Closing Grain & Livestock Futures
May corn closed at $3.48, down 4 cents
May soybeans closed at $9.45 and 1/4, down 1/2 cent
May soybean meal closed at $311.70, up $1.20
May soybean oil closed at 31.45, down 25 points
May wheat closed at $4.18 and 1/2, up 5 cents
Apr. live cattle closed at $138.00, up $2.40
May lean hogs closed at $66.97, up 7 cents
Jun. crude oil closed at $49.33, up 36 cents
May cotton closed at 80.23, up 91 points
May rice closed at $9.13, down 1/2 cent
May Class III milk closed at $15.35, down 15 cents
May gold closed at $1,266.10, up $2.40
Dow Jones Industrial Average closed at 20,940.51, down 40.82 points
Grain & Oilseed Market Briefs
Wheat supported by weather concerns
Soybeans were modestly lower on commercial and technical selling. Soybeans are watching the tail end of Brazil’s harvest and Argentina’s harvest is picking up steam thanks to drier weather. Corn was lower on profit taking and technical selling. Corn’s also watching South America, with good harvest conditions in Argentina and good development weather for Brazil’s second crop. The wheat complex was modestly higher on short covering and technical buying, along with the weak dollar. Heavy rainfall could damage some of the U.S. winter crop and spring planting is slower than average in the Northern U.S. Plains and Canada.
For more on what impacted commodities Friday, watch our Closing Market Minute.
Livestock Market Briefs
Livestock prices end the week higher
The cash cattle trade was completed on Thursday with prices 6.00 to 7.00 higher in Kansas from 135.00 to 138.50. Boxed beef cutout values higher to sharply higher on moderate to good demand and moderate to heavy offerings. Chicago Mercantile Exchange live cattle contracts settled 1.62 to 2.50 higher as futures developed late day buyer activity on the last trading day of April with front month futures posting the 2.50 gain. Lean hogs settled .07 to 1.27 higher as firm buyer support quickly stepped back into the complex. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.06 higher at 57.03, weighted average on a carcass basis, the Western market were up 1.09 at 56.88, and nationally the market was .75 higher at 56.21. The pork carcass cutout value was .81 higher at 74.46 FOB plant.
Groups call for commodity checkoff reform
A letter calling for reform of commodity checkoff programs and signed by more than 80 organizations has been sent to Congress.
Perdue says trade negotiations will protect U.S. farmers
The new U.S. Agriculture Secretary says the Trump administration will approach the North American Free Trade Agreement from the stand point of protecting U.S. farmers.
Perdue understands ‘the thrill of a great crop’
U.S. Agriculture Secretary Sonny Perdue says he has the advantage of coming to his new position at the USDA as a farmer.
Peterson calls out Senate over dairy and cotton fixes
The ranking member of the House Agriculture Committee says his counterparts in the Senate have thrown a monkey-wrench into fixing cotton and dairy programs in the Farm Bill.
Delayed planting may extend window for black cutworm
An integrated pest management specialist says planting delays in parts of the Midwest have extended the window for black cutworm problems.
Casey’s announcement provides boost to higher ethanol blends
Efforts to sell higher blends of ethanol fuel received a boost this week from Casey’s General Stores.
Cattle, hog marketings up in 2016, cash receipts down
Cattle and hog marketings in 2016 were bigger than in 2015 and producers made less money on those marketings.
Poultry production up in 2016, value drops
The total value of U.S. poultry production in 2016 was $38.688 billion, down 20% from 2015.
Dairy income down in 2016
A bigger herd and increased milk production pressured dairy income last year.
Milk futures, cash cheese lower
Class III futures at the Chicago Mercantile Exchange were lower on profit taking after Thursday’s gains.
Holcomb signs historic road funding bill into law
Governor Eric Holcomb has signed historic road funding legislation into law.
A good start to planting for an Indiana farmer
A southern Indiana farmer says planting has gone well so far this spring and his corn has started to emerge.
Central Indiana planting update
Central Indiana farmer Anngie Steinbarger says planting season has been off to a great start.
Michigan rural infrastructure funds announced
The Michigan Department of Agriculture has awarded 17 communities rural infrastructure grants.
Clock ticking on Minnesota Legislature
The Democratic-Farmer Labor (DFL) lead of the Minnesota House Ag Finance Committee says lawmakers have a lot of work to do in the remaining three weeks of the Legislative Session.
Renville farmer pumps brakes on corn planting
A west-central Minnesota farmer decided to pump the brakes on corn planting ahead of more cold and wet weather.
Minnesota corn and soybean prices improving
The average prices Minnesota farmers receive for corn and soybeans are improving.
MO A-G files merit brief with Supreme Court
The Missouri Attorney General has filed a merits brief with the U.S. Supreme Court, supporting the case made by the National Association of Manufacturers to keep the fight against the Waters of the U.S. (WOTUS) rule in district courts.
Wet spring affecting Wisconsin specialty crop planting
Wet Wisconsin field conditions are affecting specialty crop planting, even in the lighter soils of the central sands region.
Three Wisconsin cooperatives merging October 1st
Three northwestern Wisconsin agricultural cooperatives will merge October 1st.
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