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
Soybeans Weaken 30 Cents -

The Friday soy market was mixed at the close, as a late session rally in meal helped mitigate the sharp BO drop. Soybeans closed the last trade day

Wheat Firmed but Still Closes Red -

Midday wheat losses were faded in the afternoon session, limiting the day’s loss. CBT futures recovered to close 3 to 4 1/4 cents weaker in the

Hog Market Pulls Back ahead of Weekend -

Front month lean hog futures fell $0.65 to $1.72 on Friday. From Friday to Friday July contracts were only 63 cents weaker. USDA’s National

Corn Closes in Red -

Corn futures head into the weekend with 5 1/4 to 14 1/2 cent losses on Friday. July futures were the weakest on the day, reducing the inverse to

Cattle Rallied on Cheap Corn -

Reflecting the weaker corn prices, and strong basis for in delivery June, fat cattle futures rallied $1.12 to $1.57 on Friday. For August contracts

Cotton Weakens on Friday -

At the close for the last trade day of the week, front month cotton futures were 26 to 36 points weaker. Midday cotton prices had been 39 to 59

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