CBOT futures traded in both directions today with fairly narrow ranges. Market news was slim ahead of this afternoon’s USDA Crop Progress/Condition Report (highlights shown below).   Crop conditions were at/near steady with last week’s ratings.  Harvest is just getting started (YC-7%, Soy-3%) so harvest pressure on basis and flat price is just getting started.

Soybeans were down in the old-crop contracts following last week’s chart support breakdown. As the day progressed, the early weakness in soybean oil switched to the soybean meal market.

Chicago and KC wheat futures were the winners today on news China will likely increase wheat imports. There’s also uncertainty ahead of the September 30 USDA reports: Quarterly Grain Stocks and the Small Grains Summary. Technically, wheat futures have respected chart support for over five weeks.

18 Major U.S. States Crop Condition/Progress:

CORN Mature = 40 pct vs 86 pct year ago and 55 pct average (5-year) KY = 74%, TN = 77%, IN = 47%, IA = 35%

Harvested = 7 pct vs 37 pct year ago and 16 pct average KY = 25%, TN = 39%, IN = 6%, IA = 3%

Rated good/excellent = 55 pct vs 53 pct week ago Rated poor/very poor = 16 pct vs 18 pct week ago

SOYBEANS Dropping Leaves = 47 pct vs 71 pct year ago and 56 pct average KY = 28%, TN = 26%, IN = 67%, IA = 22%, IL=37%

Harvested = 3 pct vs 21 pct year ago and 9 pct average

Rated good/excellent = 50 pct vs 50 pct week ago Rated poor/very poor = 17 pct vs 18 pct week ago

U.S. PASTURE conditions are stable. Rated good/excellent = 34 pct vs 34 pct week ago Rated poor/very poor = 36 pct vs 37 pct week ago

Winter Wheat Planted = 23 pct vs 24 pct average Cattle futures closed higher, boosted by Friday’s friendly Cattle on Feed Report and the stronger cash cattle trade later that day.  Boxed beef values firmed today with Choice carcasses up 1.16 at 193.55 and Select carcasses up 0.83 at 176.79/cwt.

Lean Hog futures closed slightly higher supported by the strong cattle futures market and the steep discount of October futures to cash hog prices. Corn Dec +2 453 (448-55); Jly +2 481; Dec14 +1 492 Bean Nov -7.5 1308 (1305-18); Jly -3 1267; Nov14 +5 1176 Meal Oct -2 411; Jly -1 388 Oil -12 4197 Wheat Dec +7 653.5; Jly +5.5 663 KC +5 698; MGE -1 699

Oats +1 309

Rice -1 1553

LC Oct +65 12660; Dec +75 13050; Apr +55 13330 FC Sep +52 15762; Oct +187 16210; Jan +132 16172 LH Oct +12 9017; Dec +35 8642; Feb +20 8825 Milk Sep unch 1814; Oct -20 1789

US$ steady

Dow -50 15401 SP -8 1702 NAS -9 3765 Tran -41 6651 VIX +1.17 14.29

WTI -136 10339 BRENT -118 10804 Gas -6 262 NG -9 360 HO -5 295 Eth +2 189

Gold -10 1323 Slvr -27 2166

2-yr -.01 0.33% 5-yr -.04 1.45% 10yr -.03 2.70% 30yr -.03 3.73%

SOYBEAN RUST The following is from this afternoon’s report from Dr. Don Hershman, UK Extension Plant Pathologist:

“Soybean rust was found today on a sample submitted to the UK Plant Disease Diagnostic laboratory from a grower field in Caldwell County in west KY. The sample in question was from a doublecrop soybean field and the was submitted  because of other diseases. The plant was nearing the R6 growth stage (full seed). Soybean rust was found on leaves in the extreme lower canopy (heavily shaded). Severity was 10 percent or less depending on the leaflet. The amount of infection suggests that infection occurred about 2-3 weeks ago.”

“Yes, SBR has been found, but it is now too late in the season to cause any damage to yield of either full or double-crop soybean.  No action is required to manage the disease.”

KENTUCKY CROP PROGRESS/CONDITIONS

http://www.nass.usda.gov/Publications/State_Crop_Progress_and_Condition/current/current_ky.rtf

KENTUCKY CASH GRAIN BIDS – Click Here