Corn Jly -1 326 (324-28); Dec -2 341 (340-43)

Bean Jly +2 865 (863-69); Nov unch 877 (875-81)

  Meal +2 289 (287-90)

  Oil -23 2800

Wheat Jly +2 506 (502-09); Dec unch 521 (519-25)

  KC unch 457; MGE -5 519

Oats Jly -4 313; Sep unch 285

Rice Jly -150 limit 1606; Sep +22 1223

 

LC Jun +27 9660; Oct -117 9940; Dec -125 10292

FC Aug -157 13267; Oct -122 13480; Jan -97 13375

LH Jly -17 5280; Aug -97 5582; Oct -140 5350

Milk Jun -16 2040; Jly -35 1925

 

Ahead of Thursday’s USDA WASDE Report, CBOT futures were mostly little changed at the close. July oats and rice futures continue to have volatile moves. Generally, corn and soybean crops are in great shape with recent rains. There are indications that the Corn Belt could see some warmer, drier weather over the next two weeks. The huge spec short in corn might get nervous if extended outlooks stay warm and dry. Soybeans were pressured by a lack of export sale announcements this week after several last week. Wheat saw support from rising prices in the Black Sea area and a weaker US$. However, global ending wheat stocks are forecast record large.

 

Final EPA Cancellation Order for Three Dicamba Products
Click HERE to read.

 

Federal Reserve Meeting Results
    The FOMC announced its intention to keep benchmark short-term rates near zero through 2022. GDP forecasts are: -6.5% this year; 5% in 2021; and 3.5% in 2022. Inflation forecasts are: 2020, 0.8%; 2021, 1.6%; and 2022, 1.7%. Unemployment forecasts for 2020-2022 are 9.3%, 6.5% and 5.5%.

 

Ag Secretary Sonny Perdue said as of Tuesday morning, “beef facilities are operating at 98%, pork facilities are operating at 95%, and poultry facilities are operating at 98% of their capacity compared to the same time last year.”

Cattle futures closed mostly lower today, pressured by falling boxed beef prices as beef production gets back close to normal. On light trade, cattle traded as high as $108/cwt. On dressed basis, steers averaged $170/cwt. Formula cattle averaged 893 pounds at $189.16/cwt. Choice beef fell 10.94 to 236.06 and Select lost 5.11 to 222.84. A week ago, these values were 295.90 and 276.78, respectively.

Lean hog futures also closed lower on rising pork production and weaker pork cutouts. FOB Plant Pork slipped .42 to 68.84. Bellies fell 8% to 98.29; loin value fell 6% to 74.19. Offsetting the losses were around 15% gains in ham and picnic values.

 

US$ -.4%  96.08

Dow -282 26990

SP -17 3190

NAS +67 10020

Tran -246 9579

  VIX unch 27.57

 

WTI +12 3928

Brent +4 4122

Gas -1 120

NG +2 179

HO +1 116

Eth +1 124

Gold +26

Slvr +55 1834

 

2-yr -.035 0.171%

5-yr -.090 0.317%

10yr -.099 0.730%

30yr -.073 1.511%

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