The grain markets were mixed overnight after yesterday’s Crop Progress report and ahead of today’s 11am Acreage and Stocks reports. Corn crop conditions fell by 3% to 68%, compared to 75% good to excellent last year and was in the range of expectations. The eastern corn belt saw the steepest drop. Ohio corn dropped 19% good to excellent. The average estimate for corn acreage and stocks is 89.173 million acres, compared to the 89.199 March USDA number, and 4.512 billion bushels for June 1 stocks, compared to 3.852 last year.
The grain markets traded mixed Monday ahead of the USDA Stocks and Acreage reports tomorrow. After the trade had seen significant weather premiums in the last few weeks, if seemed as profit taking and long liquidation was the theme today. The average trade estimate for June 1, 2015 stocks is 4.557 billion bushels with a range of 4.35-4.7 billion bushels. The June 1, 2014 stocks number was 3.852 billion bushels. The weekly export inspections came in at 1.04 million tonnes, suggesting firmness in demand.
Lean hog prices gained 80 cents and went to $75.45, which is their highest of the week. The 27-day average is $80.23. Cattle prices ended the week Friday with further decreases. Live cattle prices dropped 10 cents to $148.40. The 27-day average price is $152.38. Feeder cattle prices went down $1.80 to $217.25. The 27-day average price comes to $222.64.
The grain markets traded substantially higher today ahead of the acreage and stocks reports next week. July corn tested a high of 3.90 today then set back. The last time nearby corn traded above that level was April 8th. The US Dollar index is up .30 to 95.49 and the DJIA was up 47 points to 17,937. July corn futures gained 8.5 cents to $3.85/bushel at the close Friday morning, while December was up 9.75 cents to $4.02.
Cattle prices continued in their descent for the week on Thursday. Live cattle prices decreased $2.18 to $148.50. The 27-day average price is at $152.49. Feeder cattle prices were affected more at a $4.50 decline to $219.05. The 27-day average price comes to $222.73.