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IFBF Monday Market Report: Wheat markets open with 2-6 cent gains

By: Jake Putnam
Published in Podcast on  September 27, 2021

Good Monday morning…We have more cool mornings and warm afternoons in store for you this week, perfect harvest weather! It’s 54 degrees this morning in the treasure Valley. a  refreshing 46 in Poky a bit cooler in IF at 44. It’s 52 in TwinFalls and 52 in CDA.

On Friday, Chicago corn prices fell to close 2 to 2 1/2 cents. New crop futures were firmer with Red Dec only giving back a cent while Sept gained 1 1/4 cents. And that's where they open today…

Dec 21CBOT Corn opens at $5.26 down 2 cents, but up 22 cents from last week.

Wheat markets open the Monday session mixed. CBT SRW futures open with 2 to 6 cent gains. December futures rallied 15 last week. KC wheat futures open 2 cents in the red. But Dec HRW is still 6 3/4 cents higher. Spring wheat futures open the week with 2 to 4 cent gains. 

Dec 21 CBOT Wheat  opens at $7.22 up 4 and a half cents from last week

Over in Blackfoot prices open up in the black:

- Soft White Wheat

8.16

Unchanged

- Hard Red Winter

7.55

Up 2

- DNS 14%

8.77

Down 4

- Hard White

7.77

Up 2

Live cattle futures open within 7 cents of UNCH on Friday in some 2021 contracts. The 2022 contracts extended gains, and open 35 to 42 cents in the black. USDA says cash trade is in $123-$124 in the South and $124 in NE. Last week’s full range for all regions has been $120 - $125 so far. Feeder cattle futures open mixed. The CME Feeder Cattle Index is down 20 cents to $153.57.     

Heating oil opens at 60.23 up a half percentage point.

Milk staying steady… open up at $16.53 per hundredweight…

World Sugar stands at 19 cents per pound, that down slightly with harvest on…

Higher quality hay is running between $250 and $260 per ton in the stack. Good hay is about $20 less at $230 to $240. After that, it is in the eye of the beholder with rain-damaged hay still trading at $180 per ton. Overall prices remained in the area of $90 to $100 per ton higher than the previous year. As we visited with some producers in the central part of the state they are pleased with the yields this year considering the challenges.  

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

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