Today Grain Future

Corn futures closed 5 to 9 cents lower on the day. The Sept 14 forged new low for the move at $3.71 before bouncing a few cents to finish at $3.74. Forecasts for much above normal temps in the WCB next week supported the market as crops there have limited deep root development after all the rain in June and early July. On the other hand, things are nice and cool for pollination. 34% of the US crop is now silking. The national crop condition was upgraded again this week with 76% in the good or excellent category. The Brugler500 index rose 2 points to 392.

Sep 14 Corn closed at $3.74, down 7 1/2 cents,
Dec 14 Corn closed at $3.81 3/4, down 6 1/2 cents,
Mar 15 Corn closed at $3.93 1/4, down 5 3/4 cents
May 15 Corn closed at $4.01 3/4, down 5 1/4 cents

Soybean futures closed steady to 16 cents lower on the day. It was a volatile session with the Aug 14 contract establishing a 42 cents range on the day. Earlier today, private exporters reported to the U.S. Department of Agriculture export sales of 120,000 MT of soybeans to China during the 2014/2015 marketing year. Approximately 41% of the national soybean crop has reached the blooming stage; four points ahead of the 37% average for this date. NE is 15 points ahead and MO is 8 points ahead of normal. The Brugler500 Index for crop condition was UNCH from last week. Condition ratings dropped in 10 of the 18 major states, but increased enough in 7 others to leave the index at 381. In the monthly NOPA report, both oil stocks and crush came in on the low side of the average trade expectations. Oil stocks were 1.847 billion pounds at the end of June; monthly crush was reportedly 118.72 mbu.

Aug 14 Soybeans closed at $11.80 1/2, down 16 1/2 cents,
Sep 14 Soybeans closed at $11.04 1/4, down 3 3/4 cents,
Nov 14 Soybeans closed at $10.86 1/4, unch,
Jan 15 Soybeans closed at $10.95, unch,
Aug 14 Soybean Meal closed at $379.10, down $9.50,
Aug 14 Soybean Oil closed at $36.90, up $0.02

Wheat futures closed steady to 8 cents lower on the day. The Sept 14 MGE Wheat contract displayed the most weakness and finished down more than a nickel. According to Sovecon, prices for Russian wheat have come down significantly as the new crop becomes available. USDA reported that HRW harvest has caught up to normal at 69% completed (vs. 68% average). Kansas was reported at 90% harvested, which compares to the 5 year average of 96%. Oklahoma is 97% harvested, just below the 5 year average of 98%. Spring wheat is 69% headed, also vs. a 5 year average of 68% for this week. The spring wheat crop condition rating improved by 1 point. Montana was reported at 68% headed, well ahead of the 5 year average of 54%.

Sep 14 CBOT Wheat closed at $5.37 3/4, unch,
Sep 14 KCBT Wheat closed at $6.39, down 7 1/4 cents,
Sep 14 MGEX Wheat closed at $6.30 1/2, down 8 3/4 cents

Live Cattle futures settled $0.67 to $1.07 higher on the day. Feeders were $0.67 to $1.07 higher. Wholesale beef prices were higher in the morning report, but lost some steam before the afternoon report. Choice boxes were off $0.61 at $250.53 and select boxes averaged $0.96 lower at $243.46. Cash cattle trade has not yet developed for the week, but a few isolated sales were reported between $152-$154, and dressed sales between $243 and $250. The CME Feeder Cattle Index was off $0.85 from the previous day at $216.77. Week to date estimated slaughter is 228K head, off 1K head from a week ago, and 14K head smaller than a year ago. USDA showed a slight deterioration in pasture conditions, with 55% of the acreage rated good or excellent, down from 56% the week before.

Aug 14 Cattle closed at $148.575, up $0.675,
Oct 14 Cattle closed at $151.850, up $0.975,
Dec 14 Cattle closed at $152.500, up $0.225,
Aug 14 Feeder Cattle closed at $211.525, up $1.075
Sep 14 Feeder Cattle closed at $211.825, up $0.900
Oct 14 Feeder Cattle closed at $211.775, up $0.675

Lean Hogs settled $0.22 to $0.50 higher. The average pork carcass cutout value was higher again today, up $0.33 at $135.18. That is the third time in five sessions with the afternoon carcass price reported North of $135. Estimated week to date slaughter is 760K head, 30K head smaller than last Tuesday, and 42K head smaller than the same period a year ago. The CME Lean Hog Index tacked on another $0.40 at $132.78. Cash hog prices in the Eastern Corn Belt (ECB) were not reported today. The WCB weighted average was down $0.88, with the IA/MN area values off $0.51 from yesterday.

Jul 14 Hogs closed at $133.875, up $0.500,
Aug 14 Hogs closed at $130.725, up $0.400
Oct 14 Hogs closed at $115.950, up $0.225

Cotton futures closed 35 to 54 points lower on the day, settling at the lowest price for the front month contract in more than two years. Smaller production prospects are unable to counter the large stocks. ICE Certified stocks were last reported at 367,214 bales, with 1,554 new certs, 16,653 and 9,703 bales awaiting review. The Cotlook A Index is up 0.20 at 83.55. USDA reported 70% of the crop is in the squaring stage; 24% is setting bolls. Cotton condition rating was 53% good/ex, down from 55% last week but above the 42% from year ago.

Oct 14 Cotton closed at 68.25, down 35 points,
Dec 14 Cotton closed at 67.75, down 55 points
Mar 15 Cotton closed at 68.54, down 54 points

 

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