Market Closes - July 21, 2021

Posted on Jul 21, 2021

Corn Sep unch 572; Dec +3 568 (563-73); Dec22 unch 501

Bean Aug -4 1439; Sep -1 1398; Nov +1 1390 (1375-97); Nov22 unch 1274

  Meal Aug +4 370; Dec +4 374

  Oil Aug -156 6546; Dec -115 6278

Wheat Sep +10 711 (700-12); Dec +11 720; Jly +10 708

   KC Sep +8 669; MGE -18 898

Oats +4 455 – contract highs

Rice +12 1331

 

LC Aug +27 12005; Oct +55 12525; Dec +62 13105

FC Aug +125 15677; Oct +132 16110; Jan +112 16225

LH Aug +157 10657; Oct +137 9240; Dec +80 8532

Milk Jly -10 1656; Aug -11 1618

CBOT futures closed mixed with little change for corn and soybean futures. Soybean futures were caught between higher meal futures and lower soybean oil prices. Soybean oil was weighed down by the increased supply available on the world market by Argentina’s new law which reduced the amount of soyoil in its biodiesel. Argentina is looking for ways to earn foreign currency through exports. Soybean oil dropped despite energy futures rising sharply. KC and Chicago wheat futures rallied again today even as the MGE spring wheat market dropped for a second day. The 2-week outlook continues to favor much-above normal temperatures and below-normal rain for most of the area east of the Rockies. See Maps HERE. After Monday’s bearish soybean/meal/oil chart action, only soybean oil has moved to new lows. But soybean and meal futures have not traded above Monday’s highs. August weather should make or break the soy market.  

Cattle futures closed higher, recovering some or all of Tuesday’s losses. Generally, this week’s cattle futures have moved sideways. Feeders closed at the day’s highs. Choice beef edged up .36 to 265.24 and Select gained .19 to 248.77. Beef movement remained strong with 161 loads. Some negotiated trade was reported today at slightly weaker prices -- $119/cwt live and $195-197 dressed.

Lean hog futures closed higher on stronger cash hog prices and pork cutouts. August LH is at a discount to the CME LH Index.  FOB Plant Pork gained 1.75 to 122.09. Strong gains in the value of bellies, hams and picnics offset losses in the loin, butt and rib. Traders will examine the weekly pork export sales report in the morning.

US$ -.2% 92.80

Dow +286 34798

SP +36 4359

NAS +133 14632

Tran +141 14690

  VIX -1.82 17.91 

 

WTI +310 7030

Brent +288 7223

Gas +8 219

NG +9 394

HO +7 209

Eth unch 232

Gold -8 1803

Slvr +26 2525

 

2-yr +.016 0.210%

5-yr +.064 0.738%

10yr +.083 1.292%

30yr +.070 1.939%

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