CBOT futures closed mixed in response to today’s USDA Crop Production Report which had a bearish surprise for soybeans (see below for statistics).  The 2016/17 ending stocks forecast was raised by 35 million bushels to 365 million bushels.

U.S. corn production is forecast at 15.1 billion bushels, down slightly from the August forecast and up 11 percent from last year's record production. Based on conditions as of Sept. 1, yields are expected to average 174.4 bushels per acre, down 0.7 bushels from last month but up six bushels from 2015.

U.S. soybean production is forecast at 4.2 billion bushels, up three percent from the August forecast and up seven percent from last year. Based on Sept. 1 conditions, yields are expected to average 50.6 bushels per acre, up 1.7 bushels from last month and up 2.6 bushels from last year.

Week ending Sept 11
U.S. Corn
.             Mature   Harvested
This Week      33%         5%
Last Year      31%         4%
5-year Avg.    32%         7%

U.S. Soybeans
.         Dropping Leaves
This Week      26% 
Last Year      30% 
5-year Avg.    25% 

U.S. Pasture and Range
53% good/excellent vs 47% year ago.
16% poor/v.poor vs 19% year ago.

Cattle futures closed higher for the second straight trading day, adding to Friday’s strong gains. Futures are now $5-6/cwt above the contract lows set last week. Prices were supported by technical short-covering. As futures have now recovered to last week’s cash price, further upside could be limited until the cash market develops this week.  Today’s boxed beef market was weaker -- Choice down 0.37 at 187.53; Select down 1.05 at 181.22.  

Lean Hog futures closed mostly lower after trading higher until about noon CT. A weak hog and pork market eventually weighed on the market as hog supplies remain plentiful. FOB Plant Pork dropped .64 to 81.03.

Corn Dec -1 339; Mar -1 350

Bean Nov -16 964; Mar -16 971

  Meal -4 313

  Oil -72 3238

Wheat Dec +6 409; Jly +4 455

   KC +5 424; MGE +5 499

Oats -2 175

Rice +22 974

 

LC Oct +130 10570; Dec +132 10672; Apr +140 10570

FC Sep +40 13462; Oct +77 13205; Jan +37 12557

LH Oct +20 5942; Dec -90 5302; Feb -100 5777

Milk Sep -8 1643; Oct -27 1643

US$ -.2%

Dow +240 18325

SP +31 2159

NAS +86 5212

Tran +103 7926

  VIX -2.34  15.16

 

WTI +18 4606

Brent +21 4822

Gas +3 139

NG +11 290

HO +1 144

Eth +3 152

Gold -3 1331

Slvr -33 1895

 

2-yr -.016 0.774%

5-yr -.024 1.200%

10yr -.005 1.666%

30yr +.001 2.392%

Kentucky Weekly Livestock Summary for the week of Sep 5-10, 2016.
Receipts
This Week     Last Week      Last Year
7,770          13,166        9,486
  Compared to last week steer calves were 3.00 to 8.00 lower and heifer calves 2.00 to 7.00 lower with light supply and light demand; instances of sharply lower prices were evident at the end of the week due in part to declining CME futures.  Yearling steers and heifers were mostly steady to weak with light demand and limited test.  Quality was plain through attractive for all feeder classes.  Slaughter cows were mostly steady to 5.00 lower and slaughter bulls steady to 4.00 lower with light supply and light demand. Receipts were limited due to the Labor Day Holiday. 

KENTUCKY CROP PRODUCTION
   Corn production in Kentucky is forecast at 244 million bushels. Corn yield was estimated at 172 bushels per acre, down three bushels from last month and unchanged from the 2015 level.

   Soybean production is forecast at 91.3 million bushels, up six percent from last month and three percent from last year.  Soybean yield for Kentucky was estimated at 51 bushels per acre, up three from last month and up two bushels from a year ago.

   Kentucky burley tobacco production is forecast at 111 million pounds, down three percent from the August forecast and up six percent from 2015. Yield was projected at 1,850 pounds per acre, down 50 pounds from last month and up 50 pounds from the 2015 crop. Harvested acreage was estimated at 60,000 acres, up 2,000 acres

from last year's crop. For the burley producing states production is forecast at 146 million pounds, up one percent from last year.
 

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