Market Closes - July 28, 2021

Posted on Jul 28, 2021

Corn 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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