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Morning Farm Report: Livestock prices mixed to end the week

Live cattle prices rose by $1.03 on Thursday to hit $152.38. This rise brought the 27-day average price to $154.43. Feeder cattle prices did not fare as well, dropping $2 to settle at $217.73, bringing the 27-day average price to $215.83.

Lean hog prices jumped $1.23 on Thursday, hitting $83.78. The 27-day average price is now at $81.02.

Corn prices saw a five cent rise, while wheat did even better with a nine cent increase.

Markets

Soy complex ends mixed on Thursday

The grain markets rallied again Thursday. After struggling or moving lower Wednesday, the crop markets turned upward overnight, with the grain markets continuing their advance this morning. Talk of excess rainfall in the U.S and potential dryness in Russia, Canada and Australia boosted wheat, with corn following right behind. Good export news also powered the yellow grain advance. July corn futures ended Thursday having risen 5.0 cents to $3.65/bushel, while December added 5.0 to $3.8225.

Markets

Boxed Beef Report: Beef prices take a fall

Choice boxed beef saw a steep fall on Thursday from $265.80 to $264.22. The $1.58 drop brought the 27-day average price to $260.03. Select boxed beef had an even larger drop of $1.75 to hit $250.57.

Choice primal chuck saw a $3.45 drop to hit $201.93, with choice primal short plate close behind losing $3.33. Choice primal rib was the only meat that saw a rise of $2.37 to hit $386.24.

Markets

Grain markets rally Thursday at midday

The grain markets are rallying again. After struggling or moving lower yesterday, the crop markets turned upward overnight, with the grain markets continuing their advance this morning. Talk of excess rainfall in the U.S and potential dryness in Russia, Canada and Australia are boosting wheat, with corn following right behind. Good export news is boosting the yellow grain market. July corn futures rose 4.0 cents to $3.64/bushel around midsession Thursday, while December added 4.0 to $3.8125.

Ag Policy

Planting the seeds for smart corporate policy

These days it seems as much policy comes from the corporate boardroom as from Congress. Some corporate directors are hurriedly bowing to pressure not from their customers, but from vocal activists. The result is corporate policies that forbid farmers and ranchers from using tools to maximize production, protect the environment or care for animals.

Ag Policy

House Ag Committee approves COOL repeal bill

The House Agriculture Committee approved H.R. 2393, a bill to repeal Country of Origin Labeling (COOL) requirements for beef, pork and chicken. The panel amended the Agriculture Marketing Act of 1946, on a 38-6 vote. While repealing the labeling requirements on beef, pork and chicken, it leaves intact the requirements for all other covered commodities.

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