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Solid session for grains and oilseeds

May 22, 2013 By Leave a Comment

Soybeans were higher on commercial and technical buying. The near term supply remains tight, there’s plenty of commercial interest, and China continues to be very interested in beans. That said – farmer selling has increased, allowing new crop to out gain old crop, and the trade expects large domestic and world crops. Soybean meal and oil were higher, following beans. Agriculture and Agri-Food Canada sees 2013/14 soybean production at 4.465 million tons and projects canola at 14.100 million tons. USDA’s weekly export sales report is out Thursday at 8:30 AM Eastern/7:30 AM Central. Soybeans are pegged at 400,000 to 800,000 tons, meal is seen at 100,000 to 225,000 tons, and oil is placed at 0 to 15,000 tons.

Corn was higher on technical and commercial buying. China bought 360,000 tons of corn and unknown destinations picked up 180,000 tons, both U.S. origin for new crop delivery. Also, even if there was a record week to week increase in planting, there are a lot of concerns about the slow emergence. According to Agriculture and Agri-Food Canada, 2013/14 domestic corn production should be up on the year at 13.800 million tons. Weekly U.S. corn export sales are expected to be between 200,000 and 500,000 tons. Ethanol futures were higher.

The wheat complex was mostly higher on speculative and technical buying. There’s some rain in the forecast for the hard red winter crop, but the longer term outlooks show more hot and dry weather on the way. Minneapolis was mostly firm as spring planting remains behind average and emergence is also slower than normal. European wheat was sharply higher on worries about weather in the U.S. and Black Sea region. Tunisia tendered for 67,000 tons of milling wheat and Algeria is in the market for 50,000 tons of milling wheat. Agriculture and Agri-Food Canada projects 2013/14 all wheat production at 29.400 million tons, with the durum crop at 4.900 million tons. Weekly U.S. wheat sales are estimated at 400,000 to 700,000 tons.

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Direct trade hogs close sharply lower

May 22, 2013 By Leave a Comment

DTN reports a light cattle trade was evident in parts of Texas on Wednesday afternoon with live sales 1.00 lower than last week at 124.00. Some selling interest was no doubt stimulated by sharply lower futures and the resurfacing of attractive basis opportunities. Still most showlists continue to be priced on a firm basis of 125.00 plus in the South and 203.00 plus in the North. The kill was estimated at 124,000 head, 1,000 below both a week and a year ago.

Boxed beef cutout values were firm on the choice while weak on the select on light to moderate demand and offerings. Choice boxed beef was up .54 at 211.20, and select was down .78 at 192.19.

Chicago Mercantile Exchange live cattle contracts settled 85 to 115 points lower. The market eroded throughout the session on the sharp losses in the feeder cattle markets, strong corn gains and the inability to push beef prices higher. Demand concerns and a negative looking technical trend weighed on the market. June settled 1.10 lower at 120.00, and August was down 1.15 at 119.22.

Feeder cattle ended the session 27 to 220 points lower. The deferred contracts were the most aggressively pressured as traders focused on the rally in the grain markets. This essentially erases the support seen on Tuesday, and creates questions about building any buyer support back into the market before the Memorial Day holiday. May settled .27 lower at 131.62, and August was down 2.15 at 144.32.

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Closing Grain and Livestock Futures: May 22, 2013

May 22, 2013 By Leave a Comment

Jul. corn closed at $6.58 and 1/2, up 18 and 1/2 cents
Jul. soybeans closed at $14.94 and 1/4, up 16 cents
Jul. soybean meal closed at $440.60, up $1.90
Jul. soybean oil closed at 49.64, up 16 points
Jul. wheat closed at $6.88 and 1/2, up 8 cents
Jun. live cattle closed at $120.00, down $1.10
Jun. lean hogs closed at $94.55, up $2.15
Jul. crude oil closed at $94.28, down $1.90
Jul. cotton closed at 83.42, down 44 points
Jun. Class III milk closed at $18.10, up 4 cents
Jun. gold closed at $1,367.40, down $10.20
Dow Jones Industrial Average: 15,307.17, down 80.41 points

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Wednesday midday cash livestock markets

May 22, 2013 By Leave a Comment

There are few bids in cattle country on Wednesday at 123.00 in Kansas and Texas, but bids and asking prices are not fully established. There are a few showlists that have been priced at 127.00 in the South and 203.00 to 205.00 in the North. Significant trade volume could be delayed until late in the week.

Boxed beef cutout values are mixed in the morning report with the choice up .38 at 211.04, and select is down .18 at 192.79.

Feeder cattle receipts at the Ozark’s Regional Stockyards at West Plains totaled 2672 head on Tuesday. Feeder cattle were very uneven with steers from 4.00 lower to 2.00 higher. Feeder heifers traded 2.00 higher to 3.00 lower. Demand was uneven, best on the uniform lots of higher quality weaned calves with two rounds of shots.  Feeder steers medium and large 1 averaging 572 pounds brought 146.37 per hundredweight. 579 pound heifers traded at 129.97.

Barrows and gilts in the Iowa/Minnesota and Western direct trade areas are not reported due to confidentiality. Nationally the market is .79 lower with a weighted average of 89.98 on a carcass basis; Eastern hogs are down .30 at 90.00. Missouri direct base carcass meat price is steady from 85.00 to 87.00. Terminal barrows and gilts are steady to 2.00 higher from 59.00 to 64.00 on a live basis.

The pork carcass cutout value FOB plant is .62 higher at 94.10.

The upward momentum of the cash hog trade continues to be extremely impressive with the Iowa weighted average dressed price jumping another $1.75 higher on Tuesday. The restricted country movement of hogs from day to day keeps feeding the need to raise bids.

The most recent sow slaughter data would suggest that weekly kill levels are beginning to moderate. Actual slaughter data for the first week of May reported sow slaughter nearly 7% below the same week last year.

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Mixed finish for corn, soybeans, wheat

May 21, 2013 By Leave a Comment

Soybeans were mixed with July up on commercial buying and the other months down on technical and speculative selling. The near term supply remains tight and there’s market chatter about shipping delays out of Argentina. However, even if planting is slower than average, the trade does expect a large U.S. crop this year. Soybean meal was mixed on the same factors as beans, while oil was up on technical buying. Consulting firm Safras & Mercado projects 2012/13 Brazilian production at 82.3 million tons, down slightly from their April guess but up more than 20% from the 2011/12 total.

Corn was mixed in consolidation trade. Old crop was down on increased farmer selling and softer cash basis triggered by the record matching week to week increase in planted area. New crop was steady to firm on an oversold bounce and concerns about wet weather in some key growing areas, but in general, the trade seems a lot less worried about a large acreage shift. Ethanol futures were lower.

The wheat complex was mostly lower with Chicago and Kansas City down on fund and technical selling, along with the higher dollar. Even with another decline in the winter condition rating, the trade’s focusing on the large available world supply. Minneapolis was up on the slow spring planting pace and slow emergence. Russia’s Ag Ministry reports grain exports from July 1, 2012 to May 15, 2013 are 41% behind last marketing year’s pace at 14.788 million tons. Japan issued a tender for 122,222 tons of milling wheat (31,955 tons Australian standard white, 25,261 tons U.S. western white, 22,396 tons U.S. dark northern spring, 22,370 tons Canadian western red spring, and 20,240 tons U.S. hard red winter), while Jordan is in the market for 150,000 tons of milling wheat and Israel is tendering for 60,000 tons of feed wheat.

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Cattle futures close sharply higher on Tuesday

May 21, 2013 By Leave a Comment

Feedlot attitudes received a shot in the arm on Tuesday due to the sharply higher close in the cattle futures complex. Triple digit gains dominated both the live and feeder pits, adding credence to the technical significance of Monday’s reversals. Such actions should work to fortify or at least in the short run, higher asking prices of around 127.00 plus in the South and 203.00 to 205.00 plus in the North.  The cattle slaughter totaled 124,000 head, even with last week, but 1,000 smaller than a year ago.

Boxed beef cutout values were weak on select and firm on choice on light to moderate demand and offerings. Choice boxed beef was .41 higher at 210.66, and select was down .44 at 192.97.

Live cattle contracts settled 90 to 130 points higher on Tuesday as moderate to aggressive buyer support stepped back into the cattle market. The firmness in the feeder pit and the strong losses in the corn market drew buyers back into the oversold live cattle futures. June settled 97 points higher at 121.10 and August was up 1.22 at 120.37.

Feeder cattle ended the session 90 to 207 points higher with only the May contract lower. The sharp double digit losses in the corn market caused some feeder cattle traders to step back into the market. May settled .62 lower at 131.90, and August was up 2.00 at 146.47.

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Closing Grain and Livestock Futures: May 21, 2013

May 21, 2013 By Leave a Comment

Jul. corn closed at $6.40, down 9 and 1/2 cents
Jul. soybeans closed at $14.78 and 1/4, up 13 and 3/4 cents
Jul. soybean meal closed at $438.70, up $3.40
Jul. soybean oil closed at 49.48, up 28 points
Jul. wheat closed at $6.80 and 1/2, down 4 and 3/4 cents
Jun. live cattle closed at $121.10, up 97 cents
Jun. lean hogs closed at $92.40, up 32 cents
Jun. crude oil closed at $96.16, down 55 cents
Jul. cotton closed at 83.86, down 192 points
Jun. Class III milk closed at $18.06, down 23 cents
Jun. gold closed at $1,377.60, down $6.50
Dow Jones Industrial Average: 15,387.58, up 52.30 points

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Tuesday midday cash livestock markets

May 21, 2013 By Leave a Comment

We probably will not see cash cattle trade this early in the week as few packers will field even preliminary bids. Most feedlot operators will also remain guarded in their asking prices. A few operators have priced showlists around 127.00 in the South and 201.00 to 202.00 in the North. But for the most part bids and asking prices are not well defined.

Boxed beef cutout values are near steady in the morning report with the choice up .21 at 210.46, and the select down .21 at 193.20.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 6125 head. Compared to last week steer and heifer calves over 400 pounds were 3.00 to 6.00 lower. Demand and supply was moderate. Pastures and crop ground are saturated as rain continues to fall across the trade area. Feeder steers, medium and large 1, calves weighing 625 pounds averaged 137.49 per hundredweight. 624 pound heifer calves brought 125.76.

Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality, the West is .76 lower at 88.89, and the East is .08 lower at 90.09. The Missouri direct base carcass meat price is steady to 1.00 higher from 85.00 to 87.00. Terminal hogs are steady from 58.00 to 62.00 on a live basis.

The pork carcass cutout value FOB plant in the morning report on a negotiated basis is up .68 at 93.48.

Given Monday’s combination of higher bids and limited country movement, it looks like cash hog buyers are set for another expensive round of procurement chores this week.

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Mixed finish ahead of crop numbers

May 20, 2013 By Leave a Comment

Soybeans were mixed with nearbys up on commercial buying and deferreds down on speculative selling. The old crop supply remains very tight and with the corn planting delays, there’s a good chance of at least some increase in U.S. soybean acreage. According to the USDA, 24% of soybeans have been planted as of Sunday, compared to 71% a year ago and the five year average of 42%, with 3% emerged, compared to 32% last year and 14% on average. Also, traders are watching weather in Brazil; drier weather will help with the loading of ships, but there are still labor issues at major ports. Soybean meal was mixed with old crop up and new crop down, while soybean oil was lower. Dow Jones Newswires reports Vietnam bought 120,000 tons of 2013/14 U.S. soybean meal.

Corn was mixed ahead of the weekly crop progress report. There was some good planting progress last week, matching a week to week record set in 1992, but this week’s starting out with more rain in some key growing areas. USDA reports 71% of corn is planted, compared to 95% last year and 79% on average, while 19% has emerged, compared to 73% a year ago and 46% on average. Ethanol futures were mostly lower. Unknown destinations bought 120,000 tons of 2013/14 U.S. corn.

The wheat complex was higher on technical and speculative buying. Weekend rainfall in the hard red winter region missed a lot of the drier areas and there are more spring planting delays. For winter wheat, USDA states 43% has headed, compared to 80% a year ago and 62% on average, with of the crop rated 31% good to excellent, down 1% on the week, and for spring wheat, 67% is planted, compared to 98% last year and 76% on average, with 22% emerged, compared to 82% a year ago and 49% on average. European wheat was lower due to recent rainfall in China’s Northern Plain. Russia’s Ag Ministry reports spring grain planting is 11.5% behind last year due to increasing weather problems.

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This week’s cattle showlists appear somewhat larger

May 20, 2013 By Leave a Comment

Feedlot country was generally quiet on Monday afternoon following the distribution of the new showlists. Ready numbers are generally larger, especially in the South. A few of the showlists have been priced around 127.00 plus in the South and 203.00 to 205.00 in the North. The kill totaled 125,000 head, 2,000 more than last week, but even with a year ago.

Boxed beef cutout values were firm to higher on moderate demand and light offerings. Choice beef was up .53 at 210.04, and select was 1.10 higher at 193.41.

Chicago Mercantile Exchange live cattle contracts settled 25 to 72 points higher. The moderate to strong gains developed through the complex with the initial downward pressure replaced by firmer commercial support according to DTN. Higher boxed beef prices at midday were supportive to the live issues. June settled .72 higher at 120.12, and August was up .60 at 119.15.

Feeder cattle ended the session mostly 85 to 130 higher with only the May contract in the red. As the initial shock of the cattle on feed reports negative placement figure wore off the market turned mixed and ended mostly higher. May settled 1.37 lower at 132.52, and August was up 1.10 at 144.47.

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