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Hogs: Morning Comments (Tuesday, June 30, 2015 11:34:47)

Lean hog futures were mixed Monday after they firmed up on Friday ahead of the Hogs and Pigs report. The numbers from Friday were reportedly bearish for nearby contracts and bullish for latter futures months. Larger supplies of hogs in the 120 to 179 and 180 and over ranges could keep pressure on the nearby. Kept for breeding numbers may be supportive in the deferred months. Since the trade expects that farrowing will ease in coming months thereby tightening supply, deferred lean hog futures could be firmer today, while pressure may continue on the nearby. August hog futures slid .825 cents to 74.625 cents/pound Monday, while December gained 2.00 cents to 63.22.

Soybeans: Morning Comments (Tuesday, June 30, 2015 11:46:01)

The soy complex traded lower overnight. Soybean crop ratings fell 2% to 63% good to excellent which was in line with trade expectations. Soybean conditions in Ohio dropped sharply 11%. Soybean planting progress increased by 4% to 94% which was 1% faster than the trade was expecting and 3% behind the five year average. The average trade estimate for the June 1 stocks is 674 million bushels, compared to 405 last year. The average estimate for soybean acreage is 85.187 million acres compared the 84.635 million acres the USDA projected in March. July soybeans lost 5.25 cents to $9.9725/bushel early Tuesday morning, while July soyoil edged lower .28 cents to 32.77 cents/pound, and July meal slid $.3 to $341.6/ton.

Corn: Morning Comments (Tuesday, June 30, 2015 11:57:49)

The grain markets were mixed overnight after yesterday’s Crop Progress report and ahead of today’s 11 am 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 respective estimates 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 Dow Jones Industrial Average lost 350 points, nearly 2%, Monday, on fears about the Greek debt default. The US Dollar Index is up .42 to 95.21. July corn futures advanced 3.25 cents to $3.865/bushel before the open Monday, while December was up 2.5 cents to $4.0475.

Wheat: Morning Comments (Tuesday, June 30, 2015 11:46:30)

Wheat futures are firmer Tuesday morning after rising to near six-month highs yesterday. The average trade estimate for June 1 wheat stocks is 713 million bushels compared to 590 million last June. The all-wheat estimate for acreage is 55.651 million acres, compared to 55.367 in March. Winter wheat conditions were unchanged at 41% and spring wheat conditions rose 1% to 72%. Winter wheat harvest climbed to 38% from 19% but is running well behind normal is Illinois, Indiana, and Ohio. July CBOT wheat futures gained 2.5 cents to $5.83/bushel at dawn Tuesday, while July KC wheat advanced 3.5 cents to $5.75/bushel, and July MWE climbed .5 cents to $6.045.

Cotton: Afternoon Comments (Tuesday, June 30, 2015 12:03:45)

ICE cotton futures are weaker again Tuesday after rising sharply Friday and retreating Monday ahead of the today’s USDA report. In the past five years, the Planted Acreage report has exceeded Planting Intentions four times. The March Planting Intentions acreage for cotton acreage was 9.5 million acres and most are expecting a minor reduction, perhaps causing cotton futures to advance today. Weather has been a prominent feature in the market this year with two tropical storms making landfall in June, the first time this has happened in the U.S. since 1891. July cotton futures fell .10 cents to 66.80 cents/pound early Tuesday, while December fell .96 to 66.27. is your source for ag news and information on crop pest identification, commodity and market prices, agricultural news & issues, and access to crop production management tools such as crop yield & planting calculators and herbicide, fungicide, and weed control information.