Corn Sep +5 327 (322-28); Dec +4 335 (330-35)

Bean Aug +3 899 (892-901); Nov +2 895 (888-98)

  Meal +1 287 (285-88)

  Oil -14 2993

Wheat Sep +7 534 (524-40); Dec +6 540; Jly21 +6 545

  KC +6 448; MGE +4 515

Oats +2 281

Rice +6 1187

 

LC Aug -35 10150; Oct -40 10572; Dec -17 11012

FC Aug +20 14152; Oct +40 14352; Jan +27 14120

LH Aug +117 5265; Oct +5 5007; Dec -10 5145

Milk Aug -61 2269; Sep -55 2081

 

CBOT futures closed moderately higher with corn and soybeans finishing the day near the highs; futures drifted higher throughout the day. Wheat futures spiked higher in heavy volume just before 1 pm CT, but then tailed off into the close, thus limiting the gains. Wheat was supported by spillover support from corn/beans and by unfavorable conditions in the EU and Black Sea regions. Corn futures were supported by fund short-covering and having US export prices competitive on world market. Traders hope for more export business to China; Thursday morning’s weekly export sales report will include the recent sales to China. Soybean futures were supported by this morning’s export sales to China and traders’ generally optimistic view on prices. Weather is mostly favorable for corn and soybean growth. One has to stay aware of the political tension between the U.S. and China. The US Dollar Index is on the verge of breaking chart support; a weaker dollar is price friendly.  See CHART Here.   

Cattle futures were little changed at the close, ending up mid-range. The market is treading water looking for more direction from the cash fed market which was lightly traded at steady to firm prices. Live steers traded $96-98 and dressed sales around the $158 level. Choice ended up .27 at 201.15 and Select dropped 2.02 to 189.28. On Friday, USDA will release the semi-annual Cattle inventory report and the monthly Cattle on Feed report.

USDA Provides Update on Investigation Following 2019 Tyson Beef Plant Closure and COVID-19 Pandemic – July 22, 2020

https://www.usda.gov/media/press-releases/2020/07/22/usda-provides-update-investigation-following-2019-tyson-beef-plant

Lean hog futures closed slightly higher except August LH gained $1.17/cwt. August LH has now climbed back to Monday’s closing level. FOB Plant Pork closed down 2.90 at 69.33, erasing most of Tuesday’s gains. All primal cuts were lower in value. Around 4% losses were seen in bellies, hams, loins and the butt. Picnic value slid around 18% to 40.37. Traders will be anxious to see the weekly export sales report in the morning.
 

US$ -.2% 94.97

Dow +165 27006

SP +19 3276

NAS +26 10706

Tran -13 9797

  VIX -.52  24.323

 

WTI -3 4189

Brent -2 4430

Gas unch 129

NG +2 169

HO -1 127

Eth unch 111

Gold +27 1871

Slvr +177 2327

 

2-yr +.008 0.151%

5-yr +.003 0.274%

10yr -.008 0.599%

30yr -.016 1.297%

One-Time PLC Yield Updates – Deadline September 30
    Farm owners have a one-time opportunity to update PLC yields of covered commodities on the farm, regardless of Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC)program election. The deadline to request a PLC yield update is September 30, 2020.  For more information, visit farmers.gov/arc-plc [lnks.gd].
 

FSA County Committee Nominations Due by August 1
    All nomination forms for the 2020 election must be postmarked or received in the local USDA Service Center by Aug. 1, 2020 (or next business day).

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