CBOT futures closed mostly lower with sharp losses in the Wheat pit. Favorable growing conditions, less support in the nearby cash corn and soybean markets, and bearish trading by the large funds are combining to weigh on grain futures.  USDA will provide its official estimate of corn and soybean production next Monday at 11 am CDT.  Tonight’s USDA Crop Condition ratings show a very slight improvement in the 18-State averages for corn and soybeans.  SEE DATA BELOW.

Cattle futures closed with little change from Friday.  Boxed beef values dropped today.  There’s little market news to move cattle futures.

Lean Hog futures closed sharply higher supported by the strong pork cutout value and technical buying as the August breaks above chart resistance and the October moved above key moving averages.   October and December contracts outperformed the soon-to-expire August due in part to their sharp discount to August prices. Corn Sep -7 469; Dec -3 460.5 (456-465) Bean Sep -5 1207; Nov +2 1183 (1170-1189) Meal Sep -8 377; Dec -3 352 Oil +33 4282

Wheat Sep -15 645; Dec -15 658; JLY -13 669 KC -11 695.5; MGE -7.5 734

Oats -3 336

Rice -4 1576

LC Aug -10 12055; Dec +2 12702; Feb -5 12885 FC Aug +25 15397; Oct unch 15915; Jan +27 15900 LH Aug +97 10022; Oct +155 8550; Dec +140 8220 Milk Aug +7 1796; Sep -4 1838

US$ -.1%

Dow -46 15612 SP -3 1707 NAS +3 3693 Tran -51 6601 VIX -.14 11.84

WTI -47 10647 Brent -31 10864 Gas -4.5 295 NG -2 333 HO -2 305 Eth -3 226

Gold -8 1302 Slvr -24 1967

2-yr +.01 0.32% 5-yr +.03 1.39% 10yr +.04 2.64% 30yr +.05 3.74%

 

18-STATE CROP PROGRESS AND CONDITIONS

CORN Dough: 18% vs 58% last year and 31% for 5-yr average

Rating Good/Excellent: 64% vs 63% last week and 23% year ago. Poor/Very Poor: 11% vs 11% last week and 50% year ago.

SOYBEAN

Blooming: 79% vs 93% last year and 85% for 5-yr average. Set Pods: 39% vs 69% last year and 51% for 5-yr average.

Rating Good/Exc: 64% vs 63% last week and 29% last year. Poor/V.P:  9% vs  9% last week and 39% last year.

Spring Wheat and Pastures also slightly improved in ratings.

http://usda01.library.cornell.edu/usda/current/CropProg/CropProg-08-05-2013.txt

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