Grain Market Recap 

Grain markets were mixed on the first trading day of the month.  December corn was 3 ¾ cents higher to settle at 414 ½, for the week that was ½ of a cent lower.  January soybeans were down just ¾ of a cent to 993 ¾, that was about 15 cents off the early morning high.  For the week January beans were down 2 ¼ cents.  December Chicago wheat lost 2 ½ cents to settle at 568. That was down 1 ¾ cents for the week.

There were 4 flash sales reported this afternoon, 2 for soybeans, one for corn, and one for soybean oil.  The first soybean sale was for 132k metric tons for delivery to China.  The second was 198k metric tons for delivery to unknown destinations.  The corn sale was reported at 781k metric tons for delivery to Mexico, with all but 65k of that for the current marketing year.  30k metric tons of soybean oil for delivery to India were also reported.

Bloomberg reported today that Ukraine’s grain exports this season which started on July 1st, reached 14.4 million tons, which is 56% higher than last year.    They reported exports of 7.7 million tons of wheat which was up 67% from the same period last year and 4.7 million tons of corn which was up 23% from last year.  

Livestock Market Recap 

It was mostly a mostly higher day in the livestock markets as we officially started a new month.  Front month December live cattle settled 37 cents lower to 185.92, but the deferred contracts were able to post gains.  January feeder cattle futures saw pressure early on but finished the day 1.87 higher to 243.20, that was nearly $4 off the low of the session.  On the snout side, new intraday highs were made, but futures finished closer to unchanged.  At the close the most actively traded December contract was .27 higher to 84.07.

Yesterday’s boxed beef report was weaker and this morning was more of the same.  The morning report showed choice cuts down 25 cents to 317.35 and select cuts 22 cents lower to 285.15.   The 5-area average price for live steers on Thursday afternoon was reported at 189.79, mostly steady for the week.  Thursday’s slaughter was reported at 121 k head, 3k less than last Thursday and 5k less than the same day last year.  Week to date slaughter stands at 490k, that compares with 491k last week and 500k last year. 

Economic data this morning was a miss with no farm payrolls being reported at just 12k, well below the estimated 106k and last month’s 223k.  The unemployment rate was left unchanged at 4.1%.  

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