Monday's Closing Grain and Livestock Futures
Sep. corn closed at $8.15 and 1/4, up 16 and 3/4 cents
Sep. soybeans closed at $17.03 and 3/4, up 32 and 3/4 cents
Sep. soybean meal closed at $532.60, up $9.90
Sep. soybean oil closed at 53.89, up 78 points
Sep. wheat closed at $8.79 and 1/2, up 5 cents
Aug. live cattle closed at $121.35, up 27 cents
Oct. lean hogs closed at $75.90, down 30 cents
Sep. crude oil closed at $95.97, down 4 cents
Oct. cotton closed at 74.17, up 151 points
Sep. Class III milk closed at $19.05, down 52 cents
Aug. gold closed at $1,620.10, up $3.80
Dow Jones Industrial Average: 13,271.64, down 3.56 points
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Market ReCap
Soybeans were sharply higher on commercial and technical buying. The trade’s watching the early part of the Pro Farmer crop tour and keeping an eye out for any new export demand, especially from China. Dow Jones Newswires adds the cash basis was higher again Monday, supported by the strong demand. According to the USDA, 91% of soybeans are at the pod setting stage, compared to 79% last year and 83% for the five year average, while 4% are dropping leaves, compared to 1% both last year and on average, with 31% of the crop in good to excellent condition, up 1% from a week ago. Soybean meal and oil were higher, following beans, with meal maintaining a decided advantage in the product spread. China’s National Grain and Oils Information Center projects August soybean imports at 4.5 million tons, compared to July’s more than two year high of 5.87 million tons.
Corn was higher on fund and commercial buying. Corn’s also keeping an eye on the Pro Farmer crop tour results and Mexico bought 121,000 tons of U.S. corn, with 99,000 for 2012/13 delivery and 22,000 tons for 2013/14 delivery. USDA reports 89% of corn is at the dough making stage as of Sunday, compared to 67% last year and 66% on average, with 60% dented, compared to 28% last year and 29% on average. 17% of the crop has reached maturity, compared to 4% both last year and on average, and 4% has been harvested, compared to 1% both a year ago and on average. 23% of corn is in good to excellent shape, unchanged from last week, with 51% poor to very poor, which is also unchanged from last week. Ethanol futures were higher.
The wheat complex was modestly higher on technical buying and spillover from corn and soybeans. The trade’s watching harvest results around the Black Sea region with more reports of lower than a year ago yields in Kazakhstan, Russia, and Ukraine. For the winter crop, 97% of the crop is harvested, compared to 92% a year ago and 95% on average, while for spring wheat, 79% is harvested, compared to 25% last year and 40% for the five year average. European wheat was also up modestly, following the U.S. lead and keeping an eye on global harvest numbers. Bangladesh issued a tender for 50,000 tons of optional origin wheat.
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