IFBF Monday Market Report:Wheat opens lower

Good Monday morning…

This is the first full week of daylight savings time.

We’re still seeing mild temperatures but colder mornings across Idaho, perfect harvest weather!

 It’s 32 degrees this morning in the Treasure Valley. a  refreshing 25 in Poky a bit cooler in IF at 22. It’s 39 in TwinFalls and 34 in CDA.

Corn futures slid into the weekend with 4 1/4 to 6 cent losses and that's where they open this morning. For nearby December contracts that completed the week with a hefty 15-cent drawdown. New crop December ’22 contracts are also 9 1/4 cents lower through the week. The December to December spread tightened by 5 cents to 12 1/2 cents. =

So Dec 21CBOT Corn opens at $5.53 that’s down 12 cents from last Monday.

Front-month wheat futures open lower again. Minneapolis wheat closed 2 to 7 cents lower ending last week 43 cents under its start. CBT SRW gave back another 5 to 7 cents on Friday, which for December was an 8 cent draw down on the week and 32 cents off the high. HRW futures on the KC exchange closed 4 to 7 cents in the red. 

Dec 21 CBOT Wheat closed at $7.66 that’s down 6 cents from last Monday.

Over in Blackfoot prices are down double digits:

 | - Soft White Wheat | 8.79 | Down 23
 | - Hard Red Winter | 8.21 | Down 20
 | - DNS 14% | 9.79 | Down 46
 | - Hard White | 8.31 | Down 20

Live cattle futures are $0.95 to $1.27 stronger this morning. For December, that’s a $2.83 gain for the week. Some Friday cash business was reported at $129 to $130, though most of last week’s action was near $128. Feeder cattle are also stronger on the session gaining $0.85 to $1.45 this Monday. The CME Feeder Cattle Index is down by 54 cents to $155.27. 

Milk… opens down a bit at $17.71 per hundredweight…and that's down 15 cents from last week.

World Sugar is up to 20 cents per pound, that’s up a penny…

Heating oil is $65.25…that up 3 dollars from last week.

Hay is most areas is still contracting for about $100 per ton higher than last year. 

Supreme hay is trading in the area of $270 per ton Premium $250 and Good $230. Both exports and dairies that still need hay are being aggressive for the higher quality hay. As you are well aware even though they are aggressive they are looking for hay that is wrapped and in very good condition. For the most part, the dairies look to be in good shape as USDA is projecting milk prices to remain steady for the next few months. 

However, total feed costs continue to increase as grain prices have continued to trend higher. Fertilizer prices have gone through the roof which could spill over into the compost market as well.

  That's it for the Monday market report…You can check out the market prices on the Idaho Farm Bureau web page… for the voice of Idaho Agriculture, I'm Jake Putnam