Tuesday, September 1, 2015

Closing Grain and Livestock Futures
Sep. corn closed at $3.56, down 7 and 3/4 cents
Sep. soybeans closed at $8.84 and 3/4, down 12 and 3/4 cents
Sep. soybean meal closed at $317.90, down $3.00
Sep. soybean oil closed at 27.22, down 70 points
Sep. wheat closed at $4.84, up 1 and 1/2 cents
Aug. live cattle closed at $141.32, down $1.87
Oct. lean hogs closed at $67.97, down 5 cents
Oct. crude oil closed at $45.41, down $3.79
Dec. cotton closed at 62.70, down 30 points
Sep. rice closed at $11.59 and 1/2, down 28 and 1/2 cents
Sep. Class III milk closed at $16.33, up 12 cents
Dec. gold closed at $1,139.70, up $7.30
Dow Jones Industrial Average: 16,058.35, down 469.68 points

Grain & Oilseed Market Briefs
Demand concerns, outside markets pressure soybeans

Soybeans were lower on fund and speculative selling, in addition to outside market pressure. The crop is developing close to average and the condition rating held at 63% good to excellent. Corn was lower on fund and speculative selling, along with spillover from the outside markets. Corn’s developing close to average and while the condition rating was down 1% on the week, the crop is still in very good shape, overall. The wheat complex was mixed, with Kansas City and Minneapolis lower. The fundamentals are bearish, but there’s at least some commercial and short covering interest, which supported Chicago.

Livestock Market Briefs
Feeder futures were sharply lower

There were a few scattered bids in the cattle reported by private sources at 143.00 to 144.00 live and 222.00 dressed, but most of cattle country remains very quiet. Boxed beef cutout values were lower on light to moderate demand and moderate to heavy offerings. Chicago Mercantile Exchange live cattle contracts settled 95 to 207 points lower. Lean hogs settled 5 to 65 points lower. Barrows and gilts in the Iowa/Minnesota direct trade closed .87 lower at 72.50 weighted average on a carcass basis, the West was down .98 at 72.26. The pork carcass cutout value was up .33 at 86.17 FOB plant.

Brownfield coverage of the 2015 Farm Progress Show
Case IH focuses on productivity
From more efficient combines to Case IH’s Advanced Farming Systems – the Case IH Exhibit at the Farm Progress Show is all about farmer productivity.
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Field demonstrations return to Farm Progress Show
The field demonstrations are one of the biggest attractions to Farm Progress Show each year but it has been two years since they have happened.

News Briefs
Ag economist: Beef industry at ‘critical crossroads’

The U.S. beef industry is at a critical crossroads.
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National Milk asks EPA to hold-off
National Milk Producers Federation is asking the Environmental Protection Agency to hold-off on implementing the Clean Water Act.
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Chipotle sued over ‘GMO-free’ claim
A California woman is suing the Chipotle Mexican Grill restaurant chain.
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Second generation biotech potato gets approval
Potato farmers may soon have access to a late blight resistance biotech variety.
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A little less-profitable on the farm in July
The Index of Prices Received by Farmers in July decreased 5.7 percent from June as farmers received lower prices for cattle, broilers, strawberries and lettuce.
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A good day in the dairy markets
Another day of nice gains in the dairy markets on the Chicago Mercantile Exchange on Tuesday.
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Global Dairy Trade index increases again
Another nice increase at the Global Dairy Trade auction.
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Michigan
Recent cool down had little impact
Michigan crops continue to advance ahead of average despite last week’s cool down.
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Minnesota
Minnesota Farm Bureau says WOTUS injunction applies to all
Minnesota Farm Bureau believes the Clean Water Rule injunction filed in North Dakota counts for all 50 states.
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Silage harvest begins in Minnesota
Corn harvest for silage is underway in Minnesota.
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AgStar awards grant to help immigrant farmers get access to land
AgStar awarded a grant last week aimed at increasing accessibility to farmland for immigrant farmers.
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Minnesota conference to focus on societal concerns of animal nutrition
An upcoming conference in Minnesota will focus on how society views animal nutrition.
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Minnesota 4-H Purple Ribbon auction reaches milestone
The finance chair of Minnesota’s annual 4-H Purple Ribbon livestock auction says this year a major milestone was hit.
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Wisconsin
Wisconsin crops slowed a little last week
Cooler-than-normal temperatures slowed development of the corn and soybean crops in Wisconsin last week but the south got some much-needed rain.

Weather
A warm pattern from the Plains, eastward
High pressure will maintain dry, increasingly warm weather across the eastern third of the nation, though locally heavy showers and thunderstorms will persist along and south of a stalled frontal boundary in the Southeast.

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