Corn Jly +8 699 (688-717); Sep +6 638; Dec +7 616 (606-28)

Bean Jly -18 1544 (1537-76); Aug -13 1510; Nov +11 1459 (1438-65)

  Meal Jly -5 382 (381-89); Dec unch 394 (390-97)

   Oil Jly -113 7046; Dec +65 6667

Wheat Jly +1 684 (673-89); Dec unch 697; Jly22 -3 697

  KC Jly +4 640; MGE +11 775

Oats -8 388

Rice -15 1293

 

LC Jun +17 11757; Oct +22 12420; Dec +20 12937

FC Aug +12 14840; Oct +20 15312; Jan +55 15525

LH Jun +50 12245; Aug -5 11870; Oct +75 9790

Milk Jun +13 1720; Jly +4 1757

CBOT futures closed mixed following today’s midday USDA reports which created extreme volatility and trading ranges right after the report’s release. The initial reaction was bullish, but this was followed quickly by a sharp sell-off. After the market calmed, futures recovered from the lows of the day. Wheat and new-crop soybean futures were able to hold onto more of the recovery, while corn, old-crop soybeans, meal and soybean oil faded into the close. However corn was the best performer at the close with one-percent gains. USDA cut 2020-21 ending stocks by 150 million bushels to 1.107 billion, lower than the 1.205 billion expected. Soybeans were weighed by USDA raising the 2020-21 and 2021-22 ending stocks forecasts by 15 million bushels each. Price direction will now focus on the weather which remains unfavorable for at least the NW Corn Belt. December Corn sits about 21 cents below the contract high made on May 7. Today’s NOAA outlook maps suggest this region will have warmer and drier than normal weather over the next two weeks. CLICK HERE to see the maps.

USDA put KY’s wheat yield at 77.0 bu/acre, up 2.0 from May and up 14.0 from 2020. This yield ties with 2017’s yield – the second highest on record. Wheat production of 28.1 million bushels would be the largest since 2016’s 32.0 million bushels.  

Cattle futures closed slightly higher with feeders ending near the highs. The market is holding its own as fed cattle trade is very light at steady prices and boxed beef remains strong. Choice beef fell .40 to 338.25 and Select gained 2.53 to 310.40. Movement was a moderate 110 loads. Weekly beef export sales were disappointing but actual beef shipments set a marketing year high.

A Hot Summer – and Even Hotter Red Meat Demand – Forecasted
https://www.fb.org/market-intel/a-hot-summer-and-even-hotter-red-meat-demand-forecasted

New Cattle Market Bill Aims to Increase Transparency
https://www.fb.org/news/new-cattle-market-bill-aims-to-increase-transparency

Lean hog futures closed mostly higher with slight gains as prices are at contract highs. LH was supported by stronger cash hog prices and steady pork cutouts. FOB Plant Pork slipped .33 to 134.05. Weekly pork export sales of 19,700 MT were down 19% from the previous week and 24% lower than the 4-week average. Weekly pork shipments of 27,500 MT are a marketing-year low.

 

US$ -.1% 90.04

Dow +19 34466

SP +20 4239

NAS +109 14020

Tran -109 15179

  VIX -1.79  16.10

 

WTI +9 6988

Brent +10 7232

Gas steady 221

NG +2 315

HO +1 214

Eth unch 246

Gold +6 1901

Slvr +13 2813

 

2-yr -.008 0.147%

5-yr -.030 0.715%

10yr -.052 1.437%

30yr -.037 2.131%

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