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Weekend market report-Corn up, wheat, beef down

By: Jake Putnam
Published in Podcast on  May 08, 2020

Good morning!

It's A cozy 51 degrees this morning in Caldwell and Boise. It's much colder in Poky and IF, lows mid-30s!  Northern Idaho 46 in CDA and Sandpoint….another perfect farming day. Afternoon temps in the 50’s and 60s. 70’s in the Treasure Valley.

On the markets, Corn trading a full cent higher this morning. May 20 corn futures trading at $3.16, up a nickel.

wheat futures are higher this morning. Soft Red Winter wheat is up the most with gains up to 5 cents. HRW futures closed with 2-cent gains. Hard Red Spring wheat futures ended the session 3-cents higher. 

Milk continues to drop, now at $11.50 per hundred-weight,  down 20 cents from last Friday.

Front-month live cattle futures were up, with expanded limits through October. Dec and February futures contracts came in at $4.12 and $3.17. CME announced an increase in hedge-margin requirements for live-cattle to $2400/2250 from $2150, effective after the close today. 

Feeder cattle futures also spiked with the expanded limit-range but did not close there. May feeders open at the limit: $6.17 higher. The May 6 CME Feeder Cattle Index opens 89 cents higher to $120 dollars.

Chinese purchases of U.S. agricultural products are way ahead of last year Gary Crawford reports:

That's it for the weekend market report…You can check out the market prices on the Idaho Farm Bureau web page.

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