Market Closes - July 19, 2021
Posted on Jul 19, 2021Corn Sep unch 556; Dec unch 552 (544-67); Dec22 -1 496
Bean Aug -27 1428; Sep -23 1383; Nov -19 1373 (1370-1418); Nov22 -11 1265
Meal Aug -3 360 (359-71); Dec -2 364
Oil Aug -162 6669 (6625-6918); Dec -214 6308
Wheat Sep +5 698 (694-709); Dec +6 706; Jly +4 700
KC Sep +1 652 (649-68); MGE +6 924 (904-44)
Oats -4 432
Rice -19 1304
LC Aug +7 12025; Oct -50 12510; Dec -20 13112
FC Aug +175 15737; Oct +37 16085; Jan +45 16215
LH Aug -117 10447; Oct -137 8937; Dec -82 8305
Milk Jly +4 1672; Aug -11 1668
CBOT futures closed widely mixed but generally far below the day’s highs which came mostly on Sunday evening when the focus was on the weather. However, an OPEC+ deal over the weekend and growing concerns about COVID caused major losses in the crude oil markets which weighed especially on soybean oil and the soy complex. Technically, today’s price action was bearish with “outside down” days. The weather concerns managed to keep corn from posting losses. Wheat closed higher, supported by the anticipated drop in the conditions and yield of U.S. spring wheat. MGE wheat reached new highs not seen since 2012 before falling back to small gains. 63% of spring wheat is in poor/very poor condition.
This afternoon’s NOAA outlook for temperature and rain for the next 6-14 days is really bad for crops already under stress in the Corn Belt and Plains states. See maps HERE.
U.S Crop Progress
Corn rated good/excellent is 65% vs 65% week ago and 69% year ago. Acreage rated v.poor/poor is 9% vs 8% week ago and 8% year ago.
Silking is reported on 56% of acres vs 52% for 5-yr avg.
Dough Stage is at 8% vs 7% for 5-yr avg.
Soybeans blooming are 63% vs 57% 5-year avg.
Soybeans setting pods are 23% vs 21% 5-year avg.
Acreage rated good/excellent is 60% vs 59% week ago and 69% year ago.
Acreage rated v.poor/poor is 11% vs 11% week ago and 7% year ago.
Winter Wheat:
Harvested acreage is 73% vs 59% week ago and 74% for 5-yr avg.
Spring Wheat:
11% good/excellent vs 16% week ago and 68% year ago.
63% poor/v.poor vs 55% week ago and 7% year ago.
Pasture and Range Condition:
33% good/excellent vs 35% year ago
40% poor/v.poor vs 34% year ago
Live cattle closed narrowly mixed while feeder futures finished higher thanks to weakness in CBOT futures. Cattle came under early pressure from the sharp downdraft in energy futures and the stock market indexes. Fortunately, cattle futures regained its footing and climbed well of the morning lows. Choice beef dropped 1.45 to 266.49 and Select fell 2.30 to 249.49. Since last Monday, Choice is down $8.51 and Select is down $9.28. Beef movement was a low 125 loads, similar to last Monday’s load count. USDA didn’t report any negotiated cash prices today. Last week live prices ranged from $120 in the south and $125 in NE & Corn Belt, where carcass prices ranged $196-202/cwt.
Lean hog futures closed lower on profit-taking amid the risk-off trade caused by energy futures and the stock market. Losses were limited by a strong pork market in the morning. FOB Plant Pork jumped 1.91 to 121.85 from strength in values of the loin, rib and belly.
US$ +.1% 92.82
Dow -726 33962
SP -69 4258
NAS -152 14275
Tran -228 14264
VIX +4.08 22.53
WTI -499 6657
Brent -480 6879
Gas -14 209
NG +8 374
HO -12 199
Eth unch 232
Gold -1 1814
Slvr -55 2524
2-yr -.010 0.216%
5-yr -.074 0.704%
10yr -.109 1.190%
30yr -.109 1.821%
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