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          No Real Fresh News and Business Was Pretty Quiet on The Last Trading Day of 2013

          increase font size  reduce font Add date: 2016-11-30  Hits:78
          Core prompt: Soybeans were lower on fund and commercial selling. There are some concerns about weather in parts of Argentina, but Brazil look

          Soybeans were lower on fund and commercial selling. There are some concerns about weather in parts of Argentina, but Brazil looks good and the trade expects a record crop out of the continent. Past that – there was no real fresh news and business was pretty quiet on the last trading day of 2013. Soybean meal was lower and bean oil was higher on product spread trade. Argentina’s Grain Exchange, via Allendale, projects 2013/14 soybean production at 55 million tons, with Allendale adding harvest has started on early planted beans in parts of Brazil.

          Corn was lower on commercial and fund selling. Year to year, corn posted big losses, ending 2013 as the worst preforming commodity on the Goldman Sachs Index. Contracts held right around their recent lows and the trade expects USDA to report a record crop and big jump in ending stocks on January 10. Argentina’s Grain Exchange, via Allendale, estimates 2013/14 corn production at 22 million tons, with hot, dry weather expected over the next few days, ahead of a more mild pattern. According to Ukraine’s Ag Ministry, corn exports since the start of their marketing year are 9.5 million tons, with cumulative sales 30% ahead of 2012/13.

          The wheat complex was higher on technical buying and short covering. Contracts started to see a bounce off of the lows in the overnight session and after two months of losses, the complex looks oversold. Additionally, it looks like export demand is improving with U.S. wheat competitively priced on the global market. Ukraine’s Ag Ministry reports grain exports from July 1 to December 30 were 18.48 million tons, 6.8 million tons of that wheat and 5.5 million of that milling wheat. Jordan issued a tender for 100,000 tons of wheat.

          Cattle country was quiet as expected on Tuesday afternoon with business apparently done for the year. Packers will have to get busy sometime on Thursday or Friday following the holiday. There were a few bids in Kansas and Texas at 132.00. Asking prices in the South remained firm at 136.00 to 137.00. In the North feedlot operators were asking 216.00 to 218.00. The kill was estimated at 100,000 head, 57,000 more than last week, and not comparable to last year’s holiday.

          Boxed beef cutout values were higher on moderate to fairly good demand and moderate offerings. Choice beef was up .94 at 200.65, and select was .95 higher at 196.41.

          Chicago Mercantile Exchange live cattle contracts settled 47 higher to 47 lower with the exception of December that expired at noon at 134.50 up .10. The nearby contracts were inactive through much of the session. Even additional firmness in boxed beef values in the morning report was unable to garner any additional interest through the complex. Traders focused on potential market moves later in the week and just tried to close the books on 2013. February settled .47 lower at 134.62, and April was down .45 at 135.30.

          Feeder cattle ended 22 to 72 points lower. Lack of interest and no additional buyer activity seen in the cattle market allowed nearby feeder cattle contracts to slowly fade through the session. January settled .57 lower at 166.70, and March was down .55 at 167.40.

          We are finding a few more cattle auctions are being held this week than last. Receipts at the Sioux Falls Regional Stockyards at Worthing, South Dakota on Monday there were receipts of 1308 cattle. Compared to two weeks ago. Feeder steer calves weighing 500 to 540 pounds were 9.00 to 11.00 higher in a light test. 550 to 800 pounds mostly steady to 4.00 lower in a light test. Feeder heifer calves 450 to 650 pounds mostly 2.00 to 6.00 lower, 650 to 700 pounds were 5.00 to 6.00 higher with instances 10.00 higher, yearlings weighing 950 to 1,000 pounds trended 6.00 higher. 629 pound steer calves averaged 186.32 per hundredweight. 662 pound heifer calves averaged 167.77.

          Lean hogs settled 45 points higher to 15 lower. Following extremely light trade and lackluster price movements through most of the morning, buyer support developed at midday. The bounce higher in cash and wholesale pork values helped to draw renewed but still light support back into the front month futures. February settled .45 higher at 85.42, and April was up .22 at 90.67.

          There was an active hog market on Tuesday with good demand. Barrows and gilts in the Iowa/Minnesota direct trade closed .11 lower at 77.13 on a carcass basis, the west was .09 higher at 77.06, and the East was up 1.86 at 77.99. Missouri direct base carcass meat price was steady to 1.00 lower from 71.00 to 73.00. Terminal hogs were steady with an instance of 1.00 higher from 49.00 to 53.00.

          The pork carcass value ended the day .74 higher at 84.37 FOB plant on a negotiated basis.

          Despite higher bids, early week hog buyers were not very successful on Monday in generating significant country movement. Given plans for a Saturday slaughter close to 350,000 head, the cash market may be required to be well supported through the entire week.

          Tuesday’s hog kill was estimated at 364,000 head, 191,000 more than last week and not compared with last year which was a holiday.

           
          keywords: Soybean, Corn Futures
           
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