CBOT futures closed mostly higher but near the lows and far below the day’s highs set overnight or very early today.  The strength was based on Monday’s crop report that showed about a 1 point drop in conditions.  However, midday forecasts gave improved chances of rainfall, so selling accelerated. The spec funds were net buyers of corn and soybean futures.

Week ending July 16

U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor
This Week      64%         11%
Last Week      65%         10%
Last year      76%          5%

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor
This Week      61%         11%
Last Week      62%         11%
Last year      71%          7%
  ** 89% emerged vs 84% average

U.S. Pasture and Range
52% good/excellent vs 56% year ago.
19% poor/v.poor vs 14% year ago.

Cattle futures opened lower and moved to the day’s lows within the first 90 minutes of trading.  Sharp gains in grain futures may have encouraged selling in cattle. August LC sits about $5/cwt below last week’s cash trade.  Choice Beef dropped 1.00 to 208.05 and Select lost .56 to 195.25.

Lean Hogs closed narrowly mixed with Aug/Oct lower and 2017 contracts higher. August LH futures are discounted to the Cash Index.  FOB Plant Pork closed down .20 at 103.99, compared to 104.98 at midday.

Corn Sep +2 377; Dec +3 391 (389-402)

Bean Aug +4 989; Nov +4 1002 (998-1017)
  Meal +2 323
  Oil +16 3317

Wheat Sep -2 504; Dec -3 527 (526-41)
  KC -4 503; MGE +13 780

Oats +6 292

Rice +2 1186

 

LC Aug -187 11507; Dec -175 11750; Feb -132 11822

FC Aug -282 15160; Oct -272 15042; Jan -207 14590

LH Aug -27 8050; Oct -17 6787; Dec unch 6262

Milk Jly -4 1558; Aug -6 1661

US$ -.5%

Dow -55 21574

SP +2 2461

NAS +30 6344  - Record High Close

Tran -67 9631

  VIX +.09 9.91 

 

WTI +39 4662

Brent +44 4886

Gas +2 158

NG +6 308

HO +1 151

Eth +1 154

Gold +8 1241

Slvr +17 1622

 

2-yr -.008 1.352%

5-yr -.038 1.815%

10yr -.048 2.261%

30yr -.042 2.851%

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