Corn Sep -8 422; Dec -9 427 (425-37)

Bean Aug -13 888; Nov -13 906 (905-22)

  Meal -3 308

  Oil -37 2773

Wheat Sep -15 487; Jly -11 520 (520-32)

  KC -11 429; MGE -8 521

Oats -5 267

Rice -2 1192

 

LC Aug +85 10845; Dec +62 11380; Feb +67 11770

FC Aug +220 14217; Oct +262 14265; Jan +215 14105

LH Aug -65 8322; Oct +27 7920; Dec +27 7702

Milk Jly unch 1741; Aug +1 1767

CBOT futures closed significantly lower on a lack of export demand and non-threatening weather (moderate temperatures, although less rainy). The spec funds were reportedly sellers in all three major commodities. They have a sizable long corn position and a minor short soybean position. The 1-point decline in the US Corn condition compares to traders’ expectations for it to be unchanged. Traders seemed to ignore the rumors of an upcoming US/China in-person meeting next week. Their hopes of a trade deal have been dashed too many times.

Week ending July 21
U.S. Corn Conditions
.      Good/Excellent  Poor/V.Poor

This Week      57%         13%

Last Week      58%         12%

Last year       72%          9%

** 5% in dough vs 10% average

U.S. Soybean Conditions
.      Good/Excellent  Poor/V.Poor

This Week      54%         12%

Last Week      54%         12%

Last year       70%           8%

  ** 7% setting pods vs 28% average

Winter Wheat Harvested

69% complete vs 79% average

U.S. Pasture and Range

66% good/excellent vs 45% year ago.

9% poor/v.poor vs 26% year ago.

 

Cattle futures closed higher and near the day’s highs. Cattle were supported by ideas last week’s weakness has run its course. This was aided by Friday’s generally “price neutral” Cattle on Feed Report and the mid-year Cattle inventory report. The Cattle report indicates herd expansion has peaked. Boxed beef values were little changed, with Choice down .10 to 213.32 and Select up .08 at 189.59.  CH/Sel spread = 23.73.

Lean Hog futures closed slightly higher except for the nearby August LH. LH was supported by the recent uptrend and supportive news stories in the Chinese press. The pork cutout soared today. FOB Plant Pork jumped 2.08 to 80.61 with strong gains in hams, ribs and bellies. However, this is much weaker than the morning quote of 83.23, up 4.70, supported by a 15% rise in the belly value.

US$ +.2%

Dow +18 27172

SP +8 2985

NAS +58 8204

Tran +19 10623

  VIX -.92 13.53

 

WTI +46 5609

Brent +90 6337

Gas unch 184

NG +6 231

HO +1 190

Eth unch 147

Gold -1 1425

Slvr +19 1638

 

2-yr +.003 1.819%

5-yr -.005 1.801%

10yr -.004 2.046%

30yr -.005 2.573%

June Milk Production up 0.1 Percent

Milk production in the 24 major States during June totaled 17.3 billion pounds, up 0.1 percent from June 2018. May revised production at 18.1 billion pounds, was down slightly from May 2018. The May revision represented an increase of 18 million pounds or 0.1 percent from last month's preliminary production estimate.

Production per cow in the 24 major States averaged 1,976 pounds for June, 15 pounds above June 2018.    

The number of milk cows on farms in the 24 major States was 8.78 million head, 62,000 head less than June 2018, and 12,000 head less than May 2019.

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