Corn Dec +7 367 (353-67); Jly +7 396

Bean Nov +29 895 (869-96); Jly +25 941

  Meal +7 298

  Oil +36 2901

Wheat Dec +6 484; Jly +4 496 (487-99)

  KC +5 403; MGE +5 507

Oats +3 283

Rice +8 1218

 

LC Oct +22 9872; Dec +132 10495; Feb +102 11120

FC Sep +77 13685; Nov +35 13390; Jan +45 13192

LH all contracts up $3.00 limit 

    Oct 6317; Dec 6420; Feb 7060

Milk Sep +1 1830; Oct +75 1916

 

Read today’s KENTUCKY Crop Production Forecast HERE.
Corn   177.0 bu/acre.
Soybean 53.0 bu/acre.

CBOT futures closed strongly higher and at/near the day’s highs, supported by positive news in US/China trade negotiations and technical short-covering by the speculators after corn futures failed to sustain losses immediately following the somewhat bearish USDA crop report. President Trump delayed new October 1^st tariffs to October 15. China indicated buying interest for US products including soybeans. News reports indicate Chinese did buy 10 cargoes of US soybeans today. The soybean supply-demand table has US ending stocks dropping from 1.005 billion bushels for 2018/19 to 640 million bushels for 2019/20 (2017/18 ended with 438 million bushels). However, USDA estimates the season average farm price will be $8.50 for both crop years. On the other hand, 2019/20 ending stocks of corn will be a burdensome 2.190 billion bushels, down only 255 million bushels from 2018/19 (2017/18 had 2.140 billion bushels). Technically, corn charts posted bullish “outside UP days”. With spec funds having a large short position, this could lead to more buying tomorrow.  In soybeans, futures peaked at the mid-August high, which represents chart resistance. A higher close tomorrow may suggest an additional rally of around 35 cents over tonight’s closes.

Cattle futures closed higher but generally took a break after strong price gains on Tuesday and Wednesday. The rally has been mostly short-covering as cash cattle and beef values have not moved much. Choice slipped .08 to 219.97 and Select edged down .20 to 198.60.  The limit-up move in hog futures spilled over to support cattle futures.

Even as pork values fell sharply, lean hog futures soared $3.00 higher to limit-up levels. LH rallied on ideas that China is closer to making larger pork purchases as US/China negotiations become more friendly.  FOB Plant Pork fell a sharp 1.98 to 70.47 with belly value down 9%, ribs and butts down 3%.

US$ -.3% 

Dow +45 27182 – up 7 straight days.

SP +9 3010

NAS +25 8194

Tran -48 10714

  VIX -.40 14.21

 

WTI -67 5500

Brent -46 6035

Gas -2 155

NG +2 257

HO -2 188

Eth +1 135

Gold +3 1506

Slvr unch 1803

 

2-yr +.053 1.723%

5-yr +.053 1.645%

10yr +.051 1.784%

30yr +.060 2.268%

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