Monday Market Report: Wheat, corn, cattle down, Milk up

Good Monday morning…a much cooler weekend and there's a hint of fall in the morning across the state, It’s 54 degrees this morning in the Treasure Valley. a  refreshing 50 in Poky a bit cooler in IF at 48. It’s 52 in TwinFalls and 51 in CDA.

After that WASDE report on Friday, December CORN prices are down more than 6 cents. USDA raised the old crop-cash average price by a nickel to $4.45/bu. The expected new-crop cash average price was slashed 30 cents to $5.45.

Sep 21 Corn opens at $5.02, up 6 3/4 cents,

After board weakness going into the WASDE report, wheat futures open the Friday session mixed. Spring wheat posted 7 cent gains though December gave back 32 cents from last week's open price. Chicago wheat futures are the weakest opening down 6 1/2 cents. KC HRW is still firm, with fractional losses to a 3 cent gain in July ’22 contracts.

Dec 21 CBOT Wheat opens at $6.88 1/2, down 3 3/4 cents, and down 21 cents from last Monday.

Over in Blackfoot prices open up in the black:

 | - Soft White Wheat | 7.37 | Down 12
 | - Hard Red Winter | 7.05 | Down 13
 | - DNS 14% | 7.41 | Down 11
 | - Hard White | 7.60 | Down 13

Front-month fat cattle futures open down 32 cents. For the week of October, fats fell $1.37. Cash deals open mainly in the $124 - $125, with some $123 prices reported in KS. The bulk of cash trade for the week has been near $124 in the South and $126 - $127 in the North. Feeder cattle prices open with triple-digit losses of $1.50 to $2.10 in the front months.  Yet The CME Feeder Cattle Index is up another dime to $157.47.     

Milk prices finally up again… open up at $16.60 per hundredweight…up 50 cents from last Monday.

World Sugar stands at 20 cents per pound.

Heating oil is at 56.53 and up another 50 cents from last Monday

Hay is still going strong—Hay prices remain strong and should continue to be strong into the fall. Trading was very active this past week with reports of firmer prices. The weather delayed second crop cutting in some areas and now the third crop is expected to be a little light on tonnage. We could see the dairies not quite as active in the market for a few weeks as they prepare for corn silage. For the most part, we are seeing hay trading between $250 and $220 with hay damaged by the rains trading around $180

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