CORN: Corn futures traded higher overnight, gaining 5 cents after yesterday afternoon’s crop progress numbers indicated the crop is behind with 89% in the dough stage vs a 5-year average of 97%. Mature corn is at 11% vs a 5-year average of 24%. Crop condition indicated that 55% of the crop is rated good to excellent, down from 58% last week. The poor to very poor category picked up 1% point and is now at 14%.
SOYBEANS: Soybean futures were also up a nickel overnight. A rainy and wet forecast for the northern tiered states may suggest prolonged maturity. 55% of the crop is rated good to excellent, the same as last week and vs 68% a year ago. Setting pods came in at 92% vs a 5-year average of 99%.
WHEAT: Wheat futures were up overnight with Chi wheat up 5 cents, KC up 3-1/2. Spring wheat was up 4 cents with harvest at 71% vs a 5-year average of 87%. A wet forecast could suggest this number stays relatively unchanged in the week ahead.
CATTLE: Cattle futures are called mixed to lower, however, cattle futures may be finding long term support on continuous front month monthly charts which prices bounced off support yesterday and finished well of their lows. Large packer margins may give them plenty of room to get aggressive buying if need be
HOGS: Hog futures are called mixed to lower on follow through. Prices technically look challenged after the last two sessions in which prices finished at or near the low of the day. It looks as though Dec may target its contract low of 58.62 established on August 23. Yesterday’s close was 59.72.