Wednesday, May 25, 2016

Closing Grain and Livestock Futures
Jul. corn closed at $4.04 and 3/4, up 7 and 1/4 cents
Jul. soybeans closed at $10.85 and 1/2, up 30 and 3/4 cents
Jul. soybean meal closed at $407.20, up $18.30
Jul. soybean oil closed at 31.34, up 45 points
Jul. wheat closed at $4.66, up 2 cents
Jun. live cattle closed at $118.15, up 15 cents
Jun. lean hogs closed at $80.17, up 50 cents
Jul. crude oil closed at $49.56, up 94 cents
Jul. cotton closed at 62.90, down 11 points
Jul. rice closed at $11.23 and 1/2, down 33 and 1/2 cents
Jun. Class III milk closed at $12.68, up 8 cents
Jun. gold closed at $1,223.80, down $5.40
Dow Jones Industrial Average: 17,851.51, up 145.46 points

Grain & Oilseed Market Briefs
Slow market activity in the futures

Soybeans were sharply higher on commercial and technical buying, settling just below the month’s highs. Demand continues to be strong, tied to the continued strength in soybean meal, with July meal closing above $400 per short ton. Corn was higher on commercial and technical buying, with all months above $4. Forecasts have more near term planting delays in some key growing areas. The wheat complex was mixed with Chicago and Kansas City supported by commercial and technical buying. Recent severe weather may have caused some damage to Kansas’ wheat crop.

Livestock Market Briefs
Slow market activity in the futures

Generally speaking it was relatively quiet in the cattle markets on Wednesday. Boxed beef cutout values were firm on choice and lower on select on light to moderate demand and moderate to heavy offerings. Live cattle contracts on the Chicago Mercantile exchange closed 15 to 60 points higher in light trade volume. Lean hogs settled 10 to 50 points higher. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.03 lower at 73.85 weighted average on a carcass basis, the West was down 1.07 at 73.77, and nationally the market closed .87 lower at 73.44. The pork carcass cutout value was 1.80 higher at 85.03 FOB plant.

News Briefs
Livestock leaders criticize ‘GIPSA rule’; USDA responds

Efforts by the USDA to implement the so-called “GIPSA rule” drew criticism from livestock industry leaders this week at a House Agriculture subcommittee hearing.
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Bayer says its offer for Monsanto is good
Bayer says its offer of $62 billion for Monsanto is a good offer.
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House Ag Committee takes on food waste
Billions of dollars spent on food in the U.S. is being thrown away.
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Less N going to Gulf from IL River
Nutrient levels from the Illinois River into the Gulf of Mexico have dropped, according to a recent study.
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Good demand picture for corn and soybeans
Agricultural economist Darrel Good says a promising demand picture is starting to take shape for U.S. crop farmers.
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April poultry production down 2%
The USDA says poultry production during April was down 2% on the year at 3.835 billion pounds.
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Milk futures mostly lower, cash cheese steady
Class III milk futures were mostly lower, giving back part of Tuesday’s gains, on spread trade and profit taking.
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Minnesota
Land O’Lakes to help promote water quality in Minnesota
The Minnesota Department of Agriculture is partnering with one of the nation’s largest cooperatives to accelerate the adoption of water quality stewardship standards by farmers in the state.
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Missouri
Missouri ag part of trade trip to Cuba
Missouri’s Agriculture Director Richard Fordyce will be on Governor Jay Nixon’s upcoming trade mission to Cuba which starts on Sunday.

Weather
More rain on parts of the Plains

Across the Corn Belt, fieldwork continues at a rapid pace in most eastern crop production areas, although a few showers have developed in the lower Ohio Valley.

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