Corn Sep -43 594 (591-642); Dec -42 586 (582-634)

Bean Aug -54 1468 (1459-1533); Nov -62 1343 (1339-1418)

  Meal Aug -8 425 (424-36); Dec -11 390

  Oil Aug -361 6011 (5990-6414); Dec -339 5792

Wheat Sep -42 814 (810-69); Dec -42 830

   KC Sep -47 868; MGE -45 919

Oats Sep -28 463

Rice -8 1645

 

LC Aug +52 13667; Oct +85 14127; Dec +70 14720

FC Aug +470 17957; Oct +357 18345; Jan +315 18567

LH Jly +45 11360; Oct +15 9260; Dec +2 8467

Milk Jly -7 2267; Aug -46 2124; Sep -43 2165

 

CBOT futures closed sharply lower and near the day’s lows despite a relatively neutral USDA WASDE Report released at Noon EDT. Futures were falling even before the WASDE due to bearish outside markets giving the “bears” the upper hand. The US$ Index continues to hit new 20-year highs. Energy futures sank sharply due to concerns of reduced world demand especially with new China Covid lockdowns. Despite today’s huge losses, futures remain above last week’s lowest prices. USDA won’t have field-sampled yield estimates until the August Crop Production Report. Slow export sales recently also weighed on futures.

Live cattle futures closed slightly higher but feeder cattle futures soared by over two percent thanks to the collapse in corn futures. Choice beef gained .37 to 268.51 and Select fell .83 to 242.17. Beef movement was very strong at 178 loads. Negotiated cash trade was not established. A few traded $145/cwt live and $230/cwt dressed. 

Lean hog futures closed slightly higher, supported by stronger cash hog prices and pork cutouts. LH may have also been lifted by the strength in the cattle market. FOB Plant Pork rose 2.40 to 117.47. Ham value rose 6 to 105 and belly value rose 6 to 170. Pork movement was on the low side at 290.

 

US$ unch 108.16

Dow -190 30983

SP -36 3819

NAS -108 11265

Tran -74 13172

  VIX +1.17  27.34

 

WTI -790 9331

Brent -761 9949

Gas -20 326

NG -26 616

HO -11 366

Gold -7 1725

Slvr -17 1896

 

2-yr -.019 3.051%

5-yr -.031 3.019%

10yr -.020 2.971%

30yr -.021 3.159%

Kentucky farmers expect to harvest 30.8 million bushels of winter wheat during 2022 according to the Kentucky Field Office of USDA's National Agricultural Statistics Service. The expected crop for 2022 would be up 1% from the previous year. The forecast was based on crop conditions as of July 1 and increased 7% from the June forecast. Growers expect a yield of 77.0 bushels per acre, down 10.0 bushels from 2021 and down 2.0 bushels from June. Farmers seeded 530,000 acres last fall with 400,000 acres to be harvested for grain. Acres for other uses totaled 130,000 acres and will be used as a cover crop for tobacco or cut as silage or hay.
 

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