Closing Grain & Livestock Futures
Jul. corn closed at $3.57 and 3/4, down 5 cents
Jul. soybeans closed at $9.04 and 1/2, up 1/2 cent
Jul. soybean meal closed at $293.60, down 20 cents
Jul. soybean oil closed at 31.61, up 6 cents
Jul. wheat closed at $4.59 and 3/4, down 1 and 1/2 cents
Jun. live cattle closed at $119.20, up 57 cents
Jul. lean hogs closed at $85.30, up 27 cents
Jul. crude oil closed at $43.01, up 27 cents
Jul. cotton closed at 72.65, up 151 points
Jul. rice closed at $11.25 and 1/2, up 15 cents
Jul. Class III milk closed at $16.05, up 13 cents
Jun. gold closed at $1,256.20, up $8.60
Dow Jones Industrial Average closed at 21,394.76, down 2.53 points
Grain & Oilseed Market Briefs
Corn moves to new lows
Soybeans were mostly lower on commercial and technical activity. Demand is solid, but the trade expects a big crop, with USDA’s acreage numbers out on the 30th. Corn was lower on commercial and technical selling, hitting new lows for the year. Corn’s watching the weather with generally good conditions in most forecasts. The wheat complex was mixed, mostly lower. Minneapolis was up, supported by concerns about spring crop conditions.
Livestock Market Briefs
Cattle futures were higher and hogs were lower
The cash cattle trade was at a standstill on Friday with business essentially done for the week. Boxed beef cutout values were sharply lower on choice, steady on select on light to moderate demand and offerings. Live cattle on the Chicago Mercantile Exchange settled .32 to 1.00 higher after trading lower for much of the session pressured by sharp losses in the cash cattle trade and developing pressure in beef values. Lean hogs settled .12 to 1.22 lower with only the July contract up .27. Barrows and gilt in the Iowa/Minnesota direct trade closed .31 lower at 86.38 weighted average on a carcass basis, the West is down .36 at 86.31, and nationally the market is .28 lower at 85.85. Pork carcass cutout value was 1.63 higher at 101.15 FOB plant.
Syngenta to pay $217+ million to farmers in Viptera case
A federal court jury has voted in favor of corn farmers in the first trial of multiple lawsuits against Syngenta over its U.S. introduction of genetically engineered Viptera and Duracade corn before China approved it for import.
Syngenta ruling could set precedence
One of the attorneys representing corn farmers in multiple lawsuits against Syngenta says the jury’s decision is a very important win for farmers.
USDA halts imports of fresh Brazilian beef
The US has suspended all imports of fresh beef from Brazil amid continued food safety concerns.
NCBA says ban is proof the food safety system works
The National Cattlemen’s Beef Association says the ban on fresh beef from Brazil is proof the US food safety system works.
Packers testify in BPI-ABC trial
Jurors in the defamation lawsuit trial involving Beef Products Incorporated (BPI) and ABC News heard from some representatives of the beef packing industry on Thursday.
R-CALF wins Montana Beef Checkoff case in court
R-CALF USA says it has won its fight against the “involuntary collection” of Montana Beef Checkoff funds that it says amounts to a tax.
Lighthizer: Asian trade efforts continue
Washington lawmakers want to know how the Trump administration will promote Pacific Rim trade in the absence of the Trans-Pacific Partnership.
Arkansas State Plant Board approves emergency dicamba ban
The Arkansas State Plant Board has voted to pass a proposed emergency rule to ban in-crop use of dicamba.
May cattle placements jump 12%
The USDA says more cattle were placed on feed in May than what many analysts were expecting.
Report: Kansas wheat harvest nears half-way point
The winter wheat harvest in Kansas is near the half-way point, according to a report released today (Friday) by the Oklahoma-based wheat marketing organization Plains Grains.
Best ag economics programs are in Midwest
The Midwest is home to half of the world’s best collegiate agricultural economics and policy programs.
Accelerated Genetics members approve Select Sires merger
The cooperative owner-members of Accelerated Genetics have approved merging with Select Sires.
Canada ramping up milk production
Eastern Canada’s dairy producers have been given the green light to produce more milk.
Milk futures higher, cash dairy mixed
Class III milk futures at the Chicago Mercantile Exchange were supported by an oversold bounce.
Early planted Eastern Iowa corn ‘chin to nose high’
An eastern Iowa farmer says his earlier planted corn is doing well.
Michigan’s bread basket gets drenched
Up to 15 inches of rain in Michigan’s major field crop production regions could have lasting impacts this season.
New leadership to head Michigan’s beef industry
Michigan’s Beef Industry Commission has new leadership as Governor Rick Snyder has announced new and returning appointments to the committee.
Minnesota trade delegation visits Cuba on heels of Trump order
The leader of a trade delegation from Minnesota says visiting Cuba on the heels of President Trump’s order rolling back efforts to normalize relations with the communist country came at a good time.
Minnesota farmers urged to wrap up herbicide applications
An extension weed specialist is urging corn and soybean growers to wrap up herbicide applications by the end of the month.
Minnesota developing a Secure Milk Supply program
The emergency response director for the Minnesota Department of Agriculture says U.S. livestock producers have never been so vulnerable to animal disease threats.
Missouri Farmers Care: Drive to Feed Kids
The Missouri Farmers Care Coalition has launched a Drive to Feed Kids through the food bank distribution networks in the state.
Nebraska officials plan trade mission to Canada
Nebraska state officials will travel north to Canada in August for a trade mission to the state’s fourth largest agricultural export market.
Drier, cooler air on the move into the Great Plains
In the Corn Belt, cooler, drier air is overspreading the upper Midwest, following Friday’s thunderstorms.
Subscribe to Agriculture Today