The USDA says 10 per cent of the U-S corn crop has been harvested – 5 points behind the five year average.
The USDA has boosted it’s condition rating for soybeans but left it’s corn rating the same as a week ago.
Back in Chicago, grains sided with soybeans in showing losses, with corn seeing pressure from the expectations of good harvest progress, meaning strong supplies of the crop coming off combines, and allowing investors to withdraw the last weather premium from prices.
A strike by Brazilian federal agricultural agents responsible for approving certificates required for shipments could affect corn exports, the director of the cereal exporters association Anec Sergio Mendes said on Friday. November soybeans gained 7 cents, or 0.81 percent, to close at 8.7425 dollars per bushel.
And wheat futures for December followed suit, dropping 0.3% to $4.95 ¼ a bushel, after again finding its 40-day moving average, at a little over $4.96 ½ a bushel, a hard nut to crack, proving a ceiling to an early rally. But ample world wheat supplies hang over the market.
Compared to five-year averages, every state but Pennsylvania reported corn harvest is behind schedule. The October contract closed almost 4% lower for the week. Kansas was at 11% versus last year’s 14% and the average of 12%. Feedlot placements were 5% lower than 2014, the lowest for August on record, since the series began in 1996. October cattle were.90 cents/pound higher at 137.00 Monday, while December cattle gained 1.22 cents to 139.75. October feeder cattle slid 2.27 cents to 185.82 cents/pound Friday, while January feeders lost 3.12 at 178.25. Hog slaughter for the week was at 2.278 million head, compared to 1.730 million last week and 2.004 million this time past year . The lean hog index was higher by.31% as cash values are now trading at a slight discount to the October futures contract. Cash hogs were.68 higher to 67.58.
Beef and pork were higher on the Chicago Mercantile Exchange. Packer needs vary as some processors carried over inventory from last week while others are buying supplies through the rest of this week.
Cotton futures began the week higher Monday despite Chinese stocks closing lower, perhaps on month-end positioning. December soymeal futures fell 70 cents to $307.50 per short ton.