Market Closes - July 29, 2021

Posted on Jul 29, 2021

Corn Sep +9 558; Dec +7 556 (546-58); Dec22 +5 501

Bean Sep +15 1385; Nov +17 1378 (1357-79); Nov22 +12 1269

  Meal Sep +1 356; Dec +1 359

  Oil Sep +129 6622; Dec +131 6471

Wheat Sep +16 705 (689-707); Dec +16 714; Jly +13 701

   KC Sep +15 674; MGE +15 918

Oats -2 464

Rice +2 1368

 

LC Aug -57 12250; Oct -37 12815; Dec -22 13327

FC Aug -167 15850; Oct -137 16420; Jan -122 16532

LH Aug +60 10630; Oct -55 8897; Dec +25 8240

Milk Jly -4 1648; Aug -15 1620

CBOT futures rallied strongly today, led by the wheat complex. Wheat continues to be supported by confirmation of sharply lower spring wheat yields and from today’s strong wheat export sales report that included a sale to China. The drought in the NW Corn Belt is also impacting corn and soybeans and little relief is expected. Tonight’s 6-14 day NOAA outlooks shows continued above-normal temperatures in the NW Corn Belt and northern Plains. Moisture will likely be below-normal.  See MAPS here.

Cattle futures closed lower with feeders weighed down by rising corn futures. As cash fed prices languish around $122, there’s little incentive for LC futures to rally. Last week’s beef export sales of 22,500 MT was down 11% week/week and up 28% from the 4-week average. Choice Beef gained 2.06 to 275.22 and Select rose .70 to 256.82. Beef movement was a weak 112 loads. USDA reported negotiated cash prices today were steady to $1 higher. Live prices ranged $120-124 and dressed averaged $196/cwt.

Lean hog futures closed modestly higher except for the October LH which saw follow-through selling after its limit-down move yesterday. LH was supported by a stronger pork cutout and this morning’s strong weekly pork export sales report. Weekly sales totaled 38,500 MT, up 57% week/week. However, China remained out of the market. FOB Plant Pork dropped 1.10 to 123.87 compared to a gain of 2.40 in the morning report. Big gains in the ham and belly disappeared by the afternoon. Pork movement was a low 275 loads.

Outside markets like energy, equities and precious metals were all higher.

 

US$ -.4% 91.90

Dow +153 35084

SP +18 4419

NAS +16 14778

Tran +116 14475

  VIX -.84  17.47

 

WTI +106 7345

Brent +123 7597

Gas +4 232

NG +9 406

HO +3 219

Eth -10 222

Gold +28 1828

Slvr +70 2558

2-yr -.008 0.203%

5-yr -.007 0.733%

10yr +.008 1.271%

30yr +.009 1.920%

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