USDA Reminds Producers of Aug. 23 Deadline to Re-enroll or Extend Expiring CRP Contracts

Farmers and ranchers with expiring Conservation Reserve Program [links.govdelivery.com] (CRP) contracts have until August 23, 2019, to re-enroll in certain CRP continuous signup practices or, if eligible, select a one-year contract extension. USDA’s Farm Service Agency (FSA) is also accepting offers from landowners who want to enroll for the first time in one of the country’s largest conservation programs. CRP signup opened June 3 and ends August 23.
 

Corn Sep -5 359; Dec -6 369 (368-80)

Bean Sep +2 856; Nov +2 868 (866-75)

  Meal +2 294

  Oil -25 2843

Wheat Sep -4 387; Jly -6 484 (481-92)

   KC -4 387; MGE -2 504

Oats +2 273

Rice -5 1098

 

LC Aug +160 10180; Oct +177 10000; Feb +77 10975

FC Aug +62 13630; Oct +47 13365; Jan +60 13150

LH Oct +95 6497; Dec +132 6417; Feb +107 7080

Milk Sep -10 1768; Oct -6 1772

After trading higher overnight, CBOT futures found aggressive selling when the market reopened at 830 am CT. Corn futures led to the downside, reaching a new low for the current downtrend; 3.69 is the lowest closing price for the December YC contract. Futures were pressured by beneficial rainfall and ongoing concerns about export demand, as well as for corn for ethanol. Waivers provided by EPA to small refineries is trimming demand. Some ethanol plants are cutting back on production.

Cattle futures closed higher with the Live Cattle posting strong gains. LC were supported by rising boxed beef values and extraordinary packer margins. Choice beef ended up 2.57 to 241.70 and Select slipped .25 to 214.27. The morning quote for Choice was 242.63, up 3.50. Last week’s cattle slaughter total was up 1.4% from the prior week and averaged $105.40/cwt.

Lean Hog futures closed strongly higher on additional short-covering, rising Chinese hog prices and the big jump in boxed beef values. However, pork values finished weak today. FOB Plant Pork lost 1.07 to 83.91 as ham value dropped 7%.

US$ -.2%

Dow -173 25962

SP -23 2900

NAS -54 7949

Tran -75 10006

  VIX +.62 117.50

 

WTI -1 5613

Brent +29 6003

Gas +2 155

NG +1 222

HO +2 186

Eth +1 131

Gold +4 1516

Slvr +21 1715

 

2-yr -.023 1.514%

5-yr -.030 1.434%

10yr -.041 1.557%

30yr -.040 2.045%

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