Market Closes - August 2, 2021

Posted on Aug 2, 2021

Corn 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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