Soybeans were sharply lower on fund and commercial selling. Ending stocks were down on the month at 145 million bushels, but that was still larger than expected. Additionally, it looks like traders are more focused on planting and quarterly stocks estimates out on the 31st. Soybean meal and oil were lower, following beans. According to China's Ministry of Customs, soybean imports for February were 4.81 million tons, down 18.6% from January and up 66% from February 2014, with year to date purchases 40.1% ahead of last year at 10.7 million tons.
Corn was lower on fund and commercial selling. Ending stocks came out at 1.456 billion bushels, below February, but still, in the grand scheme of things, large and well above year ago levels. Corn's also waiting for that next set of reports out at the end of the month. There's a pretty fair amount of uncertainty about both the planted area figure and the quarterly stocks number. Ethanol futures were lower.
The wheat complex was lower on fund and commercial selling. USDA left ending stocks unchanged on the month with no adjustments to the balance sheet. World numbers were also pretty much neutral with a slight decrease in ending stocks and an increase for the production projection. Chicago and Kansas City are keeping an eye on winter wheat conditions as this year's crop comes out of dormancy. Israel is tendering for 25,000 tons of optional origin feed wheat.
Cattle country is quiet following the distribution of the new showlists. Ready numbers are mixed in the South and somewhat larger in the North. Generally speaking the fed offerings remain historically light. Early asking prices are around 150.00 to 152.00 in the South and 143.00 to 145.00 in the North. The kill totaled 105,000 head, 8,000 below last week and 12,000 smaller than a year ago.
Boxed beef cutout values were sharply higher on moderate demand and light offerings. Choice beef was up 2.88 at 238.90, and select was 3.12 higher at 235.99.
Live cattle contracts on the Chicago Mercantile Exchange settled mostly higher by 37 to 62 points with only spot April lower. Futures bounced higher and lower with traders focusing on additional beef value gains early in the week. Strong gains in the lean hog market continued to be the driver in Monday's session. Trade volume remained light. April settled .10 lower at 143.15, and June was up .52 at 136.40.
Feeder cattle settled 132 to 215 points higher support came from gains in the beef market at mid-day along with pressure in the grain markets. March settled 1.32 higher at 173.70 and April was up 2.07 at 175.72.
Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 9800 head. Compared to two weeks ago, all classes of feeder cattle and calves were lightly tested in the early rounds, but a higher undertone was noted. The demand was moderate to good. Feeder steers medium and large 1 weighing 550 to 600 pounds traded from 203.50 to 210.00. Feeder heifers weighing 500 to 600 pounds brought 180.00 to 195.50.
Lean hogs settled 40 to 300 points higher following strong support in pork values in the morning report and additional focus on tight hog and pork supplies through the spring and summer. April was up the limit of 3.00 and settled at 116.00, May hogs were 2.95 higher and finished at 120.70.
Barrows and gilts in the Iowa/Minnesota direct trade closed 1.15 higher at 108.44 on a carcass basis, the West was up .91 at 108.03, and the East was 1.67 higher at 104.02. Missouri direct base carcass meat price closed steady to 6.00 higher from 98.00 to 107.00. Terminal hogs were 1.00 to 3.00 higher from 68.00 to 76.00.
The pork carcass cutout value was sharply higher on Monday FOB plant at 114.94 up 2.95.
Hog slaughter last week totaled 2.052 million head, down 4.8% from the week before and down 6.6% compared to the same week last year. This is the first week with pork production below the year-ago level since the week ending January 11, finally, hard evidence of serious PEDv death loss.
Monday's hog slaughter was estimated at 413,000 head, 16,000 more than last week and 4,000 greater than 2013.
