Corn Jly -20 712 (708-31); Dec -27 609 (607-31)

Bean Jly -2 1587 (1575-94); Nov -19 1414 (1407-31)

  Meal Jly unch 442 (436-45); Dec -3 416

  Oil Jly -64 6384; Dec -83 5707

Wheat Jly -31 730 (727-61); Dec -30 735

  KC Jly -33 703; MGE -44 753 

Oats -4 410

Rice -28 1421

 

LC Jun +220 11822; Aug +150 12035; Oct +110 12455

FC May +372 13545; Aug +442 14870; Oct +352 15127

LH May -7 11190; Jly -85 11270; Oct -17 9180

Milk May +1 1883; Jun -5 1884

Most CBOT futures closed sharply lower with new-crop corn and all three wheat exchanges leading the way downward. Significant weekend rainfall in dry areas of the Corn Belt and some rain in spring wheat country caused an aggressive round of profit-taking. The spec funds were supposedly huge sellers of corn and wheat futures. China’s cancellation of old-crop corn purchases while buying 2021-22 corn may have also added to the pressure. Private weather forecasters were also indicating improved moisture for the northern Plains and western Corn Belt by next Monday. The NOAA 6-10 and 8-14 day outlooks (CLICK HERE) this evening confirm a wetter than normal period as well. Temperatures are also forecast to rise above normal, so the planted crops should grow well. U.S. wheat remains uncompetitive on the world market. Wednesday’s USDA supply-demand report shouldn’t have many surprises for the U.S. crop forecasts, but South American crop estimates will be examined.

U.S Crop Progress and Conditions
Corn is 67% planted vs 46% last week and 52% 5-yr avg.
   KY@ 71% is 13 pts ahead of normal. IA@ 86% planted ahead of 65% average. MN@ 85% vs 53% average. SD@ 66% is 36 points ahead of the 5-yr avg.

Corn is 20% emerged vs 19% average.

Soybeans are 42% planted vs 24% last week and 22% 5-year avg.
   KY@ 32% is 16 pts ahead of normal. LA is 24 pts behind @40% -- the only state behind normal. IL is 57% vs 25%; IA is 67% vs 30%; MI is 42% vs 11%. MN@ 65% vs 25%.

Winter Wheat Condition:
  49% good/excellent vs 48% week ago and 53% year ago.
  18% poor/v.poor vs 19% week ago and 16% year ago.

 

 

 

LC Jun +220 11822; Aug +150 12035; Oct +110 12455

FC May +372 13545; Aug +442 14870; Oct +352 15127

LH May -7 11190; Jly -85 11270; Oct -17 9180

Cattle futures closed sharply higher with feeder cattle benefitting from the sharp drop in CBOT futures. Live cattle rallied on a strong boxed beef market and optimism for cash prices. With packer margins reportedly near $700/head, they have plenty of money to spend on fed cattle. Choice beef gained 3.23 to 309.11 and Select rose 3.49 to 293.76. Movement was very light. Live cattle futures have closed higher for four straight days with the June LC gaining $5.00/cwt. 

Lean hog futures closed mixed with May-October lower and the deferred contracts higher. Lean hogs were pressured by Friday’s poor closing and reports of weaker cash hog prices and futures in China. FOB Plant Pork dropped 0.63 to 113.16, down from the morning quote of 115.77. The weaker market resulted from value drops for the ham, belly and picnic.

US$ +.1% 90.30

Dow -35 34743

SP -44 4188

NAS -350 13402

Tran -14 15929

  VIX +2.97 19.66

 

WTI -2 6488

Brent -1 6827

Gas unch 213

NG -4 292

HO +1 202

Eth unch 234

Gold +5 1837

Slvr -9 2738

 

2-yr +.010 0.155%

5-yr +.018 0.789%

10yr +.028 1.607%

30yr +.054 2.331%

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