Corn Sep +8 612 (601-23); Dec +7 611 (601-24)

Bean Aug +31 1497 (1465-1513); Nov +38 1380 (1341-93)

Meal Aug +3 434 (430-38); Dec +4 396

  Oil Aug +312 6320; Dec +265 6088

Wheat Sep +36 813 (778-825); Dec +35 829; Jly +33 843

  KC Sep +36 874; MGE +32 939

Oats Sep +15 480

Rice +54 1707

 

LC Aug +70 13562; Oct +105 14060; Dec +72 14615

FC Aug +32 17667; Oct -12 18232; Jan +35 18487

LH Aug +230 11212; Oct +177 9437; Dec +167 8572

Milk Aug +10 2026; Sep +22 2041

CBOT futures closed higher to sharply higher, supported by unfavorable weather forecasts during the critical pollination period, a weaker U.S. dollar and higher energy futures. Corn only managed a mid-range close but soybeans and wheat finished in the top end of the range. After a pickup in attacks, traders are less optimistic that Russia will agree to let Ukraine export more grain. U.S. Corn Belt forecasts will be key to price direction in the short run.

U.S Crop Progress
Corn silking is reported on 37% of acres vs 48% for 5-yr avg.
Corn rated good/excellent is 64% vs 64% week ago and 65% year ago.
Acreage rated v.poor/poor is 11% vs 10% week ago and 9% year ago.  

Soybeans blooming are 48% vs 55% 5-year avg.
Soybeans setting pods are 14% vs 19% 5-year avg.  
Acreage rated good/excellent is 61% vs 62% week ago and 60% year ago.
Acreage rated v.poor/poor is 10% vs 9% week ago and 11% year ago.

Winter Wheat:
Harvested acreage is 70% vs 63% week ago and 71% for 5-yr avg.

Spring Wheat:
  71% good/excellent vs 70% week ago and 11% year ago.
  6% poor/v.poor vs 5% week ago and 63% year ago.

Pasture and Range Condition:
  26% good/excellent vs 33% year ago
  47% poor/v.poor vs 40% year ago

 

Cattle futures closed higher with feeders limited by the higher CBOT futures. Live cattle was supported by higher boxed beef values and the rising commodity markets. Choice beef rose 1.64 to 270.55 and Select gained .87 to 242.66. Beef movement was a very small 67 loads. Negotiated cash trade was not established.

Lean hog futures closed strongly higher led by the August LH gaining $2.30/cwt. LH was supported by improving cash hog fundamentals and Friday’s sharp rise in the pork cutout. Today, FOB Plant Pork slipped .22 to 121.96 with pork movement very heavy at 309 loads.

US$ -.5% 107.44 – a second day of weakness after topping on Thursday

Dow -216 31073

SP -32 3831

NAS -92 11360

Tran +69 13281

  VIX +1.07 25.30

 

WTI +429 9886

Brent +446 10562

Gas +4 326

NG +43 744

HO -7 363

Gold +3 1707

Slvr +4 1863

 

2-yr +.035 3.170%

5-yr +.051 3.104%

10yr +.059 2.989%

30yr +.070 3.164%

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