Posted at 10:35 a.m. – Grains and oilseeds are slightly higher Friday morning, led in percentage terms by a 9-cent gain in March Chicago wheat. March corn rose 2 1/4 cents and March soybeans rose 3 1/2 cents after both reported good shipping reports despite last week's winter storms. Also, soybeans benefit slightly from Friday's news of Chinese buying. March KC wheat rose 6 3/4 cents and March Minneapolis wheat rose 6 1/4 cents, still finding support after attempting fresh contract lows on Thursday. March crude oil prices fell $0.23 and Dow Jones futures rose 166 points. The US Dollar Index fell by 0.16 and gold prices for April rose by $5.10.
Posted at 8:34 a.m. – March corn is up 2 3/4 cents per bushel, March soybeans are up 12 1/4 cents per bushel. March KC wheat is up 10 3/4 cents per bushel, March Chicago wheat is up 9 1/4 cents per bushel and March Minneapolis wheat is up 11 3/4 cents. The Dow Jones Industrial Average rose 110.30 points to 37,578.91, the U.S. dollar index fell 0.090 points to 103.45 and March crude oil rose $0.34 a barrel to $74.29 . The USDA announced a new sale of 297,000 metric tons (10.9 million metric tons) of soybeans to China for 2023-24. So far it's a risky day to end the week, with soybeans and soymeal leading the way. The strength comes after spot corn and KC and Minneapolis wheat markets sank to new lows on Thursday.
Posted at 11:30 a.m. — February live cattle are down $0.33 to $174.5, March feeder cattle are down $0.33 to $232,225, February lean hogs are down $0.40 to 70, Down $7, corn up 2 3/4 cents per bushel in March and soybean meal down $1.20 in March. The Dow Jones Industrial Average rose 158.71 points. There are a few bids on the table in cash cattle country right now: $272 to $273 in the North and $170 in Kansas, but so far those bids have been accepted. Offer prices are over $175 live and over $275 clothed. Beef cuts are mixed at lunchtime (Select 295.95 -0.34, Select 284.95 +1.19) with light to moderate box agitation (41 lds selected cuts, 06 lds selected cuts, 00 lds trim and 14 lds ground), with a Pick/Selection Range of $11.00. 121,000 cattle are expected to be slaughtered on Friday and 50,000 animals are expected to be killed on Saturday. Lunch pork cuts are 89.74, +1.01, with a total load of 134.05. 485,000 pigs are expected to be slaughtered on Friday and 395,000 pigs are expected to be killed on Saturday.
Posted 08:38 — February live cattle are down $0.40 to $174,425, March feeder cattle are up $0.28 to $232,825, February lean hogs are down $0.13 to $70,975, in March corn is up 2 3/4 cents per bushel and March soybean meal is up $3.30. The Dow Jones Industrial Average rose 119.93 points. The cash-catching country remains very quiet this morning as buyers and sellers remain in a standoff. At this point, not even a token bid has been renewed, and parts of the South have only seen bid prices above $175. In the period from January 5 to 11, 2024, net beef exports in 2024 were 21,400 tons, mainly for South Korea (7,800 tons), China (5,200 tons) and Japan (2,400 tons). During the same period, net export sales of 33,400 tons of pork in 2024 were mainly from Mexico (10,000 tons), Japan (9,000 tons) and South Korea (6,300 tons). The forecast CME Lean Hog Index for January 17, 2024 rose $0.45 to $67.80.
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