- Hogs Higher to Start New Week
- Lean hog futures shrugged off early session weakness, with contracts closing 17 to 55 cents higher. The USDA’s National Average Base Hog price was $115.61 on Monday afternoon, down $8.08 from the previous day’s report. The August 11th CME Lean Hog Index was up 7 cents to $121.93. Front month...
- Cattle Weaker on Monday
- Live cattle futures settled the Monday session with contracts down 25 cents to $1.07. Last week’s cash trade was mostly $144-148 in the north and $140 in the south. Most of Monday was compiling showlists. Feeders tried to capitalize on the weaker corn futures, with only August up 30 cents....
- Cotton Settles Locked Limit Up
- Cotton futures used the expended limits on Monday, with nearby contracts up the new limit of 5 cents. Other contracts were up triple digits for the 23 crop. Outside factors were largely ignored, with crude oil down $4.24/barrels and the dollar index sharply higher. Follow through buying came from Friday’s...
- Soybeans Close Sharply Lower to Start the Week
- Soybean futures recovered off early day session lows by ~30 cents, with contracts closing 30 to 42 cents lower in the front months on Monday. Weaker economic data out of China caused a cut to interest rates in the country. Pressure was also coming via the product values, as Meal...
- Corn Heads Lower on Monday
- Corn futures ended the Monday session 12 to 14 cents in the red. Deferred contracts for the 23/24 crop were steady to 5 ¼ cents lower. Pressure came from rains across parts of the Corn Belt on Monday. The forecast in the 8-14 day timeframe calls for cooler and better...
- Wheat Comes Off Lows, Still Close Weaker
- Wheat futures ended the Monday session with losses despite coming ~20-25 cents off the lows in several active contracts. MPLS spring wheat futures led the say lower, down 8 to 9 ½ cents. KC was next in line, down 6 ½ to 9 cents, CBT futures were down 3 to...
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August USDA Report
USDA pegs wheat ending stocks 29 million bushels lower off an increase in exports.Yield per acre was raised slightly as well from 47.3 to 47.5 bushels.
Soybean stocks finished 15 million bushels higher. This was mainly driven by a 26 million bushel projected increase in soybean production.
Corn was the biggest mover in ending stocks on this report. The USDA pegged its ending stocks 82 million bushels lower at 1388 million. Once again this was mainly driven by a change to production projections.
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