CBOT futures up sharply on this morning’s bullish crop production and supply-demand estimates. Corn and soybean yields were below the average trade guesses.  And USDA lowered its estimate of harvested soybean acres from 76.9 million to 76.4 million acres.

LIVE Cattle futures are up strongly on the $2/cwt gains in the cash slaughter market Friday. 

USDA Crop Production % WASDE Reports

	ACTUAL USDA	Avg Trade Estimate
CORN
Yield	154.4	157.7 bu/ac
Production	13.76	13.98 billion
2013/14  Ending Stocks	1.837	1.971 billion
2013/14 Avg.  Season Price	$4.50-5.30
SOYBEAN
Yield	42.6	43.5 bu/ac
Production	3.255	3.34 billion
2013/14  Ending Stocks	220	263 million
2013/14 Avg.  Season Price	$10.35-12.35
All WHEAT
Production	2.114	2.106 billion
2013/14 Ending Stocks	551	572 million
2013/14 Avg.  Season Price	$6.40-7.60

 

Corn Sep +10 476; Dec +12 466 (high 469)

Bean Sep +29 1247; Nov +39 1221 (high 1228) Meal Sep +14 405; Dec +17 373 OIL +52 4202

Wheat Sep +10 644; Dec +10 670 KC +11 709; MGE +11 743

Oats -4 355

Rice -9 1510

LC Aug +107 12357; Oct +62 12750; Feb +47 13095 FC Aug -40 15345; Oct -37 15962; Jan -20 15895 LH Aug +87 10140; Oct +125 8622; Dec +85 8290 Milk Aug unch 1809; Sept -38 1767

 

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