Monday Market Report: Local wheat soars!
Idaho Farm Bureau's Podcast
English - August 16, 2021 13:00 - 3 minutes - 2.74 MB - ★★★★ - 6 ratingsNews idahofarmbureaupodcast idahoagriculture idahocattle idahofarms Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Good Monday morning We continue to have hot, smoky days and that will continue until Labor Day if long-range forecasts are correct. We have a week of 90-degree plus days ahead.
It’s 72 degrees this morning in Boise and Treasure Valley. It’s a refreshing 57 in Poky a bit cooler in IF at 52 and 64 in TwinFalls, CDA 64…. 16 degrees warmer than last week.
Corn futures failed to hold Friday gains, as most front months closed with fractional losses, as September was up 1 ¼. On the week, the nearby contract is up 2.39%. A wetter weather pattern in the 7-day QPF shows 1-2 inches of rain expected in parts of the Corn Belt next week. Sep 21 Corn opens at $5.68 1/4, up 1 1/4 cent
Wheat futures open up after last week's bullish reports. The leader this morning is MPLS, up 5 to 11 ½ cents in most front months,. CBT opens with 7 to 9 ½ cent gains to round out the 6% weekly rally. KC is 2 to 4 cents higher in the nearby, taking the gain to just over 5%. All three exchanges posted multi-year highs this week.
Sep 21 CBOT Wheat opens this morning at $7.62, that’s up another 8 cents.
OVER in Backfoot get a load of these prices after last weeks WASDE report:
Blackfoot
- Soft White Wheat | 7.92 | Up 63
- Hard Red Winter | 7.65 | Up 39
- DNS 14% | 8.23 | Up 33
- Hard White | 7.75 | Up 39
Cattle is posting mixed trade to close out last week, with nearby contracts opening 12 to 40 cents lower and back months 15 to 60 cents higher. Trade in the North opens at $123-126, with a few $203 sales in the beef. Southern trade is limited with a few $121-122. Feeders are 47 to 65 cents lower in the front months, with the deferred 15 cents to $1.40 higher. The CME Feeder Cattle Index opens down 42 cents to $158.83 on 8/12.
Milk prices open up down a little at $16.19 per hundredweight…up 21 cents from last Monday.
World Sugar stands at 20 cents per pound, and up a percentage point after that world supply report last week.
Heating oil is at 54.42 and climbing…
Hay is still going strong—
Supreme going for $220 per ton
Timothy about the same—
Premium $200
Good $170
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