Closing Grain & Livestock Futures
Jul. corn closed at $3.74 and 1/4, up 5 cents
Jul. soybeans closed at $9.26 and 1/2, down 13 cents
Jul. soybean meal closed at $301.80, down $2.90
Jul. soybean oil closed at 31.60, down 44 points
Jul. wheat closed at $4.38 and 1/4, up 7 and 1/2 cents
Jun. live cattle closed at $122.70, down $1.22
Jun. lean hogs closed at $81.82, up 87 cents
Jul. crude oil closed at $49.80, up 90 cents
Jul. cotton closed at 77.09, down 7 points
Jul. rice closed at $10.97 and 1/2, up 4 and 1/2 cents
Jun. Class III milk closed at $16.51, down 9 cents
Jun. gold closed at $1,268.10, up $11.70
Dow Jones Industrial Average closed at 21,080.28, down 2.67 points
Grain & Oilseed Market Briefs
Soybeans down, corn up ahead of Memorial Day weekend
Soybeans were lower on commercial and technical selling, extending the run to new one year lows. Overall demand should continue to be good, but exports have taken a hit from record South American production. Corn was higher on commercial and technical buying. Friday’s forecasts for the weekend had at least some rain in parts of the Cornbelt with some crop insurance dates coming up fast. The wheat complex was higher on commercial and technical buying. The trade has concerns about winter wheat yields and protein content with widespread harvest activity about to get underway and more rain in the forecast for soft red winter growing areas.
Livestock Market Briefs
Cattle futures closed sharply lower
Feedlot country was quiet on Friday with just a few scattered sales reported in parts of Western Nebraska and Colorado at 132.50 live. Boxed beef cutout values were weak on light to moderate demand and offerings. Chicago Mercantile Exchange live cattle contracts settled 1.22 to 2.85 lower. Lean hogs settled 1.32 higher to .22 lower with all 2017 contracts in the black. Barrows and gilts in the Iowa/Minnesota direct trade closed .99 lower at 71.32 weighted average on a carcass basis, the west was down 1.12 at 71.19, and nationally the market was .75 lower at 71.01. The pork carcass cutout value was down .02 at 90.28 FOB plant.
USDA reports big April cattle placements
The USDA’s latest cattle on feed report shows a lot of cattle were placed into feedlots in April.
Senate Ag Chair says quick work planned for trade agreements
Senate Ag Chair Pat Roberts says the administration has indicated it plans to work quickly to put new bilateral trade agreements in place.
Senate passes agro-terrorism measure
The U.S. Senate has passed a bill to address the threat of agro-terrorism and protect the safety of the nation’s food supply.
Proposed POTUS budget puts crop insurance in jeopardy
An ag economist says the White House’s proposed budget cuts would have a direct impact on farmers.
Crop insurance cuts could impact credit availability
Farmers are not the only ones concerned about potential cuts to the federal crop insurance program.
USDA raises FY-2017 ag export forecast
The ag export forecast for this fiscal year has been increased by the USDA.
USDA crop condition ratings useful for projecting yield
Agriculture economist Scott Irwin says market stakeholders should start giving more attention to USDA corn and soybean condition ratings.
Big questions loom as planting delays carry into June
A grain market analyst says she’s curious to see how farmers respond to continued planting delays.
Blohm still bullish on corn
Despite a sideways trend through much of the spring, a grain market analyst remains confident corn futures will experience a strong summer rally.
Managing nitrogen in a wet spring
An agronomist says the soggy spring has created nitrogen issues across much of the Corn Belt.
Recent dairy markets good for producers
A market analyst says the recent dairy price spikes were a quick response to what was happening in foreign markets.
Dairy industry sees value in Indy 500 tradition
The leader of the Dairy Business Association says milk’s place in the Indianapolis 500 auto race is a tradition that’s important to the industry.
First Peas to the Table winner announced
A Tennessee school has won the American Farm Bureau Foundation for Agriculture’s First Peas to the Table Contest.
Milk futures lower, cash dairy mixed
Class III milk futures at the Chicago Mercantile Exchange took back a chunk of the previous session’s gains.
Iowa couple is helping to tell agriculture’s story
Telling agriculture’s story to the non-farm public is nothing new for a northwest Iowa farm couple.
Groups want EPA to revisit Clean Water Act review in Michigan
The Michigan Farm Bureau and Michigan Chamber of Commerce are asking the EPA to take a second look at the agency’s review of the state’s Clean Water Act permitting program.
Tight window for 1st cutting alfalfa
An extension educator says farmers will have to toe a fine line to harvest a quality first cutting of alfalfa this season.
Minnesota farm groups see some priorities addressed this session
Leading farm groups are pleased some of their priorities have been addressed in the 2017 Minnesota Legislative Session.
Southeast Minnesota farmer enjoyed pretty smooth planting season
A southeast Minnesota corn and soybean farmer says the 2017 planting season went pretty smoothly.
New Minnesota law allows 10 percent weight increase for smaller milk trucks
Minnesota Governor Mark Dayton has signed a new law allowing a 10 percent weight increase to single-unit milk trucks.
Missouri Department of Agriculture launches MORE campaign
The Missouri Department of Agriculture has launched what’s called its MORE campaign.
Nebraska legislator plans constitutional amendment on property taxes
A state senator in Nebraska says he will introduce a constitutional amendment to lower property taxes.
Nebraska stands to benefit ‘greatly’ from China beef deal
Nebraska ag director Greg Ibach says the state stands to benefit greatly if China follows through with its promise to resume imports of U.S. beef.
Being proactive about fly control pays off
An extension agent says more flies means poorer animal health and less profit.
Short-term drying over parts of the Heartland
Across the Corn Belt, producers are resuming fieldwork in some areas, amid mostly dry weather and a gradual warming trend.
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