Corn Sep +16 580 (566-81); Dec +19 584 (568-84)

Bean Aug +38 1473 (1434-74); Nov +30 1346 (1314-49)

  Meal Aug +16 447 (432-49); Dec +17 399

  Oil  Aug -31 6001; Dec -32 5755

Wheat Sep +11 770 (760-93); Dec +11 788; Jly +8 805

  KC Sep +19 840; MGE +13 884

Oats Sep -10 442

Rice +6 1693

 

LC Aug +37 13775; Oct +35 14335; Dec +45 14862

FC Aug -225 17930; Oct -175 18525; Jan -170 18705

LH Aug -147 11722; Oct -220 9412; Dec -27 8625

Milk Aug +45 2068; Sep +63 2052

CBOT futures closed strongly higher due to Russia attacking Ukraine’s Odesa port, just hours after agreeing to allow Ukraine to export grain by sea. Added support came from forecasts that Corn Belt weather will revert back to hot and dry by next week. Tonight’s crop condition ratings show the U.S. corn and soybean crop deteriorating by 2-3 points. Corn benefitted from short-covering after futures broke to new lows on Friday. Soybean futures moved strongly higher for a second day in a row. Wheat futures traded narrow ranges inside Friday’s ranges.

U.S Crop Progress
Corn silking is reported on 62% of acres vs 70% for 5-yr avg.
Corn in dough stage is 13% of acres vs 15% for 5-yr avg.
Corn rated good/excellent is 61% vs 64% week ago and 64% year ago.
Acreage rated v.poor/poor is 14% vs 11% week ago and 10% year ago.  

Soybeans blooming are 64% vs 69% 5-year avg.
Soybeans setting pods are 26% vs 34% 5-year avg.  
Acreage rated good/excellent is 59% vs 61% week ago and 58% year ago.
Acreage rated v.poor/poor is 11% vs 10% week ago and 12% year ago.

 

Winter Wheat:
Harvested acreage is 77% vs 70% week ago and 80% for 5-yr avg.

Spring Wheat:
  68% good/excellent vs 71% week ago and 9% year ago.
  8% poor/v.poor vs 6% week ago and 66% year ago.

Pasture and Range Condition:
  25% good/excellent vs 34% year ago
  50% poor/v.poor vs 42% year ago

Live cattle closed slightly higher while feeder cattle dropped due to the CBOT rally. LC was supported by Friday’s CATTLE inventory report showing herd contraction and by today’s strong boxed beef market. Choice beef rose .99 to 268.11 and Select increased 2.50 to 245.00.  Beef movement was light at 90 loads.

 

Lean hog futures closed mixed with nearby weakness and strength in 2023 contracts. Nearby LH was pressured by much lower cash hog prices early today and by long liquidation after prices have risen sharply during July. FOB Plant Pork closed up 1.85 at 127.82. Pork movement was good at 289 loads.  

US$ -.1% 106.48

Dow +91 31990

SP +5 3967

NAS -51 11783

Tran +54 13866

  VIX +.33 23.36

 

WTI +200 9670

Brent +195 10515

Gas +16 338

NG +43 873

HO +6 352

Gold -8 1719

Slvr -29 1833

 

2-yr +.027 3.018%

5-yr +.016 2.889%

10yr +.026 2.807%

30yr +.033 3.029%

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