Corn Sep +2 550; Dec +4 547 (532-47); Dec22 +7 498

Bean Aug +12 1413; Sep +7 1362; Nov +6 1358 (1332-61); Nov22 +9 1258

  Meal Aug unch 354; Dec -1 355

   Oil Aug +77 6643; Dec +84 6407

Wheat Sep -7 677 (665-84); Dec -7 687; Jly -5 681

  KC Sep -7 639; MGE -5 879

Oats unch 462

Rice -7 1354

 

LC Aug +195 12345; Oct +205 12920; Dec +167 13397

FC Aug +212 16220; Oct +195 16645; Jan +115 16685

LH Aug +5 10740; Oct +47 9310; Dec -5 8552

Milk Jly -5 1654; Aug +13 1660

CBOT futures closed mixed with corn, soybeans and soyoil higher and near the day’s highs. Wheat also recovered off the early lows but couldn’t make it out of the negative numbers. Export demand is weak, but focus is on expected corn and soybean yields and the regular updates to the 2-week weather forecast. Soybean oil futures carried the bean market today, supported by rising palm oil futures.  Corn and soybean condition ratings tonight are down from week-ago and are slightly below the reported trade expectations.

U.S Crop Progress
Corn rated good/excellent is 64% vs 65% week ago and 72% year ago. Acreage rated v.poor/poor is 10% vs 9% week ago and 7% year ago.  

Silking is reported on 79% of acres vs 73% for 5-yr avg.  Dough Stage is at 18% vs 17% for 5-yr avg.

Soybean acreage rated good/excellent is 58% vs 60% week ago and 72% year ago. Acreage rated v.poor/poor is 12% vs 11% week ago and 6% year ago.

Soybeans blooming are 76% vs 71% 5-year avg.  Soybeans setting pods are 42% vs 36% 5-year avg.  

Winter Wheat:
Harvested acreage is 84% vs 73% week ago and 81% for 5-yr avg.

Spring Wheat:
  9% good/excellent vs 11% week ago and 70% year ago.
  66% poor/v.poor vs 63% week ago and 6% year ago.

Pasture and Range Condition:
  34% good/excellent vs 36% year ago
  42% poor/v.poor vs 30% year ago

Cattle futures closed strongly higher today, supported by Friday’s USDA cattle reports. The mid-year beef cow inventory was down 2% year/year and lower than trade expectations. The monthly Cattle on Feed report was also friendly with higher June marketings, lower placements resulting in slightly smaller than expected July 1^st on-feed inventory. Choice beef gained 1.30 to 267.93 and Select rose .98 to 250.92.  Beef movement was light at 106 loads. Cash trade was mostly inactive. Last week’s fed cattle averaged $120.65/cwt live and $196.79/cwt dressed. Live price was down $2 week/week and dressed price was down $1/cwt week/week. August LC closed above the downtrend line off the mid-June contract high. Feeder cattle futures broke out to new contract highs.

Lean hog futures closed very narrowly mixed but near the day’s highs. LH futures were supported by a very strong pork market early in the day. FOB Plant Pork closed up .57 at 122.94 compared to 127.57 in the morning. The big difference was big gains in the belly and the ham faded away. Pork movement was a strong 300 loads.

US$ -.3% 92.63

Dow +83 35144

SP +11 4422

NAS +4 14841

Tran +17 14773

  VIX +.34 17.54

 

WTI -16 7191

Brent +40 7450

Gas +1 228

NG +4 408

HO +2 215

Eth unch 232

Gold -3 1799

Slvr +8 2532

2-yr -.004 0.196%

5-yr +.004 0.721%

10yr +.006 1.291%

30yr +.017 1.941%

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