Tuesday, November 25, 2014
Closing Grain and Livestock Futures
Dec. corn closed at $3.74 and 1/4, up 6 and 3/4 cents
Jan. soybeans closed at $10.51, up 17 and 1/4 cents
Dec. soybean meal closed at $390.60, up $15.70
Dec. soybean oil closed at 33.42, up 22 points
Dec. wheat closed at $5.51 and 1/2, up 9 and 1/4 cents
Dec. live cattle closed at $170.15, up 65 cents
Dec. lean hogs closed at $90.95, down 37 cents
Jan. crude oil closed at $74.09, down $1.69
Dec. cotton closed at 59.66, up 50 points
Dec. Class III milk closed at $18.38, down 20 cents
Dec. gold closed at $1,197.10, up $1.40
Dow Jones Industrial Average: 17,814.94, down 2.96 points
Grain & Oilseed Market Briefs
Commercial demand back for soybeans
Soybeans were higher on fund and commercial buying. The trade’s continuing to look at a record crop balanced out by expected record demand. Corn was higher on fund and technical buying. It looks like corn also took the path of least resistance getting ready for the day off on Thanksgiving. The wheat complex was higher on fund and technical buying. Wheat should also have a fairly light session ahead of the holiday on Thursday, with no real fresh news and a bearish set of fundamentals.
Livestock Market Briefs
Pork was lower and beef was higher
The cash cattle trade remained untested on Tuesday afternoon with both bids and asking prices poorly defined. Boxed beef cutout values were higher on moderate to fairly good demand. Chicago Mercantile Exchange live cattle contracts settled 100 points higher to 65 lower. Lean hogs settled 37 to 90 points lower. Barrows and gilts in the Iowa/Minnesota direct trade closed .67 higher at 87.28 weighted average on the carcass basis, the West was up .64 at 87.25 and the East was .56 lower at 84.45. The pork carcass cutout value was down 1.23 at 92.18 FOB plant.
Congress wrestles with tax extenders
Congress continues to wrestle with the tax extenders package.
State beef group works on ’85 checkoff
The Federation of State Beef Councils says it’s working to develop a more workable beef checkoff.
Tax planning and accounting seminars offered
With lower farm grain and milk prices comes a greater need for tax planning.
FDA finalizes calorie label rule
Every restaurant chain, grocery store take-out counter, convenience store, amusement park and movie theater would have to post calories for most or all of their menu items under a final rule by the Food and Drug Administration.
ASA proposes all countries dropping sugar subsidies
The American Sugar Alliance (ASA) wants the world to function as a subsidy-free sugar market, according to ASA spokesman Phillip Hayes, who tells Brownfield Ag News that subsidies paid to producers in the world’s big three sugar countries, Brazil, Thailand and India, are being expanded to keep market share from each other.
Groups seek to force GMO moratorium
The Centers for Food Safety (CFS) and Earthjustice have filed papers in federal district court in Honolulu seeking to enforce a moratorium on the planting, growth, testing or cultivation of genetically modified crops in Maui County, Hawaii.
The significant drop in Chinese dairy imports
A report from HighGround Dairy points out how much China has pulled-back on dairy imports.
Presidential turkeys arrive in Washington, D.C.
The two Presidential turkeys have made the trip from Mercer County Ohio to Washington, D.C.
Poultry production up 2% on year
USDA reports U.S. poultry production for October 2014 was 4.145 billion pounds, up 2% from October 2013.
Cheese continues to decline
Cash cheese barrels slipped another 1.5 cents on the Chicago Mercantile Exchange on Tuesday.
Fairlife will be on store shelves in December
Coca-Cola says it will have its new “Fairlife” milk product on store shelves nationally in December.
A slow finish to harvest
Harvest is slowly winding down in Indiana as cold temperatures and snow showers proved to be a mixed blessing for farmers last week.
Northey hopeful EPA’s delay is a good sign
Reaction from ag leaders has been mixed following the EPA’s announcement that it is once again delaying its decision on 2014 ethanol blend requirements in the Renewable Fuels Standard (RFS).
Missouri Farmers Union took lead on Big Data discussion
Missouri Farmers Union President Richard Oswald says the group is forward thinking in its policy formation.
MO Farm Bureau against wind energy line
The Missouri Farm Bureau has submitted written testimony to the Missouri Public Service Commission (PSC) – opposing a proposed wind-energy generated electric transmission line.
A-FAN works to expand Nebraska’s livestock industry
When you think about the livestock industry in Nebraska, the beef industry is probably the first thing that comes to mind.
Winter-fall-winter in Wisconsin
Snow and temperatures in the single-digits slowed harvest activity in Wisconsin last week.
Winter-like pattern hold across the Corn Belt
Across the Corn Belt, snow squalls are subsiding downwind of the Great Lakes, but cold conditions persist throughout the region.
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