Corn Jly -26 744 (742-75); Dec -34 620 (619-54)

Bean Jly +1 1675 (1654-1703); Nov -20 1458 (1451-1508)

  Meal Jly +7 470; Dec unch 407

  Oil Jly -267 6993; Dec -252 6446

Wheat Jly -47 869 (869-918); Dec -43 900 (897-954)

  KC Jly -36 949; MGE -32 988

Oats Jly -3 661; Sep unch 515

Rice -2 1642

 

LC Jun +120 13800; Aug +40 13257; Oct -12 13877; Dec +25 14487

FC Aug +287 17360; Oct +227 17867; Jan +237 18135

LH Jly -27 10912; Oct -205 8867; Dec -107 8287

Milk Jly -24 2256; Aug -48 2285; Sep -60 2298

Most CBOT futures closed sharply lower following marketing-year-low weekly export sales of corn and soybeans, and a slightly bearish USDA Acreage report for corn. USDA estimated 89.921 million acres of corn planted vs traders’ expectations of 89.861 million. Farmers’ intentions reported in March were 89.490 million acres. Soybean planted acres of 88.325 million was sharply lower than the 90.446 million expected by the trade. In contrast to the March Intentions Report, corn acreage is again larger than soybean planted acreage. The other report today, Grain Stocks, came in very close to trade expectations for corn, soybeans and wheat. Wheat futures were pressured by news that Ukraine finally exported grain through the Black Sea.

Read AFBF’s article on today’s USDA reports here: https://www.fb.org/market-intel/june-acreage-report-puts-corn-back-on-top

U.S. Seasonal Drought Outlook
https://www.cpc.ncep.noaa.gov/products/expert_assessment/sdo_summary.php

 

Cattle futures closed higher led by the sharply higher feeder cattle market. Feeder futures were supported by the big drop in corn futures. Live cattle also gained support from a positive weekly beef export sales report this morning. Sales were up 52% from a week ago. Negotiated trade this week has been mostly steady to down a dollar/cwt. Choice beef slipped .88 to 264.00 and Select fell .24 to 240.57. Beef movement was a low 102 loads.

Lean hog futures closed lower with October dropping the most at $2.05/cwt. LH opened higher following yesterday’s neutral to friendly Hogs and Pigs Report, but soon headed lower given weaker cash fundamentals and pork cutouts. On a positive note - pork net sales of 32,300 mt for 2022 were up 27% from a week ago. FOB Plant Pork ended down 1.31 at 107.25 on very low movement of 222 loads of pork. The picnic value fell 6 to 68; and rib value rose 8 to 182.
 

US$ -.3% 104.70

Dow -254 30775

SP -33 3785

NAS -149 11029

Tran -65 13157

  VIX +.55 28.71

 

WTI -382 10596

Brent -329 10916

Gas -16 356

NG -98 552

HO -10 385

Gold -10 1808

Slvr -49 2025

 

2-yr -.094 2.959%

5-yr -.118 3.035%

10yr -.078 3.015%

30yr -.028 3.184%

TOBACCO ACREAGE

   Farmers in Kentucky intend to set an estimated 34.0 thousand acres of burley tobacco for harvest. This was down 1,000 from the 2021 level. Dark fire-cured tobacco acreage set was estimated at 9.90 thousand acres, up 1,200 acres from the previous year. Dark air-cured tobacco acreage was estimated at 6.10 thousand acres, unchanged from a year ago. Burley producing states acreage for harvest was estimated at 38,900 acres, 5% below last year.

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