Closing Grain & Livestock Futures
Sep. corn closed at $3.74 and 1/4, up 1 and 1/2 cents
Aug. soybeans closed at $9.94 and 3/4, up 6 cents
Aug. soybean meal closed at $322.30, up $2.50
Aug. soybean oil closed at 33.85, up 12 points
Sep. wheat closed at $4.79 and 3/4, up 2 cents
Aug. live cattle closed at $114.30, unchanged
Aug. lean hogs closed at $82.25, up 25 cents
Sep. crude oil closed at $49.04, up 29 cents
Dec. cotton closed at 68.89, up 49 points
Sep. rice closed at $12.31 and 1/2, up 5 cents
Aug. Class III milk closed at $16.45, up 7 cents
Aug. gold closed at $1,260.00, up $10.60
Dow Jones Industrial Average closed at 21,796.55, up 85.54 points
Grain & Oilseed Market Briefs
Weather forecasts support soybeans, corn
Soybeans were higher on speculative and technical buying, closing near the middle of the day’s range. Recent rainfall has helped parts of the Midwest, but has missed some areas, and weather is expected to turn mostly dry. Corn was modestly higher on speculative and technical buying. Corn’s also watching the weather, expecting more rain over the next couple of days, ahead of that forecasted drier pattern. The wheat complex was higher on speculative and technical buying. Spring wheat yield estimates continue to come in below last year because of drought in the northwestern U.S. Plains.
Livestock Market Briefs
Cattle mostly higher, despite unfriendly cash, wholesale trade
Chicago Mercantile Exchange live cattle futures were steady to higher on spread trade and technical buying. It was another mixed session, finished by a rally, without a whole lot of actual fundamental support. Feeder cattle were higher on technical buying ahead of widespread direct trade this week. August was $1.35 higher at $147.82 and September was up $1.87 at $148.95. Direct cash cattle markets are mostly quiet, getting ready for the bulk of this week’s business. Boxed beef closed lower on light to moderate demand for heavy offerings. At the Huss Platte Valley Auction feeder sale in Nebraska, compared to the last event two weeks ago, 900 to 950 pound steers were steady and 850 to 900 pound heifers were steady to $5 higher. Lean hog futures were narrowly mixed. Cash hogs closed mostly steady to modestly higher. Buyers continue to monitor processing margins, the availability of market ready numbers, and wholesale business. Iowa/Southern Minnesota direct barrows and gilts were $.43 higher at $76 to $85 for a weighted average of $82.98, the Western Cornbelt was $.44 higher at $76 to $85 with an average of $82.93, and national direct business was $.36 higher at $76 to $85 for an average of $82.11.
USGC: Tweaking NAFTA risky for grains
The U.S. Grains Council says there is a risk in tweaking the North American Free Trade Agreement for U.S. grains.
Colombia meat product showcase builds important relationships
Pork producer Everett Forkner tells Brownfield he looks for increasing pork and beef trade with Latin American countries.
Taking a different approach to the nutrition title
A past president of both the national corn and soybean associations says it’s time for agriculture to change its image when it comes to how it approaches the nutrition programs.
Old crop corn exports hit marketing year low
The USDA reports combined old and new crop corn and soybean exports sales for the week ending July 20th were within most pre-report estimates.
National Milk Producers present imitation label argument to FDA
A dairy promotion organization says they took their imitation dairy labeling arguments to The Food and Drug Administration.
InfoAg a showcase of farming technology
Farmers and agribusinesses came to St. Louis with a common goal of finding how farm technology can help profitability.
Data analysis to nail down agronomic decisions
A company is expanding its ability to turn agronomic and weather data into higher producing farmland.
Specialty crop industry seeks NAFTA reform
A specialty crop leader says the current trade environment under NAFTA has not fared well for many fruit and vegetable growers around the country.
MSU Innovation Day highlights 5-year grass-fed research
A beef educator says a grass-fed research project has turned several thousand acres of underutilized land into new business opportunities for farmers.
Beneficial rains move through southern Minnesota
Crops in parts of southern Minnesota stressed by dryness have picked up beneficial moisture recently.
U.S. and Mexico trade relations improving ahead of NAFTA talks
A commodity group leader anxious about the renegotiation of NAFTA recently heard assurances trade relations with Mexico are improving.
Southern Wisconsin farmers fighting water, wind, & weeds
A University of Wisconsin Extension crops and farm management agent says excess rain and storm damage has farmers concerned about yields.
Rains focusing on the western Corn Belt
Across the Corn Belt, showers are returning to the upper Midwest, including already soggy areas of southern Minnesota.
Subscribe to Agriculture Today