Grains Prices Higher; Eastern Fields Remain Soggy
July corn was up 8 1/4 cents, July soybeans were up 13 3/4 cents and July Kansas City wheat was up 9 3/4 cents.
Continued Selling Develops
Firm pressure entered most livestock futures Monday morning as active losses quickly developed in feeder cattle and lean hog trade. This is limiting potential market stability during early-week trade.
DTN Weekly DDG Average Price Strengthens
DTN's weekly spot price for domestic distillers dried grains was up $4 on average, at $137 per ton.
Income Over Feed Declining
Milk futures are not reacting to the continued higher grain prices. There is no spillover trading activity yet. Grain markets are moving higher due to weather while dairy markets are holding due to weather being mostly favorable for milk production. That will change in time, as there is a delayed correlation.
Friday's Ethanol Futures Higher Again
Ethanol futures were up 6.1 cents in the July contract at $1.61 and up 5.5 cents in the August contract at $1.609. Corn closed up 11 cents in the July contract at $4.53 and up 10 1/2 cents in the September contract at $4.58 1/4.
Oversupply Weakens Global Ammonia Prices
Wet fields, delayed planting, and how many corn acres are lost this year because of challenging weather and field conditions are influencing domestic demand of some fertilizers. The global ammonia price level is starting to hurt some production spots but, so far, no major cutbacks in output are seen.
Cotton Sharply Higher on Grains, Weather
Oil futures and Brent crude edged lower following modest gains Friday, consolidating within last week's trade range ahead of the expiration of July West Texas Intermediate options Monday afternoon.
Soybeans Lead With Double-Digit Gains
July soybeans are 16 1/4 cents higher; July canola is $1.90/mt higher; July spring wheat is up 6 1/2 cents; July SRW is 10 cents higher; July corn is up 8 3/4 cents. The Canadian dollar is up 4 basis points in overseas trade against the USD.