Friday, June 24, 2016

Closing Grain and Livestock Futures
Jul. corn closed at $3.84 and 1/2, down 2 and 3/4 cents
Jul. soybeans closed at $11.03, down 21 and 1/2 cents
Jul. soybean meal closed at $375.60, down $7.60
Jul. soybean oil closed at 30.99, down 76 points
Jul. wheat closed at $4.54 and 3/4, up 1/2 cent
Jun. live cattle closed at $114.70, down $2.05
Jul. lean hogs closed at $84.05, down 22 cents
Jul. crude oil closed at $48.85, down 52 cents
Jul. cotton closed at 64.50, down 38 points
Jul. rice closed at $10.76, down 1/2 cent
Jul. Class III milk closed at $14.84, down 2 cents
Aug. gold closed at $1,320.80, up $57.70
Dow Jones Industrial Average: 17,399.86, down 611.21 points

Grain & Oilseed Market Briefs
Soybeans, grains fall after U.K. exit vote

Friday’s soybean and grain prices fell as a result of the decision of U.K. voters to leave the European Union.  Soybeans closed lower Friday also because of expected growth in the soybean planting estimate from USDA next Thursday.  Corn closed lower on news of the U.K. exit from the EU.  DTN says that while the demand prospects for corn are better than a year ago, it will likely trend sideways until more is known about the next U.S. crop.  Wheat was mostly lower with only the nearby contract ending the session with a slight gain.  Pressure came from the sharply stronger dollar and harvest pressure.

Livestock Market Briefs
Packer inquiry on cattle light
The June 1 cattle on feed report appears to be neutral, fitting almost perfectly with pre-report estimates. Packer inquiry into the cattle remained very light on Friday afternoon with just a few scattered sales reported in parts of the North at 188.00 to 189.00 dressed, and 116.00 live. Boxed beef cutout values ended weak to lower on light to moderate demand and moderate offerings. Chicago Mercantile Exchange live cattle contracts settled 112 to 297 points lower following the direction of outside markets as triple digit losses continued across the complex. Feeder cattle settled 92 to 292 points lower.  Missouri feeder cattle auctions had receipts of 27,550 cattle this week. Lean hogs settled 22 to 110 points lower. Barrows and gilts in the Iowa/Minnesota direct trade closed .58 lower at 82.03 weighted average on a carcass basis, the west was down .60 at 81.89, and nationally the market was .30 lower at 81.00. The pork carcass cutout values were .36 higher at 89.27 FOB plant.  The nations hog inventory was up 1.8 percent at the start of June according to Friday’s quarterly hogs and pigs report. The weekly hog kill was estimated at 2,103,000 head 57,000 less than last week, and down 38,000 from last year.


News Briefs
Brexit vote has markets on edge
A commodity broker says the UK’s vote yesterday to exit the European Union jolted the global market place.

Sit-in could stand in way of national GMO label
The ranking member of the House Ag Committee says a Democratic sit in protesting guns might stand in the way of a national GMO labeling standard.

Red meat stocks down, poultry and vegetables up
The USDA says red meat stocks at the end of May 2016 were down five percent on the year at 1.1 billion pounds, with good consumer and export demand and at least some recent decline in slaughter rates.

Cheese stocks hit record in May
High production levels and increased international competition continued to push U.S. cheese stocks to record levels for the second straight month.

Senators urge EPA to raise RFS volumes
A bipartisan group of more than three dozen US Senators has urged the EPA to raise final blending targets under the Renewable Fuel Standard for 2017.

Yield-robbing disease threats
A plant pathologist says areas receiving excess moisture will probably see increased disease pressure this summer.

USFRA’s seeking ‘Faces of Farming’ applicants
Illinois farmer Thomas Titus is one of USFRA’s Faces of Farming & Ranching and he says it has been a way to highlight the up and coming generation of producers.

A pretty good run for pork producers
A livestock market specialist says the hog market has been pretty steady for the first half of 2016.

Challenges and opportunities ahead for young farmers
A group with Farm Credit Mid-America was in Washington, DC recently to talk with Congressional delegations about the important role the Farm Credit System plays for the next generation farmers and ranchers.

Young leaders in the pork industry learn more about agriculture
Twelve young leaders in the pork industry are taking part in the Illinois Pork Leadership Institute this week.

Combining innovation and technology on the farm
A northwestern Indiana farm family is taking an innovative approach to managing the challenging soils on their farm.

FSA county election nominations open
The Farm Service Agency county committee election nominations are open now through August 1st.

Michigan ag in favor of GMO labeling resolution
Michigan agricultural groups are in favor of the Senate Agriculture Committee’s proposed GMO labeling legislation.

Aphids starting to colonize soybean fields
A soybean entomologist says growers should begin watching for aphids.

South Dakota
South Dakota State, General Mills collaborate on oats lab
General Mills will house its oat variety development lab at South Dakota State University.

An active pattern resumes
A disturbance currently over the western Corn Belt will track east along a stalled frontal boundary, producing a swath of moderate to heavy rain (1 to 3 inches, locally more) from the lower Great Lakes into the Mid-Atlantic States.

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