Market Closes - July 28, 2021
Posted on Jul 28, 2021Corn Sep unch 549; Dec +3 549 (543-52); Dec22 +1 496
Bean Aug +14 1432; Sep +3 1370; Nov +1 1361 (1350-71); Nov22 +3 1256
Meal Aug -3 356; Dec -3 358
Oil Aug +29 6655; Dec +49 6340
Wheat Sep +14 689 (674-96); Dec +13 698; Jly +11 687
KC Sep +18 659; MGE +25 904
Oats unch 466
Rice +18 1366
LC Aug +15 12307; Oct +10 12852; Dec +2 13350
FC Aug -52 16017; Oct -37 16557; Jan -20 16655
LH Aug -177 10570; Oct -300 limit 8952; Dec -270 8215
Milk Jly -6 1648; Aug -22 1639
CBOT futures closed mostly higher with soybean meal down about one percent. Wheat futures, led by MGEX spring wheat, made big gains as a crop tour found disappointing spring wheat yields. Traders may believe corn yields in that area have been similarly damaged from the drought. But will the big yields in the rest of the Corn Belt make up for those? The next 30 days will determine U.S. soybean production and there’s little room for reduced yields. The near-term outlook is for cooler temperatures but mostly below-normal rainfall.
Cattle futures finished narrowly mixed with small trading ranges. Live cattle were supported by the stronger boxed beef market. Choice beef jumped 3.43 to 273.16 and Select rose 2.18 to 256.12. Negotiated cash trade was limited with live prices averaging $119.17 and dressed prices at $195/cwt.
Lean hog futures closed sharply lower with the October LH down the daily $3.00 limit. Although pork prices were higher today, traders aggressively sold LH futures at the morning opening and again going into the close. This profit-taking could be due to China’s absence from the export sales report (new one tomorrow morning) and seasonally rising supply. FOB Plant Pork gained 1.48 to 124.97, supported by a 6% gain in the ham value. Movement was an average 285 loads.
US$ -.2% 92.27
Dow -128 34931
SP -1 4401
NAS +102 14763
Tran -87 14360
VIX -1.05 18.31
WTI +72 7237
Brent +28 7476
Gas unch 228
NG unch 394
HO +1 216
Eth unch 232
Gold +6 1806
Slvr +35 2499
2-yr +.002 0.205%
5-yr +.003 0.713%
10yr +.004 1.238%
30yr unch 1.889%
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