Corn Dec +3 368 (361-69); Mar +2 380

Bean Nov +1 844 (837-51); Mar unch 870

  Meal +5 309

   Oil +2 2853

Wheat Dec -14 531; JLy -8 562 (551-68)

  KC Dec -16 537; MGE -14 585

Oats -6 246

Rice unch 1083

 

LC Oct +110 10987; Dec +142 11440; Feb +85 11772

FC Sep +227 15172; Nov +250 15150; Jan +190 14770

LH Oct +65 5107; Dec +185 5525; Feb +157 6445

Milk Sep +4 1656; Oct +1 1672

 

CBOT futures closed mixed with wheat finishing sharply lower, but well off the day’s lows. Nearly all CBOT futures set the day’s lows soon after the markets reopened at 830 am CT. While futures rallied during the morning, only corn was able to finish strong to close higher and at the day’s highs. Traders were just sorting out the effect of the heavy rains in the Corn Belt and the newly-announced export taxes in Argentina. Wheat was pressured by heavy fund selling as once again it was reported that Russia won’t limit wheat exports.

Week ending Sep 2

U.S. Corn Conditions

.      Good/Excellent  Poor/V.Poor

This Week      67%         12%

Last Week      68%         12%

Last year      61%         13%

  ** 75% Dented vs 60% average

 

U.S. Soybean Conditions

.      Good/Excellent  Poor/V.Poor

This Week      66%         11%

Last Week      66%         11%

Last year      61%         11%

  ** 16% dropping leaves vs 9% average

 

U.S. Pasture and Range

42% good/excellent vs 47% year ago.

28% poor/v.poor vs 21% year ago.

 

LC Oct +110 10987; Dec +142 11440; Feb +85 11772

FC Sep +227 15172; Nov +250 15150; Jan +190 14770

LH Oct +65 5107; Dec +185 5525; Feb +157 6445

Live Cattle futures closed modestly higher on renewed optimism for the cash market amid ideas beef consumption was strong over Labor Day weekend. Beef packers have great margins, so hopefully they can share with the producer this week. Choice beef closed up 1.13 at 210.82 and Select gained .94 at 202.21.

 

Lean Hog futures closed higher with support from a stronger pork market and optimism for cash hog prices. FOB Plant Pork jumped 1.39 to 68.60 as the belly value rose over 8%. At midday this cutout was up 2.53. China is having more cases of African Swine Fever, disrupting their market. Traders have to watch this as a market factor for US pork exports.

 

US$ +.3% 95.40

Dow -12 25952

SP -5 2897

NAS -18 8091

Tran +16 11319

  VIX +.30 13.16

 

WTI -42 6938

Brent -34 7781

Gas -1 199

NG -10 281

HO +1 225

Eth +1 132

Gold -10 1197

Slvr -39 1405

 

2-yr +.024 2.653%

5-yr +.037 2.772%

10yr +.046 2.899%

30yr +.052 3.061%

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