Today Grain Futures

Corn futures closed 1 to 2 3/4 cents lower ahead of the long holiday weekend. There were 5 deliveries against the July 14 contract overnight, bringing the MTD total to 16 lots. The oldest long is dated 11/27/13. Trade ideas for USDA weekly export sales were in the 500-900,000 MT range. USDA put the actual figures at 765,400 MT (including 474,700 MT for 14/15). Egypt booked 176,000 MT of new crop corn. A Memphis based consultant estimated the US average yield at 165 bpa on a harvested acreage of 83.239 million.

Jul 14 Corn closed at $4.17, down 1 1/2 cents,
Sep 14 Corn closed at $4.09 1/2, down 2 3/4 cents,
Dec 14 Corn closed at $4.15 1/4, down 2 3/4 cents
Mar 15 Corn closed at $4.26 3/4, down 2 1/2 cents

Soybean futures closed 4 to 15 cents lower on the day. The Aug 14 contract displayed the most weakness and finished at $12.99 3/4. There were 3 deliveries against the July 14 contract overnight, bringing the MTD total to 27 lots. Trade estimates for old and new crop export sales last week were in the 300-650,000 MT range, with nearly all of those expected to be new crop. USDA put the actual figure at 471,800 MT (including 431,200 MT for 14/15). Census also reported May soybean imports this morning, putting the figure at 8.3 million bushels. That brings the YTD total to 38.8 million, with 3 months remaining in the marketing year.

Jul 14 Soybeans closed at $13.87 3/4, down 4 3/4 cents,
Aug 14 Soybeans closed at $12.99 3/4, down 15 cents,
Sep 14 Soybeans closed at $11.66 3/4, down 13 1/2 cents,
Nov 14 Soybeans closed at $11.33 1/2, down 8 cents,
Jul 14 Soybean Meal closed at $447.00, down $5.30,
Jul 14 Soybean Oil closed at $38.56, up $0.09

Wheat futures closed steady to 14 cents higher. The July 14 KCBT contract displayed the most strength and was over up 14 cents in the thinly traded and soon to expire July contract. The oldest July long in Chicago is dated June 19, with the oldest KC long dated June 24. Trade guesses for weekly export sales were running between 300-450,000 MT. USDA reported the actual figures at 567,600 MT. Saskatchewan reports significant acreage losses due to flooding, with expectations for a large number of insurance claims.

Jul 14 CBOT Wheat closed at $5.68, up 6 1/4 cents,
Jul 14 KCBT Wheat closed at $6.97, up 14 cents,
Jul 14 MGEX Wheat closed at $6.51 1/4, down 1/2 cent

Live Cattle closed $0.12 to $2.67 higher. Feeders were $1.27 to $1.47 higher. USDA put weekly export sales for beef at 5,700 MT, the worse weekly total of the year. Wholesale beef prices were higher, with choice boxes up $0.46 at $248.12, while select cuts were up $1.00 at $241.12 in the pm report. The choice/select spread is at $7.40. Packers bought some cattle in Nebraska at $158 yesterday, with KS business at $157. Week to date FI slaughter hit 464,000 head and up from 374,000 a year ago. The lead is bogus, however, due to the timing of the July 4 holiday. The CME Feeder Cattle Index was down $.77 at $216.43. Poultry expansion continues to be limited, with weekly egg sets up 1% from the same week a year ago, and broiler placements actually lagging.

Aug 14 Cattle closed at $155.00, up $2.675,
Oct 14 Cattle closed at $156.90, up $1.225,
Dec 14 Cattle closed at $156.05, up $0.475,
Aug 14 Feeder Cattle closed at $217.62, up $1.42
Sep 14 Feeder Cattle closed at $218.825, up $1.275
Oct 14 Feeder Cattle closed at $218.85, up $1.475

Lean Hogs closed $0.12to $1.80 higher. USDA put weekly export sales for pork at a neutral 12,300 MT. The average pork carcass cutout value was $1.03 higher at $134.20 in the afternoon report. The CME Lean Hog Index was up another $0.66 at $128.17. Western Corn Belt cash hogs are being quoted $2.38 lower this morning by USDA, with the weighted average carcass price at $126.21. IA/MN values were $2.61 lower. ECB values were not reported. Week to date slaughter was 1.626 million head vs. 1.57 million last week. The full week total will be lower than both last week and year ago, however, with most plants dark on Friday and Saturday.

Jul 14 Hogs closed at $131.725, up $0.925,
Aug 14 Hogs closed at $131.600, up $1.250
Oct 14 Hogs closed at $116.75, up $1.65

Cotton futures closed 36 to 74 points lower. December closed at the lowest price for that contract since November 23. Trading volume was estimated at only 12,100 lots as many traders started the holiday weekend early. USDA pegged weekly export sales for Cotton at 101,300 RB, including 94,600 RB of Upland, and 6,700 RB of Pima. ICE Certified stocks were last reported at 462, 584 bales, with 2,522 new certs, 1,279 decerts and 17,790 bales awaiting review. The Cotlook A Index is down 1.00 at 87.40.

Oct 14 Cotton closed at 71.52, down 74 points
Dec 14 Cotton closed at 72.06, down 38 points

 

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