Tuesday, July 29, 2014

Summer field reports 01

Closing Grain and Livestock Futures
Sep. corn closed at $3.61 and 1/2, down 6 and 1/4 cents
Aug. soybeans closed at $12.26 and 1/2, down 10 cents
Aug. soybean meal closed at $395.40, down $7.40
Aug. soybean oil closed at 36.25, down 27 points
Sep. wheat closed at $5.20, down 14 and 3/4 cents
Aug. live cattle closed at $158.77, down 27 cents
Aug. lean hogs closed at $121.45, down $2.22
Sep. crude oil closed at $100.97, down 70 cents
Oct. cotton closed at 64.94, down 92 points
Aug. Class III milk closed at $21.62, up 2 cents
Aug. gold closed at $1,298.30, down $5.00
Dow Jones Industrial Average: 16,912.11, down 70.48 points

Grain & Oilseed Market Briefs
Soybeans, corn give back gains

Soybeans were lower on fund and technical selling, in “Turnaround Tuesday” type activity. There are some weather concerns and the condition rating declined over the past week, but the trade continues to expect a big crop. Corn was lower on fund and technical selling, in addition to spillover from beans. Crop development is just ahead of average and unless the crop deteriorates drastically, we should see above average yields. The wheat complex was lower on fund and technical selling, along with the higher dollar. The winter wheat harvest is slightly ahead of the average pace, sending September Chicago to a new contract low, and spring wheat is in good shape overall.

Livestock Market Briefs
Boxed beef cutouts end sharply higher again
Feedlot country was at a standstill on Tuesday afternoon.
Boxed beef cutout values were sharply higher on good demand and moderate offerings. Live cattle futures were mixed on the Chicago Mercantile Exchange on Tuesday. Lean hogs settled 50 to 227 points lower. Barrows and gilts in the Iowa/Minnesota direct trade closed .34 lower with a weighted average of 122.04 on a carcass basis, the West was down .21 at 121.97, and the East was .40 lower at 120.74. The pork carcass cutout value was .19 higher at 131.13 FOB plant.

Harrisvaccines USDA approved (2)

News Briefs
Mandatory COOL upheld in appeals court
The U.S. Court of Appeals in the District of Columbia upheld mandatory country of origin labeling (COOL) for meat and meat products.
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Sediment closes upper Mississippi
Part of the Mississippi River between Wisconsin and Minnesota is closed to barge traffic.
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FFA American Star Finalists named
The National FFA Organization has named the finalists for each of the American Stars.
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Money available for minority, veteran farmers
USDA Deputy Secretary Krysta Harden announced the availability of about $9 million in assistance for minority farmers and ranchers and military veterans who are new to farming and ranching.
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California drought affecting Pacific NW organic dairy
Even though the California drought does not stretch up into Oregon and Washington it is having an impact on organic dairy producers in the Pacific Northwest.
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Emmi Roth to expand New York yogurt capacity
Another expansion of the yogurt business in New York State.
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Fonterra reduces milk price estimate
New Zealand dairy cooperative Fonterra has reduced its forecast farmgate milk price for the 2014/15 season from $7 (NZ) to $6 (NZ) per kilogram of milk solids.
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Ohio
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Weather
Mostly favorable weather conditions across the Corn Belt

Across the Corn Belt, despite a recent drying trend, conditions remain mostly favorable for corn and soybeans.

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