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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.

News

Ag Committee passes bipartisan federal grain inspection reauthorization

The U.S. Senate Committee on Agriculture, Nutrition and Forestry, held a business meeting and passed the “U.S. Grains Standards Act Reauthorization Act of 2015,” which authorizes USDA’s Federal Grain Inspection Service to establish marketing standards and conduct inspection and weighing for a variety of grains and oilseeds.

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

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.

News

FDA issues draft guidance on animal drug compounding from bulk drug substances

As part of its overall efforts to address compounded drugs, the U.S. Food and Drug Administration today released a draft “Guidance for Industry (GFI) #230, Compounding Animal Drugs from Bulk Drug Substances.” Current law does not permit compounding of animal drugs from bulk drug substances, but the FDA recognizes that there are limited circumstances when an animal drug compounded from bulk drug substances may be an appropriate treatment option.

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