CornCorn futures closed lower unable to rally after last week's
sell off. Today's crop progress report showed 94% of the
corn crop emerged,, 3 points ahead of the five year average.
The corn condition rating stayed the same at 76%
good/excellent but 3 points of the percentage good moved to
excellent. Poor/very poor ratings went from 4% last week to
5% this week. Export inspections for the week ending June 3
were 806.3 TMT, down 4 TMT from last week. Accumulated
exports are 34.5 MMT as of 5/27 compared to 31.5 MMT a year
ago at this time. The monthly crop report will be out this
Thursday. The five day forecast shows substantial rainfall
in southern Iowa and northern Missouri. July Corn closed at
$3.35 3/4, down 4 1/4 cents, Dec Corn closed at $3.55, down
4 1/2 cents
SoybeansSoybeans closed steady to slightly lower with the November
contract holding the $9.00 support after being 7 cents lower
earlier in the session. This afternoon's crop progress
report showed soybean planting on par with the five year
average at 84%. Emergence was 66%, two points above the five
year average. Soybeans were rated 75% good/excellent and 4%
poor/very poor. Export inspections were 118.1 TMT, down from
last week's 158.7 TMT. Accumulated exports were 36.2 MMT as
of 5/27 compared to 29.2 MMT a year ago. Rain this past week
and through Saturday in northern Missouri and the eastern
growing area should have limited soybean planting but
farmers made progress in those areas with Missouri at 65%
planted versus 48% last week and Ohio at 79% versus 64% last
week. Both states remain behind their five year average.
July Soybeans closed at $9.35, unchanged, November Soybeans
closed at $9.00, unchanged, July Soybean meal closed at
$278.70/ton, up $1.50 July Soybean oil closed at $36.47,
down 31 points
WheatWheat futures closed 2 to 6 cents lower, continuing the
decline of the past several days. This afternoon's crop
progress report showed winter wheat harvest at 3% compared
to the five year average of 6%. HRW wheat harvest has moved
into central Oklahoma. Oklahoma is 12% harvested compared to
23% for the five year average. Texas is 17% harvested versus
24% for the five year average. So far the quality has been
reported mostly average. 90% of the spring wheat is emerged
compared to 94% for the five year average. Weekly export
inspections were 391.3 TMT, 60,000 MT above last week.
Accumulated exports to date are 21.4 MMT compared to last
year for this week at 25.6 MMT. The dollar was higher at the
close of the grains. The 6 to 10 day weather forecast is
calling for normal temps and normal rainfall for the HRW
wheat belt. The SRW wheat belt will continue to receive
above normal rainfall through Saturday. July CBOT Wheat
closed at $4.32 1/4, down 3 1/2 cents, July KCBT Wheat
closed at $4.62, down 3 cents, July MGEX Wheat closed at
$4.86 3/4, down 6 cents
CattleCattle futures prices closed sharply lower. The June
contract closed on support. August and October cattle fell
below support. Show lists should be better than last week.
Asking prices in the South are at $95 and $155 in the North.
Cattle sold for $94 to $95.50 last week on the live and
$153.67 to $154.35 on average in the dressed. Boxed beef
prices are also lower with Choice down $0.64 at $159.81 and
Select down $0.82, at $151.59. Feeder cattle at the Oklahoma
City auction were $2 to $4 lower from 2 weeks ago (no trade
last Monday because of the holiday). Steers over 850 pounds
and under 650 pounds were steady along with calves. Feeder
cattle futures closed lower and the September cattle crush
closed at $124. June Cattle closed at $89.80, down $1.15
August Cattle closed at $87.72, down $0.90, August Feeder
Cattle closed at $108.40, down $0.47
HogsLean Hog futures closed near the low of the day finishing
sharply lower and nearing trendline support on the weekly
chart. Midwest cash hogs were steady to $1.00 lower.
Iowa/Minnesota hogs were $1.05 lower with a range of $67.00
to $76.80. Pork trading was slow with mostly light demand
and light to moderate offerings. The cutout was lower on all
but the Butts. Hog slaughter was down 4.3% last week from
the previous week in part due to the holiday. Pork
production was down 4.5% from the previous week. Weights are
stable. Total open interest dropped 3,360 contracts on
Friday on the lower money. June Hogs are at $77.77, down
$1.27, July Hogs are at $78.02, down $1.70
CottonCotton futures closed higher after recovering from lower
prices earlier in the session. The dollar was up and Dow was
lower, remaining below 10,000. Cotton was rated 66%
good/excellent gaining 3 points from last week in that
category. Commercials decreased their net short position
from 126,196 contracts last week to 105,421 contracts as of
Tuesday the reporting period. Cotton planting is at 91%,
three points ahead of the five year average. July Cotton is
at 77.22, up 16 points October Cotton is at 74.82, up 13
points December Cotton is at 75.51, up 23 point
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