Corn Dec +11 579 (565-82); Mar +11 587; Jly +10 589

Bean Jan -1 1248 (1237-59); Mar -1 1258; Jly -1 1272

  Meal Dec -3 329 (329-34)

  Oil Dec +70 6197

Wheat Dec +24 797 (768-800); Jly +20 795

  KC Dec +21 806; MGE +23 1075

Oats Dec +21 751

Rice Jan -9 1347

 

LC Dec -42 12885; Feb -32 13390; Apr -50 13672

FC Nov -217 15440; Jan -340 15272; Apr -277 15802

LH Dec +7 7615; Feb +12 7880; Apr +32 8237

Milk Nov +19 1869; Dec +18 1864

Corn, wheat and oat futures closed sharply higher today as bullish momentum rolls on. The wheat market has been a leader on strong global demand, pushing European wheat futures to record highs. U.S. wheat exports are dismal as we are not competitive in the export market. Corn demand is strong from the ethanol producers who have favorable margins.

U.S Crop Progress
Corn harvested is 74% completed vs 66% last week and 66% a year ago.

Soybean acreage harvested is 79% completed vs 73% last week and 81% a year ago.

Winter Wheat: Acreage planted is 87% vs 80% last week and 86% a year ago.

Pasture and Range Condition:
  26% good/excellent vs 20% year ago
  42% poor/v.poor vs 43% year ago

LC Dec -42 12885; Feb -32 13390; Apr -50 13672

FC Nov -217 15440; Jan -340 15272; Apr -277 15802

LH Dec +7 7615; Feb +12 7880; Apr +32 8237

Live cattle futures closed lower after moving higher earlier in the day. These losses added to the bigger losses posted Thursday and Friday after the market set October highs on Wednesday. December LC is working its way down to the cash market. Choice beef closed up 1.86 at 287.58 and Select gained 1.02 to 264.39. Fed cattle cash trade was not established. Last week’s cash market firmed up with $124-126/cwt in TX/OK/KS and $127 and $200/cwt in Nebraska. Feeder cattle posted large losses as the sharp gains in corn prices weigh on the market.

Lean hog futures managed only small gains today after the huge rally seen the previous two trading days. LH were supported by technical buying and early strength in the pork cutout. However, cash hog fundamentals remain weak. FOB Plant Pork closed down 4.08 at 92.44, compared to 98.48 in the morning report. Much of the loss resulted from ham value dropping 20.80 to 59.03.

US$ -.3% 93.87

Dow +94 35914

SP +8 4614

NAS +98 15596

Tran +37 15943

  VIX +.15  16.41

 

WTI +51 8229

Brent +79 8451

Gas +4 241

NG -21 522

HO +2 250

Eth unch 221

Gold +11 1795

Slvr +17 2412

 

2-yr +.008 0.503%

5-yr -.006 1.182%

10yr +.005 1.561%

30yr +.022 1.963%

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