Market Closes - August 2, 2021
Posted on Aug 2, 2021Corn Sep +12 559; Dec +14 559 (541-60); Dec22 +10 505
Bean Sep +1 1356; Nov +4 1353 (1336-59); Nov22 +11 1265
Meal Sep +5 356; Dec +6 360
Oil Sep -71 6371; Dec -45 6259
Wheat Sep +26 729 (704-32); Dec +26 739; Jly +21 722
KC Sep +30 703; MGE +18 923
Oats unch 447
Rice -18 1349
LC Aug +5 12212; Oct +7 12727; Dec +10 13275
FC Aug +7 15825; Oct +42 16447; Jan +72 16587
LH Aug +130 10750; Oct +147 8950; Dec +122 8287
Milk Aug -10 1619; Sep -21 1615
CBOT futures closed mostly higher led by big gains in wheat and corn futures, as well as soybean meal to a lesser extent. Wheat futures were the overnight leader on reduced production forecasts in Russia. Corn futures ended the overnight session in the red, but rallied strongly as the wheat rally continued higher during the day. Corn was also supported by this morning’s weekly export shipments report that was above expectations. The weather forecasts remain unfavorable for the driest areas of the Corn Belt. Soybean futures were caught between stronger meal and weaker soybean oil futures. Soyoil was pressured by sharp losses in palm oil.
U.S Crop Progress
Corn rated good/excellent is 62% vs 64% week ago and 72% year ago. Acreage rated v.poor/poor is 11% vs 10% week ago and 7% year ago.
Silking is reported on 91% of acres vs 86% for 5-yr avg.
Dough Stage is at 38% vs 33% for 5-yr avg.
Acreage rated good/excellent is 60% vs 58% week ago and 73% year ago. Acreage rated v.poor/poor is 12% vs 12% week ago and 6% year ago.
Soybeans blooming are 86% vs 82% 5-year avg.
Soybeans setting pods are 58% vs 52% 5-year avg.
Winter Wheat:
Harvested acreage is 91% vs 84% week ago and 86% for 5-yr avg.
Spring Wheat:
10% good/excellent vs 9% week ago and 73% year ago.
64% poor/v.poor vs 66% week ago and 5% year ago.
Pasture and Range Condition:
32% good/excellent vs 36% year ago
42% poor/v.poor vs 30% year ago
Cattle futures closed higher by minimal amounts and near the bottom of the day’s trading range. Today’s strength at least ended the short-term downtrend seen last week. While cash fed prices are resisting any rise, wholesale beef prices continue to strengthen as retailers prepare for Labor Day. Choice beef rose 2.54 to 281.00 and Select jumped 4.19 to 263.38. Beef movement was modest at 127 loads. Negotiated trade has been too light for a trend.
Lean hog futures closed strongly higher and high range. LH were supported by the August contract’s discount to the CME Index and by higher pork cutouts. FOB Plant Pork cutout was up a sharp 4.82 to 128.71 versus 126.49 in the morning report. Ham value was up 9% to 117.75; ribs, belly and butt up 3%. Pork movement was a low 220 loads.
US$ steady 92.07
Dow -97 34838
SP -8 4387
NAS +8 14681
Tran -84 14377
VIX +1.22 19.46
WTI -240 7083
Brent -233 7308
Gas -5 228
NG +4 396
HO -5 214
Eth unch 222
Gold unch 1812
Slvr -9 2546
2-yr -.014 0.174%
5-yr -.053 0.650%
10yr -.065 1.174%
30yr -.046 1.847%
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