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Corn futures closed 5 to 8 cents higher on the day. The July 14 contract displayed the most strength and closed at $5.02. Private exporters reported to the USDA export sales of 240,000 MT of corn to Mexico during the 2014/2015 marketing year. South Korea was said to have purchased 60,000 MT of corn. The origin was thought be to from the US or South America. The heavyweight states of IL, NE, IA, & IN were each reported at less than or equal to 5% complete. Missouri was reported at 26% planted, vs. 9% the previous week and the 5 yr average of 12%.
Soybean futures closed 8 to 19 cents lower on the day. The May 14 contract displayed the most weakness and closed at $14.79. The May 14 Meal contract was also lower, losing $5.90 to close at $479.80. The Reuters article speculating that up to 1.2 MMT of Brazilian soybean shipments to China could still be cancelled weighed heavily on the soy complex again today. It is a financing issue with the Chinese banks and the companies who purchased the cargos under contract with US companies; also a tactic for re-negotiating the terms of the contracts. Safras has estimated the Brazil soybean harvest is now near 90% completed which is ahead of the 86% normal pace.
Wheat futures closed 4 to 7 cents higher on the day. The May 14 KCBT contract displayed the most strength and closed at $7.41. Trader talk is that Egypt purchased 4.5 MMT of wheat from local producers. Japan is said to be tendering for around 108,000 MT of wheat. After the close on Monday, USDA reported Washington was at 65% planted vs. 46% the previous week and the 5 yr average of 55%. Idaho is currently 79% planted vs. 56% the previous week and the 5 yr average of 48%.
Cattle futures settled $0.25 to $0.75 higher. Feeders settled $0.25 to $0.55 higher. Estimated week to date slaughter is 14K head less that last week, and 25K head less than last year. Wholesale beef prices are higher with choice boxes up $2.15 at $231.21 while select boxes were up $1.55 at $219.62. The choice/select spread is at $11.58. Monday cash cattle activity consisted mostly of compiling show lists. In the USDA Cold Storage report released this afternoon, the USDA announced beef in cold storage at 404.754 million lbs on March 31, which is down 20.82% from the 511.233 million lbs figure in 2013. The monthly Cattle on Feed report will be released on Friday. The CME Feeder Cattle Index was down $1.44 at $177.13.
Lean Hogs settled $0.22 to $0.90 higher. Estimated week to date slaughter was reported at 684,000 head compared to 792,000 head last week, and 836,000 for the same period last year. The CME Lean Hog Index was down another $1.21 to $119.68. The pork carcass cutout value was $2.33 lower at $117.09. The volatile belly primal was the weakest, down $10.22 at $152.87. Carcass based prices from the IA/MN area were $0.10 higher, while values from the ECB were not reported. Values from the WCB were down $0.28. In the USDA Cold Storage report released this afternoon, the USDA showed pork in cold storage at 575.223 million lbs Feb 28, which is down 11.20% from the 647.784 million lbs figure in 2013.
Cotton futures closed 34 to 132 points higher on the day. Outside markets in the US helped provide a positive influence with the S&P 500 futures up 10 handles at 1875. ICE Certified stocks were reported @ 292,117 bales, with 7,742 new certs, 0 decerts and 4,296 bales awaiting review. The Cotlook A Index is down 0.85 at 93.00. USDA reported that 9% of the US cotton crop is planted vs. 10% last year and the 5 year average of 12%. California is ahead of the average (due to the drought), currently at 90% done vs. the 45% average. Acreage will be much smaller, however.