Corn Dec +3 555 (548-64); Mar +3 564; Jly +3 571

Bean Jan +23 1212 (1181-1241); Mar +23 1224; Jly +22 1242

  Meal Dec +11 342 (331-47)

  Oil +42 5847

Wheat Dec +10 778 (764-83); Jly +8 784

  KC Dec +13 793; MGE +15 1024

Oats -7 716

Rice +20 1379

 

LC Dec +10 13220; Feb -42 13670; Apr -15 14025

FC Nov -67 15790; Jan -50 15980; Apr -55 16367

LH Dec -142 7495; Feb -62 7875; Apr -47 8355

Milk Nov +7 1812; Dec +43 1811; Jan +38 1845

CBOT futures closed higher with large gains in soybeans and soybean meal. Today’s big market feature was the monthly Crop Production report and the WASDE report. USDA surprised traders with a cut in soybean yield and production which contributed to a smaller-than-expected increase in the 2021/22 ending soybean stocks forecast. Quick short-covering drove soybean futures up more than 50 cents in the first 5 minutes of trading after USDA released the estimates. But prices quickly settled down and gains were half of that at the closing bell. The corn report had negative estimates (yield increased to a record 177 bu/acre, creating larger production and ending stocks than traders expected) but corn futures jumped 15 cents right after 11:00 a.m. in sympathy with the soybean market. Corn futures closed only a few cents higher, but this comes after five straight days of losses. Wheat futures posted nice gains today as the USDA reports reminded traders of how tight wheat stocks are in the U.S. and in other key exporting nations. I read that stocks are at a 14-year low in the top 8 wheat exporters combined.

Today’s USDA Crop Report estimates show record large corn and soybean yields for Kentucky of 189.0 bu/acre and 56.0 bu/acre.  Kentucky corn production is a record high 274.1 million bushels.  2021 is the third straight year for Kentucky to set a new record in corn production.  Kentucky’s soybean production of 100.2 million bushels is the third largest crop behind 2017 and 2020.

Live cattle futures closed narrowly mixed while feeder cattle posted small losses across the board. LC are waiting for the cash market to get established. Very light trade has occurred at $130/cwt with more bid there. Choice beef slipped .85 to 287.80 and Select gained 2.02 to 270.62. The Choice-Select Spread narrowed to 17.18. Beef movement was a huge 200 loads.

Lean hog futures closed mostly lower with the nearby December LH dropping the most -- $1.425/cwt. LH were under pressure from Monday’s collapse in the pork cutout after a strong morning market. LH added to the losses seen the previous two trading days. December LH is more than $4.00/cwt discount to the CME Lean Hog Index; this might limit nearby losses. FOB Plant Pork fell 2.31 to 92.55 with the loin value down 4.56 at 87.80 and the belly value down 5.15 to 159.92. Pork movement was a strong 386 loads.

 

US$-.1% 93.97

Dow -112 36320

SP -16 4685

NAS -96 15887

Tran -235 16655

  VIX +.56 17.78

 

WTI +182 8256

Brent +178 8521

Gas +5 238

NG -45 498

HO +4 251

Eth unch 221

Gold +3 1831

Slvr -22 2432

 

2-yr -.026 0.423%

5-yr -.039 1.081%

10yr -.058 1.439%

30yr -.065 1.823%

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