Today Grain Future

Corn futures closed 1 to 2 cents lower on the day.  USDA reported that 15% of the US crop is silking, behind the average 18% for this date but ahead of the 6% a year ago. Iowa was reported at 4% silking vs. the 5 year average of 10%.   Missouri was at 47% silking, which compares to the 5 year average of 39%.   USDA rated the crop 75% good/excellent, UNCH vs. last week. The Brugler500 condition rating inched up to 390 from 389 last week. This was the highest rating since 2004 for this week. The trade average guess for US corn yield on Friday is 165.9 bpa, up from 165.3 in the prior report.  Old crop ending stocks are expected to rise to 1.233 billion bushels, with the June 30 report suggesting smaller feed & residual use.

Jul 14 Corn closed at $4.08 1/4, down 1 cent,
Sep 14 Corn closed at $3.98 1/4, down 2 1/4 cents,
Dec 14 Corn closed at $4.04 1/4, down 2 cents
Mar 15 Corn closed at $4.15 3/4, down 2 cents

Soybean futures closed 9 to 33 cents lower on the day. Old crop beans displayed the most weakness, with the soon to expire July 14 closing at $13.38 (lowest price since mid Feb). There were 2 deliveries against the May 14 contract, bringing the MTD total to 32 lots. USDA shows show 24% of the crop blooming, ahead of the 21% average. Indiana was reported at 30% blooming, which is ahead of the 5 year average of 18%. Ohio was reported at 10% blooming vs. the 5 year average of 16%. Basis has weakened since the June 30 crop report, with imports taking away some urgency and producers selling their remaining old crop. Canadian sources are lowering projected canola production due to excessive flooding. The trade average yield estimate for the Friday USDA reports is 45.1 bpa per a Bloomberg survey.

Jul 14 Soybeans closed at $13.29 3/4, down 33 1/4 cents,
Aug 14 Soybeans closed at $12.48 1/2, down 24 3/4 cents,
Sep 14 Soybeans closed at $11.40 3/4, down 9 1/2 cents,
Nov 14 Soybeans closed at $11.16 1/4, down 9 1/4 cents,
Jul 14 Soybean Meal closed at $437.30, down $6.40,
Jul 14 Soybean Oil closed at $37.80, down $0.56

Wheat futures closed steady to a nickel lower. The CFTC report showed that the large specs were net short 40,714 contracts in Chicago as of last Tuesday night. They were net long 22,887 in KC. USDA rated 31% of the winter wheat crop good or excellent, vs. 30% last week. Spring wheat heading is at the normal pace of 47%. Spring wheat condition ratings slipped, with 6% rated poor/very poor vs. 5% last week. Official Russian wheat exports for last year (ending June 30) were 18.297 MMT. Egypt is taking advantage of the lower prices this week, scheduling a buying tender tonight for August 21-31 shipment. A Bloomberg survey puts the average trade guess for all wheat production at 1.964 billion bushels vs. 1.942 billion in June. USDA will update the number on Friday morning.

Jul 14 CBOT Wheat closed at $5.45 1/4, up 1/4 cent,
Jul 14 KCBT Wheat closed at $6.75, down 3 1/2 cents,

Live Cattle settled $1.42 lower to $0.15 higher. Feeders were $1.17 to $1.50 lower due to the pressure in front month cattle. Wholesale beef prices were sharply higher today, with choice boxes up $1.80 at $249.98 and select boxes up $1.39 at $242.62 in the pm. USDA found moderate demand and light to moderate packer offerings. Week to date slaughter at 229,000 head is down from 242,000 at the same point in 2013. Cash cattle asking prices appear to be in the $160-162 vicinity. The CME Feeder Cattle Index was down $.73 at $213.85.

Aug 14 Cattle closed at $153.525, down $1.425,
Oct 14 Cattle closed at $155.975, down $0.700,
Dec 14 Cattle closed at $155.350, up $0.150,
Aug 14 Feeder Cattle closed at $215.900, down $2.10
Sep 14 Feeder Cattle closed at $217.475, down $1.750
Oct 14 Feeder Cattle closed at $217.550, down $1.650

Lean Hogs settled $1.97 lower to $0.40 higher. The average pork carcass cutout value was $0.19 lower at $134.33 in the afternoon FOB report. Ribs were the strongest component. The CME Lean Hog Index was up another $0.59 at $129.25. Cash hog prices in the ECB were not reported due to lack of receipts. The WCB carcass average was up 13 cents, with IA/MN quoted 25 cents lower. Estimated week to date hog slaughter is 790,000 head, down 18,000 from the same Tuesday in 2013.

Jul 14 Hogs closed at $132.200, up $0.400,
Aug 14 Hogs closed at $129.850, down $1.975
Oct 14 Hogs closed at $116.300, down $1.550

Cotton futures closed 14 points lower to 17 points higher. There were a large 423 deliveries against the July 14 contract overnight, with New Edge being the largest stopper of 301 contacts. July futures expire on Wednesday. ICE Certified stocks were last reported at 417,912 bales, with 3,812 new certs, 4,894 decerts and 18,375 bales awaiting review. The Cotlook A Index is down 1.65 at 85.25. USDA showed 53% of the acreage squaring vs. the average of 60%. Condition ratings improved, with 55% rated good or excellent vs. 53% last week.

Jul 14 Cotton closed at 75, up 17 points,
Oct 14 Cotton closed at 70.09, down 14 points
Dec 14 Cotton closed at 70.1, down 13 points

 

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