Monday, July 21, 2014
Closing Grain and Livestock Futures
Sep. corn closed at $3.64, down 7 and 1/4 cents
Aug. soybeans closed at $11.75 and 3/4, down 1 cent
Aug. soybean meal closed at $380.70, up 40 cents
Aug. soybean oil closed at 36.14, down 43 points
Sep. wheat closed at $5.30, down 2 and 1/4 cents
Aug. live cattle closed at $152.95, up $1.32
Aug. lean hogs closed at $125.10, down $1.97
Aug. crude oil closed at $104.59, up $1.46
Oct. cotton closed at 68.52, down 11 points
Aug. Class III milk closed at $21.48, up 7 cents
Aug. gold closed at $1,313.90, up $4.50
Dow Jones Industrial Average: 17,051.73, down 48.45 points
Grain & Oilseed Market Briefs
Weather sends corn, soybeans lower
Soybeans were lower on fund and technical selling, with November moving close to its contract low. Weekend crop weather was good and while temperatures this week are warmer, they look non-threatening. Corn was lower on fund and technical selling, sending December to new lows. Corn’s also watching those forecasts for warmer, but non-threatening, conditions over the next week. The wheat complex was lower on fund and technical selling. Winter harvest conditions and spring development weather both look generally good.
Livestock Market Briefs
Boxed beef was sharply higher but pork was lower
Cattle country was quiet on Monday afternoon following the distribution of the new showlists. Boxed beef cutout values are higher on moderate to good demand and light to moderate offerings. Chicago Mercantile Exchange live cattle contracts settled 25 to 132 points higher. Lean hogs settled 30 points higher to 197 lower as strong pressure redeveloped in the August futures contract with August experiencing tripe digit losses. Barrows and gilts in the Iowa/Minnesota direct trade closed .01 higher at 127.65 weighted average on a carcass basis, the West was down .17 at 127.43, and Eastern markets were .57 lower at 126.57. The pork carcass cutout value FOB plant ended sharply lower at 134.99, down 2.57.
U.S. soybean rating improves
The USDA’s condition ratings for this year’s corn and soybean crops continue to hold at extremely high levels for this point in the season.
NFU asks for water map from EPA
National Farmers Union leaders have asked the EPA for a map with estimates of which bodies of water will be considered jurisdictional under the agency’s Waters of the U.S. rule in the Clean Water Act.
Ag economist: set aside a year’s worth of land charges
Prospects of a good harvest are putting negative pressure on corn and soybean markets.
Disaster Assistance for fruit tree crops
The U.S. Department of Agriculture (USDA) announcing Noninsured Crop Disaster Assistance Program (NAP) assistance is available for losses to bush or tree fruit crops due to frost or freeze during the 2012 crop year.
Wheat inspections top estimates
USDA reports wheat export inspections for the week ending July 17 were larger than expected, while soybeans were within pre-report projections and corn was below all estimates.
We’re watching them, they’re watching us
Spurred by higher prices, milk production in the 28-member European Union was up 3.8 percent in May with January-through-May deliveries well-above year-ago levels.
Illinois corn and beans ahead
Eight-two percent of Illinois corn has reached the silking stage, a big jump from last week and ahead of the average of 70-percent.
Iowa crop development ahead of average
Last week may have been cooler and drier than normal around Iowa, but it was a good week for crops.
Nebraska’s winter wheat harvest advances amid cool, dry weather
Nebraska was cool and mostly dry this past week bringing wheat harvest to more than half done. It also resulted in producers starting to irrigate row crops.
Crop ratings slip slightly in Ohio
Even with a week of weather that allow wheat harvest and hay making to make significant progress, the condition ratings for both Ohio corn and soybeans slipped slightly.
A lot of hay made in Wisconsin
Cool, dry conditions allowed a lot of fieldwork in Wisconsin last week.
A brief spell of heat, humidity for the Heartland
Across the Corn Belt, humid weather accompanies near- to above-normal temperatures.
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