Corn Jly +32 689 (661-97 limit); Dec +31 577 (551-85 limit)

Bean Jly +18 1548 (15376-78); Nov +24 1397 (1381-1420)

  Meal Jly +3 399; Dec +3 397

  Oil +160 6739

Wheat Jly +30 693 (672-702); Dec +28 703

  KC Jly +24 637; MGE +44 771

Oats +7 385

Rice -1 1328

 

LC Jun -232 11355; Oct -77 12292; Dec +17 12822

FC Aug -220 14915; Oct -92 15410; Jan +25 15435

LH Jun +137 11862; Aug +135 11757; Oct +42 9450

Milk Jun +8 1732; Jly -18 1786

CBOT futures closed higher to sharply higher following the 3-day weekend. Corn and spring wheat futures led the rally as traders are increasingly concerned for unfavorable hot and dry weather in the northwest Corn Belt, the northern U.S. plains and the southern Canadian prairies. Weather patterns are not favorable so weather forecasters will be proving their value in the coming days/weeks. The southern U.S. plains needs drier weather to minimize disease in the wheat. Corn export shipments last week were strong; China took over half of the total. Over the last 4 trading days, December corn has recovered over half of the May sell-off of $1.38.

U.S Crop Progress
Corn is 95% planted vs 90% last week and 87% 5-yr avg.

Corn is 81% emerged vs 64% last week and 70% average.

Corn is 76% good/excellent vs 74% last year.

Soybeans are 84% planted vs 75% last week and 67% 5-year avg.
   KY@ 66% is 19 pts ahead of normal. IL is 89% vs 65%; IA is 93% vs 78%; MI is 91% vs 58%.

Winter Wheat Condition:

  48% good/excellent vs 47% week ago and 51% year ago.

  19% poor/v.poor vs 18% week ago and 19% year ago.

Pasture and Range Condition:
  31% good/excellent vs 51% year ago
  39% poor/v.poor vs 16% year ago

LC Jun -232 11355; Oct -77 12292; Dec +17 12822

FC Aug -220 14915; Oct -92 15410; Jan +25 15435

LH Jun +137 11862; Aug +135 11757; Oct +42 9450

Cattle futures closed mixed with the nearby contracts posting big losses, but well above the early morning lows. Cattle futures were hit hard at the open on news that JBS’s U.S. operations were affected by a cyber-attack which caused a disruption to slaughter today. USDA estimated today’s slaughter at 94,000 head, or 27,000 below the week-ago number. Likewise, the boxed beef market moved up strongly on ideas of less beef availability. Choice beef closed up 3.59 at 334.56 and Select gained 5.55 to 306.45. Beef movement was very heavy at 139 loads. Hopefully, JBS can get back to normal capacity very quickly.

Lean hog futures closed slightly higher to strongly higher as June LH made a new contract high. It’s also at a price not seen in the nearby LH contract since July 2014. The JBS cyber-attack also affected hog slaughter; USDA estimated today at 390,000 head, down from 485,000 last Tuesday. FOB Plant Pork ended up .53 at 127.12 with highly variable price action in the individual primal cuts. Movement was strong.

 

US$ +.2%  89.93

Dow +46 34575

SP -2 4202

NAS -12 13736

Tran +17 15767

  VIX +1.14  17.90

 

WTI +164 6796

Brent +126 7058

Gas +4 218

NG +11 310

HO +4 208

Eth +11 248

Gold -2 1900

Slvr -2 2799

 

2-yr +.004 0.149%

5-yr +.006 0.806%

10yr +.017 1.610%

30yr +.018 2.289%

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