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Stellar weekend market report! milk, cattle, wheat up!

By: Jake Putnam
Published in Podcast on  June 05, 2020

It’s a warm 60 degrees this morning in Boise and the Treasure Valley. It's 66 in Poky and IF. Northern Idaho, morning lows in the 60s….another perfect farming day, but storms in the forecast over the weekend.

On the markets, Corn trading a full cent higher this morning. Jul 20 Corn futures open at $3.28, up almost 5 cents.

Wheat markets are spiking higher continuing the Thursday gains. SRW futures are trading 14 to 16 cents higher at midday. HRW futures are up 4% with gains up to 18 cents this morning. MPLS wheat futures are the firmest this morning and are up by a steady 8 cents. Old crop Wheat sales from the past week hit 179,498 MT. Cutting into the inventory…all good news.

Milk prices exploded this past week now holding steady at $20.20 per hundredweight and continues to rally.

Cattle market looking good this morning: with 40 cent gains in the front-month futures with Dec ’21 futures up the most so far. Feeder contracts are trading-up by 85 cents. Reports indicated moderate cash activity at $117 on Thursday in all feeding regions and some $180 sales in NE on Thursday. Beef sales from USDA’s Export Sales report were at a 6-wk high of 12,287 MT. The report also showed that 9,500 MT of beef was shipped last week. Now that's down 15% and 46% below this week last year, but 2020 exports are still 7% ahead of last year’s pace. The cattle market is really picking up.

The first crop of hay is underway in SW Idaho, Lower grades of alfalfa 20.00-30.00 lower. Trade turned active this week as producers saw the market for lower testing hay was falling. Exporters continue to ship every day. The invasion of Mormon crickets are hurting production in some trade areas. Retail/Feed store not tested this week. Supreme going for $180-190 per ton,  good and fair $130-a ton…so prices below the seasonal average.

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