Corn Sep +7 556; Dec +6 559 (552-62); Dec22 unch 518

Bean Sep -1 1347; Nov +3 1340 (1334-55); Nov22 +2 1253

  Meal Sep -4 354; Dec -3 356

  Oil Sep +103 6222; Dec +98 6160

Wheat Sep unch 727 (719-32); Dec unch 739; Jly -1 726

  KC Sep -4 710; MGE -2 913

Oats -7 460

Rice -5 1343

 

LC Aug -70 12295; Oct -55 12757; Dec -22 13317

FC Aug -55 15877; Oct -55 16530; Jan -55 16617

LH Aug -5 10962; Oct +197 8585; Dec +137 7890

Milk Aug -5 1612; Sep -3 1725

CBOT futures ended the day with very mixed results ahead of tomorrow’s USDA Crop Report at Noon EDT. Analysts are expecting corn and soybean yield forecast to be lower than USDA used in its July report. Average trade guesses are corn near 177.6 bu/acre, down from 179.5 bu/acre in July and soybean at 50.3 bu/acre, down from 50.8 bu/acre last month. Wheat traders will look for declines in foreign production estimates. Soybeans found support today by another daily export sale to China for 2021/22 crop, but prices closed far below the day’s highs due to lower soybean meal. The weather forecast is somewhat supportive to corn and beans.

Cattle futures closed mostly lower but by modest amounts. Live cattle were pressured by a lack of fed cattle trade even as beef prices rise. Amazingly, boxed beef values rose strongly again today with Choice up 5.48 at 310.80 and Select up 3.38 to 287.99. USDA reported negotiated sales from $119 to $126, averaging near $121/cwt. Depending on the USDA crop report, feeder futures could make a bigger move tomorrow. Tomorrow’s weekly export sales report could provide some support.

Lean hog futures finished mixed with October and December LH making strong gains. Support came from sharply higher pork cutouts and on short-covering following recent weakness and October’s huge discount to the LH Index. FOB Plant Pork closed up 1.56 at 123.96 compared to 130.21 in the morning. Ham value was up 30 to 110 in the morning, but only up 10.54 in the afternoon. A 6% gain in belly value disappeared in the afternoon.

US$ -.2% 92.91

Dow +220 35485

SP +11 4448

NAS -23 14765

Tran +266 14867

  VIX -.73  16.06

 

WTI +96 6902

Brent +98 7161

Gas +3 230

NG -3 406

HO +3 211

Eth unch 222

Gold +22 1750

Slvr +10 2349

 

2-yr -.017 0.221%

5-yr -.016 0.807%

10yr -.008 1.334%

30yr +.017 2.001%

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