Corn Dec -1 551 (549-55); Mar -1 561; Jly unch 568

Bean Jan -17 1188 (1187-1208); Mar -17 1201; Jly -15 1220

  Meal Dec -1 332 (330-34)

  Oil -73 5805

Wheat Dec +1 768 (762-73); Jly +2 776

  KC Dec +2 781; MGE -1 1009

Oats -25 723

Rice +4 1359

 

LC Dec +30 13210; Feb unch 13712; Apr +40 14040

FC Nov -30 15857; Jan +70 16030; Apr +50 16422

LH Dec -17 7637; Feb -10 7937; Apr +17 8402

Milk Nov +25 1806; Dec +16 1775

Corn and wheat closed near steady while the soy complex closed lower. Buyers remained patient ahead of tomorrow’s USDA reports which are expected to increase 2021 corn and soybean production and 2021/22 ending stocks forecasts. Corn futures closed lower for the fifth straight day and soybeans for the fourth straight day. January and March soybean futures haven’t been this low since March 2021. It’s reported that managed money accounts are heavily long corn futures – the biggest position since May 2021. Monthly USDA crop report and WASDE will be released at Noon EST Tuesday.

U.S Crop Progress
Corn harvested is 84% completed vs 74% last week and 78% a year ago.

Soybean acreage harvested is 87% completed vs 79% last week and 88% a year ago.

Winter Wheat Acreage planted is 91% vs 87% last week and 91% a year ago.

Winter Wheat Condition:
  45% good/excellent vs 45% year ago
  22% poor/v.poor vs 17% year ago

 

 

LC Dec +30 13210; Feb unch 13712; Apr +40 14040

FC Nov -30 15857; Jan +70 16030; Apr +50 16422

LH Dec -17 7637; Feb -10 7937; Apr +17 8402

Cattle futures closed mostly higher on support from last week’s strong cash fed market and beef cutouts. LC futures traded to new highs for this rally off the October 1 low. Choice beef dropped .89 to 288.65 and Select gained 1.08 to 268.60. Movement was a light 103 loads.

Last week in the Southern Plains live purchases traded from 128.00-130.00. Last week in Nebraska, live and dressed purchases traded at 130.00 and from 202.00-204.00, respectively. For the previous week in the Western Cornbelt, live and dressed purchases traded from 128.00-130.00 and from 202.00-204.00, respectively.

Lean hog futures closed narrowly mixed despite a huge jump in the pork cutout in the morning. The cash hog market was about steady. FOB Plant Pork dropped 1.49 to 94.86 with ham value down 8.87 to 66.86. The morning cutout quote was 103.61, up 7.26 when ham value was up 20.83 at 96.56 and belly value was up 9.92 at 171.58.

 

US$ -.2% 94.05

Dow +104 36432

SP +4 4701

NAS +11 15982

Tran +46 16890

VIX +1.78 17.22

 

WTI +79 8092

Brent +88 8362

Gas +1 233

NG -10 541

HO +2 247

Eth unch 221

Gold +9 1826

Slvr +38 2454

 

2-yr +.046 0.445%

5-yr +.066 1.120%

10yr +.037 1.490%

30yr -.003 1.883%

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