Market Commentary

August 6, 2013

Good Morning,
 
Yesterday afternoon the USDA raised the corn condition in the G/E category by 1% bringing it to 64%. They raised the ratings in IL, OH, NE, MO and KS while lowering it in IA and MN. Wisconsin came in at 60% G/E which is down 1%.
On Monday 8/12/13 the USDA will release its August S&D report which many that are looking for a bounce in the markets are hoping they will adjust planted acres lower. While this could happen, there is a good chance they will raise yield which most likely will negate any bullish support the acreage number would have supplied. Private estimates released over the last few days are expecting yields in the 158-161 bpa.  Read More

Commentary
Double Digit Losses in the Soy Market -

The soy market comes out of the holiday break with sharp losses, futures are down 11 to 12 3/4 cents so far at midday. Soybean meal futures are down

Hog Market Making Midday Gains -

Lean hog contracts are higher after the extended weekend; futures are climbing 15 to 35 cents so far with April leading the way. The CME Lean Hog

Cotton Down Triple Digits -

Cotton futures start off the trade week with 108 to 177 point drops; the March futures are down the most so far. MLK Day on The Seam online cotton

Wheat Higher on Tuesday -

The wheat market is higher after the holiday weekend, with Chicago leading the way. Chicago SRW futures are up by 9 1/2 cents at midday. KC HRW

Ag Market Commentary -

Corn futures come out of the extended weekend with 1 3/4 to 2 1/4 cent losses in the front months. Preliminary open interest data showed massive

Midday Cattle Market Mostly Lower -

Live cattle futures are mixed with futures posting midday movements of 2 to 15 cent drops, to a nickel gain in the June contracts. Nearby feeder

Full commentary...
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