Corn Sep +4 637 (634-67); Dec +5 629 (626-58)

Bean Aug +9 1522 (1516-53); Nov +8 1405 (1401-38)

  Meal Aug +2 433 (432-40); Dec -3 401

  Oil  Aug +113 6372 (6283-6475); Dec +82 6131

Wheat Sep -35 856 (854-940) 86-cent range; Dec -34 872

  KC Sep -30 915; MGE -35 957

Oats Sep -1 491

Rice +8 1653

 

LC Aug +220 13615; Oct +147 14042; Dec +142 14650

FC Aug +315 17487; Oct +212 17987; Jan +177 18252

LH Jly +30 11315; Aug -80 10837; Oct -155 9245

Milk Jly -6 2273; Aug -11 2164; Sep -22 2207

CBOT futures closed widely mixed and nearer the day’s lows than the highs, the latter were set Sunday night. CBOT futures gapped higher Sunday evening on hot, dry forecasts through July. However, prices drifted lower overnight and then accelerated downward after the market reopened at 830 a.m. Some reasons for the rally not holding included the surging U.S. Dollar, lower energy futures, U.S. recession risk, new lockdowns in China, and positioning ahead of Tuesday’s USDA WASDE Report. Today’s chart damage is most apparent in wheat futures with significant bearish price reversals.

U.S Crop Progress
Corn silking is reported on 15% of acres vs 25% for 5-yr avg.
Corn rated good/excellent is 64% vs 64% week ago and 65% year ago.
Acreage rated v.poor/poor is 10% vs 9% week ago and 8% year ago.  

Soybeans blooming are 32% vs 38% 5-year avg.
Soybeans setting pods are 6% vs 9% 5-year avg.  
Acreage rated good/excellent is 62% vs 63% week ago and 59% year ago.
Acreage rated v.poor/poor is 9% vs 9% week ago and 11% year ago.

Winter Wheat:
Harvested acreage is 63% vs 54% week ago and 61% for 5-yr avg.

Spring Wheat:
  70% good/excellent vs 66% week ago and 16% year ago.
  5% poor/v.poor vs 8% week ago and 55% year ago.

Pasture and Range Condition:
  28% good/excellent vs 34% year ago
  46% poor/v.poor vs 39% year ago

 

Cattle futures closed strongly higher after opening this morning in the red due to the sharp CBOT gains. As corn and soybean prices drifted lower, cattle futures trended higher. Technically, cattle posted friendly outside-UP days. The key is to see follow-through buying tomorrow. Choice beef edged up .25 to 268.14 and Select gained 1.15 to 243.00. Beef movement was moderate with 113 loads. Negotiated cash trade was at a standstill today according to USDA. Last week’s cash trade was wide-ranging. Southern Plains @ $137/cwt; Nebraska @ $144-149/cwt live and $232/cwt dressed; Western Cornbelt @ $145-150 live and $232 dressed.

Lean hog futures closed lower after testing Friday’s highs at the top of the recent trading range. LH was pressured by the rising U.S. Dollar (negative exports) and ideas a seasonal cash top may be in or near. FOB Plant Pork rose .40 at 115.07. Movement was a strong 330 loads.
 

US$ +1.2% 108.21 – Level last seen in October 2002

Dow -164 31174

SP -45 3854

NAS -263 11373

Tran -152 13246

  VIX +1.52  26.17

 

WTI -97 10056

Brent -60 10642

Gas unch 345

NG +49 652

HO +9 376

Gold -10 1732

Slvr -19 1905
 

2-yr -.051 3.070%

5-yr -.086 3.054%

10yr -.108 2.993%

30yr -.094 3.175%
 

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