Corn Jly unch 416 (409-16); Dec +1 434 (427-35)

Bean Jly +2 858 (848-66); Nov +3 886 (875-93)

  Meal +1 313

  Oil unch 2738

Wheat Jly +3 507 (493-508); Dec +2 524

  KC +4 453; MGE unch 568

Oats -1 295

Rice +4 1177

 

LC Jun +277 10970; Oct +265 10715; Dec +230 11172

FC Aug +257 13982; Oct +237 13975; Jan +262 13845

LH Jun +62 7927; Jly +285 8620; Oct +232 7975

Milk Jly +8 1672; Aug +7 1703

CBOT futures closed steady to higher after starting out on the negative side. Early selling came from Friday’s bearish price action. Corn and wheat futures ended the day near its highs, while soybeans finished mid-range. Trading ranges ran 2-3 percent. The two-sided trading today came ahead of this afternoon’s Crop Progress/Condition reports and Tuesday’s monthly WASDE report. USDA’s crop ratings are as good or a little better than the average trade guess. Tomorrow’s WASDE will lack any dependable forecasts for planted/harvested acreage as well as expected 2019 yields. Farmers continue to seek clarification from USDA on the MFP 2.0 and how Prevent Plant acres will be treated by USDA. President Trump and Ag Sec’y Perdue will be in Iowa tomorrow and they may “make news”.

Week ending June 9

U.S. corn planted = 83% compared to 99% for 5-year average.

U.S. soybean planted = 60% compared to 88% for 5-yr average.

U.S. Corn Conditions

.      Good/Excellent  Poor/V.Poor

This Week      59%          9%

Last Week      n/a          n/a

Last year      77%          4%

  ** 62% Emerged vs 93% average

U.S. Soybeans

  ** 34% Emerged vs 73% average

U.S. Winter Wheat Conditions

64% good/excellent vs 64% last week and 38% last year

9% v.poor/poor vs 9% last week and 35% last year.

U.S. Pasture and Range

68% good/excellent vs 49% year ago.

9% poor/v.poor vs 19% year ago.

 

LC Jun +277 10970; Oct +265 10715; Dec +230 11172

FC Aug +257 13982; Oct +237 13975; Jan +262 13845

LH Jun +62 7927; Jly +285 8620; Oct +232 7975

Cattle futures closed sharply higher today, erasing last Friday’s losses and then some. The weekend settlement of the US/Mexico tariff threat seemed to bring the buyers into the market. The funds have been liquidating a large long position, but still remain long LC. Boxed beef ended the day mixed. Choice lost .54 to 221.66 and Select gained 1.87 to 208.79.

Lean Hog futures closed higher with big gains beyond the nearby June LH contract. The US/Mexico deal was supportive as was higher pork values. FOB Plant Pork gained .98 to 84.06 with stronger values of hams, ribs and picnics. Today’s sharp gains also resulted from short-covering since LH futures have been trending lower. The nearby June LH is weighed on by rising carcass weights and increased hog receipts.

US$ +.2%

Dow +79 26063

SP +13 2887

NAS +81 7823

Tran +91 10232

  VIX -.36 15.94

 

WTI -59 5341

Brent -93 6236

Gas unch 173

NG +2 236

HO -1 181

Eth -1 148

Gold -14 1332

Slvr -35 1468

 

2-yr +.059 1.908%

5-yr +.066 1.917%

10yr +.066 2.150%

30yr +.056 2.627%

Rain-soaked U.S. had its 2nd-wettest month on record in May
Nation also experienced its wettest 12-month period
      Click here for NOAA story
 

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