Corn Jly +4 659 (636-65); Dec -9 557 (540-65)

Bean Jly +19 1415 (1370-1422); Aug +15 1370; Nov +6 1319 (1280-1324)

  Meal Jly unch 373 (367-77); Dec -4 375

  Oil Jly +221 6033; Dec +192 5793

Wheat Jly -1 661 (646-73); Dec -1 670

  KC Jly -7 600; MGE +2 764

Oats -6 363

Rice +11 1272

 

LC Jun -7 12097; Oct -30 12665; Dec -20 13030

FC Aug +7 1510; Oct +27 15932; Jan +67 16095

LH Jly -162 10705; Aug -300 limit 10367; Oct -265 8545

Milk Jly -23 1649; Aug -23 1700

CBOT futures closed widely mixed with big trading ranges across the board. On Sunday evening, futures opened sharply lower on rain forecasts, saw some overnight recovery, and then rallied when markets reopened at 8:30 a.m. CT.  Futures closed in the upper trading range but the final results were mixed with old-crop corn and soybeans outperforming new-crop contracts. Tonight’s crop condition ratings are down 2-3 points versus last week, about as expected. Weather forecasts will provide direction tomorrow. Generally, the eastern Corn Belt has rain prospects with cooler temperatures while the western Belt will favor below normal rain and above normal temperatures.  

U.S Crop Progress
Corn rated good/excellent is 65% vs 68% week ago and 72% year ago.

Soybeans emerged are 91% vs 85% 5-year avg.
Acreage rated good/excellent is 60% vs 62% week ago and 70% year ago.
Acreage rated v.poor/poor is 9% vs 8% week ago and 5% year ago.

Winter Wheat:
Harvested acreage is 17% vs 4% week ago and 26% for 5-yr avg.
  49% good/excellent vs 48% week ago and 52% year ago.
  20% poor/v.poor vs 20% week ago and 17% year ago.

Pasture and Range Condition:
  32% good/excellent vs 43% year ago
  39% poor/v.poor vs 25% year ago

 

 

Cattle futures closed mixed with live cattle down slightly and feeder cattle a little higher, despite the stronger corn close. The weaker boxed beef market weighed on LC. Choice beef dropped 2.08 to 321.20 and Select fell 2.15 to 281.46. Negotiated cash trade was inactive.  The monthly Cattle on Feed Report will be released Friday.

Lean hog futures closed sharply lower with the August LH down the daily $3.00 limit (means Tuesday’s limit is $4.50 for all LH contracts). Today’s sell-off is a continuation of the long liquidation seen throughout last week. Pork sales to China have slowed and China reports its herd has grown significantly. FOB Plant Pork closed up only .11 at 120.76, compared to a gain of 6.87 in the morning report. The big difference resulted from evaporation of big gains in the value of bellies and ribs. Loin value slid 5.95 to 115.18. Pork movement was strong. Traders will be anxious to see tomorrow’s Cold Storage report and Thursday’s Quarterly Hogs & Pigs Report.
 

US$ -.5%  91.85

Dow +587 33877

SP +58 4225

NAS +111 14141

Tran +285 14908

  VIX -2.81  17.89

 

WTI +182 7311

Brent +138 7489

Gas +3 220

NG -1 322

HO +3 213

Eth unch 246

Gold +14 1783

Slvr +3 2600

 

2-yr -.002 0.256%

5-yr +.002 0.888%

10yr +.047 1.497%

30yr +.093 2.121

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