Friday, February 5, 2016

Closing Grain and Livestock Futures
Mar. corn closed at $3.65 and 3/4, down 2 and 3/4 cents
Mar. soybeans closed at $8.67 and 1/2, down 7 cents
Mar. soybean meal closed at $265.00, down $2.60
Mar. soybean oil closed at 31.23, down 1 point
Mar. wheat closed at $4.66 and 3/4, down 6 cents
Feb. live cattle closed at $136.05, down $1.02
Feb. lean hogs closed at $64.80, down 32 cents
Mar. crude oil closed at $30.89, down 83 cents
Mar. cotton closed at 59.97, down 26 points
Mar. rice closed at $11.12, up 7 cents
Feb. Class III milk closed at $13.83, down 10 cents
Feb. gold closed at $1,157.80, up 20 cents
Dow Jones Industrial Average: 16,204.97, down 211.61 points

Grain & Oilseed Market Briefs
Forecasts for rain in Argentina pressure corn, soybeans

Soybeans were lower on fund and technical selling. South American crop conditions generally look good, with rain in the near term forecast for Argentina. Corn was lower on fund and technical selling. Corn’s also watching weather in South America and getting ready for next week’s new supply and demand projections. The wheat complex was lower on fund and technical selling. The fundamentals are bearish, with a large world supply and slow export demand for U.S. wheat.

Livestock Market Briefs
Cattle trade at a standstill

DTN reported a few cattle had been sold in Nebraska on Friday afternoon at 210.00, but the cash trade remained essentially untested. Boxed beef cutout values lower to sharply lower on light demand and light to moderate offerings. Live cattle contracts on the Chicago Mercantile Exchange settled 67 to 125 points lower. Lean hogs settled 40 points higher to 40 lower in a narrow trading range given the lack of direction seen through much of the session. Barrows and gilts in the Iowa/Minnesota direct trade closed .13 higher at 62.41 weighted average on a carcass basis, the West was up .51 at 62.22, and nationally the market was up .32 at 61.43. The pork carcass cutout value was up 1.05 at 77.57.

News Briefs
Is the milk price cycle shifting?
A dairy business specialist says current dairy market conditions are starting to shift traditional price cycles.
Syngenta COO says lawsuits won’t affect deal
Syngenta’s chief operating officer says the proposed sale of the company to a state-owned Chinese company won’t affect the farmer lawsuits filed against the company over its MIR 162 corn.
Legislation could help boost ag exports to Cuba
Bipartisan legislation that would help agriculture exporters sell products in Cuba is getting attention again.
CattleFax foresees stable corn prices in 2016
Cattle marketing advisory firm Cattle Fax predicts spot corn futures prices will average $3.75 per bushel in 2016, virtually the same as last year.
Flinchbaugh: Kasich, Clinton best suited for agriculture
A veteran farm policy pundit says there are presidential hopefuls from both parties that could bode well for agriculture.
Meat Matters campaign to convey virtues
The Animal Ag Alliance has an answer to the so-called Meatless Monday campaign with its new Meat Matters campaign.
ADM considers selling ethanol plants
The leader of one of the world’s largest ag processors says his company is considering selling three ethanol plants because of concerns about the industry long-term.
Addressing the ag teacher shortage
Despite an ongoing national effort to attract more ag teachers, there is still a shortage.
Milk futures lower, cash cheese steady
In Class III trade at the Chicago Mercantile Exchange, milk futures were lower, taking back Thursday’s gains and then some.
Minnesota a national leader in processed vegetables
The USDA says Minnesota ranks first among all 50 states in sweet corn production at 760,000 tons, more than 30 percent of the U.S. total.

Temperatures to vary across the Heartland

For the remainder of Friday, significant snow can be expected in coastal New England, while precipitation will end elsewhere along the Atlantic Seaboard.

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