Monday Market Report: Local grain prices soar!

Good Monday morning welcome to the Idaho Farm Bureau market report, available on Spotify and iTunes. We had cool temperatures across the state over the weekend. We’re coming to you from Boise where it’s 40-degrees here this morning,34 degrees in Poky, 32 in IF, 37-degrees in the Magic Valley, and 39-degrees in Moscow, and 40 in CDA.

Onto the markets

May 21st CBOT Corn Opens at $7.72, Still climbing and up 13 1/4 cents,

May 21 CBOT Wheat opens at $7.61 up 8 and a half cents.

 Wheat futures posted even more gains. SRW futures open the session up by 8 to 9 1/4 cents. KC wheat opens with 10 cent old crop gains and up to 10 cent new crop gains. Minneapolis opens with gains of 7 to 8 1/4 cents. 

How much and how long will these prices last? No one knows…

Local wheat steady and strong this morning get a load of these prices in Meridian, some of highest gains of the decade, Over in Meridian:

 | - Soft White Wheat | 7.40 | up 35
 | - Hard Red Winter | 7.32 | up 22
 | - DNS 14% | 7.65 | up 17
 | - Corn | 8.12 | up 36

Front-month cattle futures gave back most of the early session gains and open the week mixed but mostly higher. October and December contracts were UNCH to 2 cents in the red, but June is up 55 cents. USDA reported catch-up sales in KS for $119. The full range of cash sales last week was $117 to $119, though most were $119. Opening this week, feeder cattle is giving back $2 gains to open up 27 cents. The CME Feeder Cattle Index is down by 73 cents at $130.83.

Sugar opens at 17 cents per pound and opens up down 1 percent.

Heating oil opens at 53.10 up 25 cents from last week.

Milk opens strong at  $18.80 and a buck from last week.

 The cooler weather in parts of Idaho has slowed the early growth of the crop but recent rain in southern Idaho has without a doubt helped the dry land alfalfa crop. These producers at least for now have the potential to harvest a crop. The higher country in the state is in the middle of planting spring crops with the hay just beginning to come out of dormancy. As the temperatures continue to warm we will see the hay crop progress rapidly as it has a way of catching up in most years. This past week we saw premium hay bid between $180 -$185. The range for good hay is wide between $155-$175 and the market for fair quality hay $145-$160.

You can check out all of the Idaho market prices on the Farm Bureau website. That's it for the Monday market report, have a good day, for the voice of Idaho Agriculture, I’m Jake Putnam.