Market Update - August 12, 2013

Posted on Aug 12, 2013
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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