Corn Sep -27 592 (582-616); Dec -29 578 (571-602)

Bean Aug -70 1439 (1432-95); Nov -79 1316 (1304-74)

  Meal Aug -12 410 (410-23); Dec -12 378

  Oil  Aug -481 5962; Dec -496 5742

Wheat Sep -39 807 (804-42); Dec -38 824 (820-59)

  KC Sep -51 862; MGE -58 890

Oats Sep -41 463

Rice Sep -31 1611

 

LC Aug -167 13292; Oct -150 13847; Dec -172 14405

FC Aug -180 17270; Oct -147 17897; Jan -152 18140

LH Jly +255 11215; Oct +47 8940; Dec -17 8280

Milk Jly -30 2212; Aug -75 limit 2167; Sep -75 limit 2195

As July 4^th 3-day weekends often lead to, the CBOT futures market saw huge price moves today at the close; unfortunately, the direction was DOWN. Weekend rains in parts of the Corn Belt with good prospects this week weighed on the market. Other negative factors include a strong dollar, collapsing energy and metal futures, and rumors of China cancelling soybean purchases. This afternoon’s USDA crop condition ratings were slightly below reported trade expectations; this might lead to a bounce when markets reopen. The sharp move in commodity futures was probably magnified by sell-stop orders and fund liquidation.

U.S Crop Progress
Corn rated good/excellent is 64% vs 67% week ago and 64% year ago. Acreage rated v.poor/poor is 9% vs 8% week ago and 9% year ago.  
Silking is reported on 7% of acres vs 11% for 5-yr avg.

Soybeans blooming are 16% vs 22% 5-year avg.
Soybeans setting pods are 3% vs 3% 5-year avg.  

Acreage rated good/excellent is 63% vs 65% week ago and 59% year ago.
Acreage rated v.poor/poor is 9% vs 8% week ago and 11% year ago.
 

Winter Wheat:
Harvested acreage is 54% vs 41% week ago and 48% for 5-yr avg.

Spring Wheat:
  66% good/excellent vs 59% week ago and 16% year ago.
  8% poor/v.poor vs 8% week ago and 50% year ago.

Pasture and Range Condition:
  31% good/excellent vs 31% year ago
  45% poor/v.poor vs 42% year ago

 

Cattle futures closed moderately lower across the board in sympathy with the general commodity sell-off today. The stronger US Dollar and more talk of recession in the U.S. and around the world weighed on the market. Boxed beef values were mixed with Choice up .84 at 264.66 and Select down .60 to 239.87. Beef movement was light at 109 loads.

Lean hog futures closed mixed with the July/Aug/Oct contracts ending higher. LH was supported by a sharply higher pork cutout. FOB Plant Pork closed up 5.73 at 114.48. Belly value rose 20 to 170; butt value increased 7 to 153; and picnic value was up 3 at 76. Pork movement was strong at 306 loads.

 

US$ +1.3% 106.52 – Highest level since November 2002

Dow -129 30968

SP +6 3831

NAS +194 11322

Tran -73 13217

  VIX +.01 27.54

 

WTI -890 9953

Brent -1062 10288

Gas -33 335 - when will pump price go down?

NG -27 546

HO -37 357

Gold -38 1764

Slvr -53 1913

 

2-yr -.023 2.822%

5-yr -.074 2.284%

10yr -.086 2.818%

30yr -.081 3.049%

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