Market Closes - July 19, 2021

Posted on Jul 19, 2021

Corn 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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