Cattle higher ahead of cash trade

Chicago Mercantile Exchange live and feeder cattle were higher ahead of widespread cash business. DTN reports there was light trade in Nebraska at $125 Live and $195 Dressed. Asking prices are $128 to $129 South and $198+ North, with bids at $125 Live and $192 Dressed. The estimated slaughter of 128,000 head was up 2,000 on the week and 3,000 on the year.

Hogs were higher on the discount to the cash index, Wednesday’s higher cutout but there are the longer term, seasonal, demand uncertainties. Terminals were steady to a dollar lower with tops at $50 to $58. The Eastern Cornbelt was $2.08 lower with the weighted average at $76.29, the Western Belt was up $1.39 at $80.11, and Iowa/Southern Minnesota was $1.21 higher at $79.94. The estimated slaughter was 434,000 head, 2,000 more than a week ago and 3,000 above a year ago.

Corn, soybeans down ahead of USDA numbers

Soybeans were lower on technical selling and position squaring ahead of Friday’s USDA ending stocks and production numbers. Traders expect a slight increase in crop size along with slightly larger ending stocks. The trade’s continuing to watch South American planting weather with a good pattern expected over the near term. Brazil’s CONAB sees production at 80.1 million to 83 million tons. Soybean meal was down and bean oil was up on product spread adjustments.

Corn was lower on technical selling and pre-report position squaring. On average, the trade sees a smaller crop estimate but the range of estimates is fairly wide. The numbers are out at 7:30 AM Central. Weekly exports were quiet and Japan picked up 152,400 tons of new crop U.S. corn. Argentina’s crop weather has improved, which should allow for farmers to catch up with planting. Brazil’s CONAB projects corn production at 71.5 million to 72.9 million tons, with record exports of 19 million tons.

The wheat complex was higher on commercial buying. The trade continues to watch world crop weather issues and the impact on production, including the drought in the Southern U.S. Plains. Ahead of tomorrow’s USDA numbers, the trade anticipates a month to month increase in the domestic ending stocks projection against smaller world numbers.

Thursday midday cash livestock markets

Direct cash cattle markets remain quiet at midday on Thursday. Bids are $125 on the live basis and $192 for dressed, with asking prices holding around $128 to $129 in the South and $198+ in the North. Boxed beef cutout values at midday were weak to lower with Choice down $.17 at $193.76 and Select $.48 lower at $175.68.

Early cash hog trade is steady to lower with Dow Jones Newswires noting some packers buying hogs for next week, trying to get ahead of the upcoming holidays. The National Direct market opened $1.89 lower with the weighted average at $76.73 and the Eastern Cornbelt down $2.03 at $76.34. The Western Cornbelt and Iowa/Southern Minnesota were not released due to confidentiality. Butcher hogs at the terminal markets are steady to $1 lower with tops at $50 to $55. The Missouri Direct base carcass meat price is steady at $73 to $76 with sows unchanged at $42 to $52. Illinois Direct sows are steady to $2 higher at $48 to $62.

Beef export sales up on week

USDA reports corn, wheat, soybean meal, and soybean oil export sales for the week ending November 1 were within pre-report estimates, while soybeans were below expectations.

Wheat came out at 209,400 tons (7.7 million bushels), down 42% from the week ending October 25 and 48% lower than the four week average. South Korea was the leading buyer at 101,700 tons, while the Philippines canceled on 55,100 tons. At this point in the 2012/13 marketing year, wheat sales are 548 million bushels, compared to 605.7 million in 2011/12.

Corn was reported at 157,600 tons (6.2 million bushels), 6% less than the previous week but 31% more than the four week average. Mexico picked up 67,900 tons and China bought 54,500 tons. For the marketing year to date, corn sales are 435.7 million bushels, compared to 840.1 million this time last year. Sales of 51,800 tons (2.0 million bushels) for 2013/14 delivery were to Japan.

Soybeans were pegged at 186,400 tons (6.8 million bushels), with China buying 274,800 tons and unknown destinations canceling on 545,600 tons. So far this marketing year, soybean sales are 953.1 million bushels, compared to 702.7 million a year ago. Sales of 5,500 tons (200,000 bushels) for 2013/14 delivery were to Japan.

Soybean meal came out at 194,500 tons, mainly to Venezuela (73,500 tons). Unknown destinations canceled on 65,200 tons. Cumulative sales for the current marketing year are 3,787,600 tons, compared to 3,034,100 tons last year.

Soybean oil was reported at 36,700 tons, primarily to China (25,000 tons). 2012/13 soybean oil sales are 304,200 tons, compared to 108,100 in 2011/12.

Net beef sales totaled 19,400 tons, 33% above the week before and 28% larger than the four week average. The listed buyers were South Korea (3,900 tons), Mexico (3,700 tons), Canada (3,100 tons), Japan (2,200 tons), and Vietnam (1,500 tons). Sales of 800 tons for 2013 delivery were mostly to Japan (400 tons) and Mexico (200 tons).

What do deer diseases mean to venison eaters?

With reports of deer diseases, should consumers of deer meat be concerned? There have been outbreaks of hemorrhagic disease (HD) in some deer and concerns over chronic wasting disease (CWD). University of Missouri specialists say humans are NOT at risk of hemorrhagic disease, a virus in deer, and there is no evidence, at this time, that chronic wasting disease can spread from deer to people.

HEALTHY LIVING PROGRAM – Deer diseases and deer meat (1:30 mp3)

The benefits of FarmFirst Cooperative

The boards of directors of three Wisconsin-based dairy cooperatives have voted to merge. Under the proposal, Family Dairies USA, Manitowoc Milk Producers and Milwaukee Cooperative Milk Producers would unite to form FarmFirst Cooperative. The new co-op would have about 5,400 dairy farms producing around 13 billion pounds of milk in Wisconsin, Michigan, Illinois, Iowa, Minnesota, North and South Dakota. That would make FarmFirst the third-largest dairy co-op in the country behind Dairy Farmers of America and California Dairies. It would be the largest dairy co-op in the Midwest just ahead of Land O’Lakes.

Manitowoc Milk general manager Dennis Donahue says this all started a couple of years ago when they were looking at a joint venture.

AUDIO:Donahue talks about the proposal 3:00 mp3