Tuesday, February 21, 2012
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Closing Grains and Livestock Futures
Mar. corn closed at $6.29 and 1/2, down 12 and 1/4 cents
Mar. soybeans closed at $12.71, up 3 and 1/2 cents
Mar. soybean meal closed at $330.20, down $2.30
Mar. soybean oil closed at 54.06, up 66 points
Mar. wheat closed at $6.33, down 11 cents
Feb. live cattle closed at $128.90, up 30 cents
Apr. lean hogs closed at $89.82, down 55 cents
Mar. crude oil closed at $105.84, up $2.60
Mar. cotton closed at 91.25, down 20 points
Mar. Class III milk closed at $15.41, down 27 cents
Dow Jones Industrial Average: 12,965.69, up 15.82 points
Grain & Oilseed Market Briefs
Soybeans mostly firm thanks to demand
Soybeans were mixed, mostly firm. China bought 250,000 tons of new crop U.S. beans and Southern Brazil remains hot and dry. However, that purchase is a part of last week’s trade agreement and Argentina’s weather has improved, which limited gains. Corn was lower on fund and commercial selling. Aside from unknown buying 110,744 tons of old crop U.S. corn, there was no fresh news. At this point, the trade expects a significant year to year increase in U.S. corn acreage with USDA’s Ag Outlook numbers coming out later this week. The wheat complex was lower on commercial and technical selling. Japan Ag Ministry says its’ wheat import needs are covered until April and winterkill concerns are easing in Eastern Europe. Also, dry areas of the U.S. Plains received much needed precipitation over the weekend.
Livestock Market Briefs
Boxed beef values close sharply higher
The cash cattle market was not established on Tuesday afternoon. So far no bids have been reported. A few show lists have been priced around 132.00 to 134.00 in the South and 208.00 plus in the North. This week’s show lists are larger in Texas but smaller in Kansas, Nebraska and Colorado. Boxed beef cutout values were sharply higher on moderate demand and light offerings. Choice beef was up 2.34 at 194.15, and select was 2.77 higher at 191.15. Chicago Mercantile Exchange live cattle contracts settled 30 points higher to 40 lower with most of the slippage across the back of the pit where volume was quite thin. Many traders were waiting for a better sense of this week’s cash potential. Feeder cattle contracts settled 17 to 55 points higher partly on the breaking corn futures. March was up .17 at 158.60, and April was .37 higher at 160.85.
News Brief
U.S.-South Korea FTA takes effect March 15
The United States and South Korea say the Free Trade Agreement between the two countries will take effect on March 15th.
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NASS hopes for high survey response
The USDA’s National Ag Statistics Service (NASS) is hoping for high compliance with surveys farmers are asked to fill out this month and next. Director of the NASS Statistics Division, Joe Prusacki, tells Brownfield Ag News that it’s vital information.
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DFA buys Guida’s Milk & Ice Cream
Dairy Farmers of America has purchased Guida’s Milk and Ice Cream of New Britain, Connecticut.
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Class III dairy futures pressured by milk production report
Pressure on the markets from the January milk production report released last Friday.
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Grassley says child labor letter needs a response
A letter to Labor Secretary Hilda Solis, authored by South Dakota Senator John Thune and co-signed Iowa Senator Chuck Grassley and others, about proposed child labor standards has, so far, gone unanswered.
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NRCS partners with Nat’l Fish & Wildlife Federation
A $20 million dollar partnership between the USDA’s Natural Resources Conservation Service (NRCS) and the National Fish and Wildlife Federation (NFWF) will improve water quality, wildlife habitat and soil productivity through increased technical assistance in priority areas.
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Putting white mold on disease watch list
First discovered in the late 1800’s on tomatoes, white mold is a disease that Dr. Sam Markell, Extension plant pathologist at North Dakota State University says soybean and dry bean growers across the Midwest and North Central U.S. should pay attention too in 2012.
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U.S./Canada hog herd up 1% on year, cattle and sheep both down 2%
As a part of their series of joint livestock inventory reports, USDA and Agriculture and Agri-Food Canada show the U.S. and Canadian hog herd at 78.0 million head, up 1% from December 2010.
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Strong week for grain and oilseed export inspections
USDA reports corn, soybean, and wheat export inspections for the week ending February 16 were bullish, coming in above what’s needed weekly to meet USDA projections for the 2011/12 marketing year.
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Food retailers’ antibiotic policies sought
The nation’s largest food retailers, meat/poultry/dairy companies and fast food chains are being asked to disclose how antibiotics are used in the food-animal products they sell or serve to consumers.
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2011 a record year for Canadian farmers as well
Things are looking good for agriculture north of the border. Two new reports from Agriculture and Agri-Food Canada (AAFC) predict continued high crop and livestock prices for Canadian farmers though the year.
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OHIO
Another top 10 finish for OSU judging team
The Ohio State University Livestock judging team, coached by Kyle Culp, came home with a 6th place finish at the 2012 Iowa Beef Expo held earlier this month.
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OFSWCD prepares for annual meeting
The Ohio Federation of Soil and Water Conservation Districts (OFSWCD) annual meeting is going to be held Monday and Tuesday, February 27 and 28 at the Hyatt Regency in downtown Columbus.
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WISCONSIN
Manure runoff advisory posted for Wisconsin
The Wisconsin Department of Natural Resources has issued a manure runoff risk advisory for the next ten days in Wisconsin.
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Ag Weather
A wide-range of weather ahead for the Nation
A mild weather pattern nearly nationwide will be replaced by colder conditions late in the week across the Plains and the Northwest.
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