Market Closes - June 30, 2021

Posted on Jun 30, 2021

Corn Jly +25 720; Sep +40 limit 599; Dec +40 limit 588 (528-88)

Bean Jly +90 1450; Aug +90 1430; Nov +86 1399 (1291-1408)

  Meal Jly +27 375; Dec +28 382 (350-84)

  Oil Jly +101 6516; Dec +147 6276 (5982-6476)

Wheat Jly +32 671 (627-73); Dec +32 685; Jly22 +26 687

  KC Jly +31 650; MGE +49 869

Oats +7 384

Rice -7 1317

 

LC Aug +80 12272; Oct +40 12815; Dec +32 13210

FC Aug -277 15462; Oct -205 15952; Jan -92 16145

LH Jly +50 10747; Oct -47 8727; Dec -25 8007

Milk Jly -5 1692; Aug -17 1705

 

CBOT futures closed sharply higher in reaction to the bullish USDA reports at Noon EDT which showed fewer acres of corn and soybeans than expected by most traders. The June 1 quarterly grain stocks estimates also came in light for corn, beans and wheat. Compared to a year earlier, corn stocks were down 18%, soybean stocks down 44%, and wheat down 18%. The disappearance, or use, during the first three quarters of the marketing year was record large for both corn and soybeans. The 2021-22 ending stocks/use ratios are not likely to change much from the current 2020-21 MY. USDA’s next WASDE report using these new acreage estimates will be released Monday, July 12.  

CME Group raised the Outright Margin in Soybean Futures by $450 in the August and September, and by $200 in the November-forward contracts. November margin will be $4550 tomorrow.

CORN
   USDA at 92.7 million planted, up 2% from last year. Trade guess was 93.8 million. It’s interesting to note that So. Dakota and No. Dakota increased corn acres by 2.7 million, much more than the U.S. increase of 1.9 million acres. And those corn acres are under drought stress.

SOYBEAN
  USDA at 87.55 million planted, up 5% over last year. Trade guess was 88.95 million. The Dakotas account for 2.0 million acres of the total 4.47 million increase.

KENTUCKY
  Soybean acreage planted was estimated at 1.95 million acres, up 100,000 acres from last year.  Corn acreage planted was estimated at 1.55 million acres, up 60,000 from 2020.

LC Aug +80 12272; Oct +40 12815; Dec +32 13210

FC Aug -277 15462; Oct -205 15952; Jan -92 16145

LH Jly +50 10747; Oct -47 8727; Dec -25 8007
 

Cattle futures closed mixed with live cattle modestly higher and feeders lower, pressured by the limit-up move in corn futures. As the June LC expired today, August LC became the lead contract and remains at a discount to recent cash trade. Choice beef was down 1.05 to 292.29 and Select fell 1.13 to 269.27. Negotiated cash trade picked up today but prices appear to be weakening. Live prices were reported $120-122 in Kansas and $125-126 in Nebraska. Carcass prices ranged $195-202/cwt, averaging around $198/cwt.

Lean hog futures closed very narrowly mixed with support from the July LH’s discount to the latest Lean Hog Index.  FOB Plant Pork slipped .38 to 113.84. An 11% gain in ham value offset losses in all other cuts. Tomorrow morning’s weekly Export Sales report will be key to near-term prices.

 

US$ +.3% 92.34

Dow +210 34503

SP +6 4298  - RECORD HIGH

NAS -24 14504

Tran +26 14881

  VIX -.20 15.82

 

WTI +47 7278

Brent +38 7466

Gas unch 224

NG +11 374

HO unch 213

Eth -2 238

Gold +7 1770

Slvr +35 2625

 

2-yr -.001 0.251%

5-yr -.006 0.885%

10yr -.019 1.461%

30yr -.017 2.080%

TOBACCO
  Farmers in Kentucky intend to set an estimated 37,000 acres of burley tobacco for harvest. This is unchanged from the 2020 level. Dark fire-cured tobacco acreage set was estimated at 9,100 acres, up 800 acres from the previous year. Dark air-cured tobacco acreage was estimated at 6,700 acres, up 600 from a year ago. Burley producing states acreage for harvest was estimated at 43,450 acres, slightly above last year.
 

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