first detected in Indiana this past May.
John Davis testifies before EPA
One of those testifying in Washington D.C. on Thursday, December 5, at a public EPA hearing on the proposed reduction in the Renewable Fuels Standard (RFS) was John Davis of Delaware County.
OFBF delegates send membership proposal back
The issue that generated the most discussion during the Ohio Farm Bureau delegate session on Thursday, December 5, was proposed changes to the organization’s membership model and dues structure, in the end…“The delegates have decided to refer to a committee the membership model discussion and to incorporate folks from the counties, from the State Board, from the State staff on to this committee to look at what we need to do for the membership model, and then bring it to the Code Committee who can bring it back to next year’s annual meeting,” said Ohio Farm Bureau President Steve Hirsch of Ross County.
More manure spills in Wisconsin this year
The Department of Natural Resources says Wisconsin livestock operations have spilled more than a million gallons of manure this year, the most ever reported.
Meissner and Sternweis elected to DBMMC board
Jerry Meissner of Norm-E-Lane Farm in Chili and Steve Sternweis of Mara-Wood Farms of Marshfield have each been elected to three-year-terms on the Board of Directors for the Dairy Business Milk Marketing Cooperative.
Cold wave on the Plains, Nasty weather in the Ohio Valley
Across the Corn Belt, wintry precipitation (snow and freezing rain) is causing travel problems in the Ohio Valley.
Subscribe to Agriculture Today