Cattle: Cash cattle last week $121.00-123.00; boxed beef strongly higher on LIGHT movement; futures meandered around most of the day awaiting the live market to establish but which is expected higher due to enhanced profitability; retail report mixes it up with meat dinners, some BBQ’ing items and other middle meats.
Hogs: Interior hogs sharply mixed: west dn. $.83/east up $2.63; pork midday cut outs sharply lower early; futures hit hard as the pork margins hit hard with a withering attack on cash bellies (dn $12.00) and loins (dn. $5.00) the main focus. Considering the new longs from new highs yesterday (see our open interest) I suspect liquidation.
GRAINS & OILSEEDS:
Corn: Soybeans: Wheat: THANKS USDA……………… ANSWER SOLVED OVER ACREAGE?
US farmers not able to plant 7.7 mln acres in 2013 -USDA – RTRS
Aug 15 (Reuters) – The U.S. Department of Agriculture (USDA) on Thursday said farmers were not able to plant just over 7.7 million acres of land that had been earmarked for cropland due to excessive wet weather this planting season.
USDA’s Farm Service Administration (FSA) said an intended 3.4 million acres of corn were not planted, 1.6 million acres of soybeans and 1.7 million acres of wheat.
Farmers in top producer Iowa were not able to plant 613,257 acres of land that had been earmarked for corn production and were not able to sow 106,350 acres of soybeans. In Illinois, the other top corn and soybean producing state, farmers were not able to seed 201,763 acres of their land to corn and 113,007 million acre of acreage intended for soybeans were not planted.
The persistent spring and early summer rains also prevented plantings of 616,671 acres of corn in Minnesota and 498,837 in North Dakota. Additionally, 203,760 acres of soybeans were not able to be planted in Minnesota and 418,046 in North Dakota.
Trade sources said the 7.7 million acres of so-called prevent planting acres may be more than market observers were expecting and the USDA acreage data may be providing some support to Chicago Board of Trade corn and soybean futures prices.
The USDA’s FSA is expected to revise the prevent plant data in September. (Reporting by Sam Nelson; Editing by Chizu Nomiyama)
I’LL SAY MORE ON THIS BUT FOR NOW ADDS TO THE UNDERLYING SUPPORT WE’VE TALKED ABOUT.
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