Thursday, August 25, 2016

Closing Grain and Livestock Futures
Sep. corn closed at $3.23 and 1/2, down 4 cents
Aug. soybeans closed at $9.98 and 3/4, down 32 and 1/2 cents
Aug. soybean meal closed at $324.30, down $7.20
Aug. soybean oil closed at 32.91, down 66 cents
Sep. wheat closed at $4.01 and 1/4, down 2 and 3/4 cents
Aug. live cattle closed at $112.47, down 25 cents
Oct. lean hogs closed at $58.70, down $1.62
Oct. crude oil closed at $47.33, up 56 cents
Dec. cotton closed at 68.04, up 25 points
Sep. rice closed at $9.78 and 1/2, down 29 and 1/2 cents
Sep. Class III milk closed at $17.10, down 35 cents
Aug. gold closed at $1,320.10, down $4.30
Dow Jones Industrial Average: 18,448.41, down 33.07 points

Grain & Oilseed Market Briefs
Soybeans, corn down, expecting record crops

Soybeans were lower on commercial and technical selling. The USDA’s projecting a record crop and after the recent hot streak, export demand may have cooled down. Corn was lower on commercial and technical selling. The USDA’s expecting a record corn crop and development conditions mostly look good. The wheat complex was lower on commercial and technical selling. Spring wheat harvest conditions are mostly good and there’s rain in the forecast for parts of the winter wheat region.

Livestock Market Briefs
Hogs down on steady to lower cash

Chicago Mercantile Exchange live cattle futures were lower on cash pressure from Wednesday’s direct trade. Feeder cattle futures were lower, except for the now expired August contract, on the lower grain trade, which could encourage higher weights and increased production. Direct cash cattle markets were quiet and business may be wrapped up for the week after Wednesday. Lean hog futures were lower on the lower trade at the direct markets, technical selling, and lower grain prices. Cash hog trade was steady to lower. The pork cutout closed $.92 higher at $76.53.

News Briefs
Working to better understand FSMA

The FDA begins the first step in implementing part of the Food Safety Modernization Act next month and the livestock feed manufacturing industry still has a lot of questions.
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FDA releases draft requirements ahead of FSMA
Less than a month before Food & Drug Administration is set to implement its Current Good Manufacturing Practices as part of the Food Safety Modernization Act the agency released its first draft guidance.
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LSU estimates crop damages to exceed $100 million
Early estimates from Louisiana State University’s Ag Center show the state’s ag industry will lose more than 100-million-dollars from flooding damages.
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Warm nighttime temps have hurt corn
A University of Illinois crop physiologist says some of the problems showing up in corn are due to this summer’s high nighttime temperatures.
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SDS affecting some Wisconsin, Illinois soybeans
Some soybean farmers are reporting disease losses in Wisconsin and northern Illinois.
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Building soil health takes time
An extension educator says healthy soil takes decades to build.
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Gap between NRCS and industry cover crop seeding rates
A cover crop seed specialist says there is a gap between how the NRCS and seed industry view cover crop seeding rates.
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Strong week for new crop corn, soybean exports
The USDA reports wheat export sales for the week ending August 18th were below most analysts’ estimates, while combined old and new crop corn sales were within expectations.
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July red meat, poultry production down on year
U.S. red meat production declined during July 2016.
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ASA confirms WISHH members from 11 states
Fifteen soybean growers from 11 states have been confirmed to serve on the American Soybean Association’s World Initiative for Soy in Human Health (WISHH) program committee in 2016-17.
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Milk futures, cash cheese lower
In Class III trade at the Chicago Mercantile Exchange, milk futures were lower in a continued technical reversal that started last week.
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Indiana
Storms cause crop damage and losses in parts of Indiana
Severe storms and tornados caused severe crop damages in parts of Indiana Wednesday night.
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Michigan
Michigan starts early sugarbeet harvest
Early season sugarbeet harvest for Michigan Sugar Company growers started this week.
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Minnesota
Farm Bureau helping Minnesota State Fair goers meet farmers
Minnesota Farm Bureau is giving attendees of the State Fair an opportunity to meet a farmer.
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Princess Kay wants to be a voice for dairy farmers
One of the great traditions in Midwest Agriculture is the selection of Princess Kay of the Milky Way at the start of the Minnesota State Fair, and the 63rd Princess Kay wants to be a voice for farmers.
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Missouri
Dicamba injury complaints originating far from Missouri Bootheel
A Missouri Department of Agriculture official says dicamba injury complaints have spread from the state’s Bootheel region and now total about 120.
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Nebraska
Nebraska libraries receive ‘Farmland’ DVDs
DVD copies of the acclaimed documentary film “Farmland” have been distributed to every library in Nebraska, courtesy of the Nebraska Soybean Board (NSB).

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