Thursday corn futures prices closed firm. Sept and Dec were fractionally higher, July ’21 and Sept ’21 were fractionally lower. From USDA, corn sales were 2.702 MMT (106 million bushels) for the week ending July 30. That was split 101,596 MT of old crop, and 2.6 MMT of new crop sales. About 91% of the new crop corn sales were previously known via mandatory daily announcements. Of the new crop purchases, 1.937 MMT were to China and 276k were to unknown. Ahead of USDA’s official August supply and demand updates, analysts in a Bloomberg survey expect a 180.5 bpa yield on average for 15.176 bbu of production. South Korea purchased 63,000 MT of optional origin corn.
Sep 20 Corn closed at $3.11 1/4, up 1/4 cent, |
Dec 20 Corn closed at $3.23 3/4, up 1/2 cent, |
Mar 21 Corn closed at $3.35 1/2, unch, |
May 21 Corn closed at $3.43 3/4, unch, |
--- provided by Brugler Marketing & Management
Soybean futures pulled back by 1/4 to 1 1/2 cents on the day with the stronger losses in Aug and Sept. Soymeal futures were $1.50 to $1.60 lower in the front months. Bean oil futures closed the day lower in August but higher in Sept and Oct. USDA announced a large export sale of 126,000 MT of new crop soybeans to China. Soybean export sales from the week ending July 30 were 1.750 MMT (64 million bushels) split 345k old crop and 1.405 MMT for new crop. Of the new crop sales, 43% were already known via daily announcements. Of the new crop bean sales, China purchased 34% of the week’s total and holds 57% of the cumulative total commitments. Soymeal sales on the week were 328,303 MT. That was 256% above the same week last year. The 2020/21 MY meal sales were 203,858 MT. Forward bookings ahead of 2020/21 are 28% below forward bookings last MY at 761,133 MT. Soybean oil sales were 35,407 MT, split 24.1k 2019/20 and 11.1k 2020/21.
Aug 20 Soybeans closed at $8.80 3/4, down 1 1/4 cents, |
Sep 20 Soybeans closed at $8.74 3/4, down 1 1/2 cents, |
Nov 20 Soybeans closed at $8.78, down 3/4 cent, |
Jan 21 Soybeans closed at $8.84 1/2, down 3/4 cent, |
Aug 20 Soybean Meal closed at $280.70, down $1.60 |
Aug 20 Soybean Oil closed at $31.52, down $0.18 |
--- provided by Brugler Marketing & Management
Front month wheat futures continued to weaken today. SRW futures fell back by 8 1/2 to 9 3/4 cents. KC HRW futures were down by 8 to 9 1/4 cents. MGE wheat closed the day with 4 to 5 1/2 cent losses. Wheat export sales on the week ending July 30 were 605,472 MT. That was lower wk/wk, but still 24% above last year and within the range of trade expectations. Total commitments through the first 9 weeks are the highest since the 2014/15 MY. A Bloomberg survey of analysts shows the average estimate for wheat production is 1.832 bbu, with 1.218 bbu winter specific. South Korea purchased 57,400 MT of U.S. wheat in an international tender. Japan bought 66,050 MT of U.S. origin wheat in the MOA tender.
Sep 20 CBOT Wheat closed at $5.01 1/4, down 9 1/2 cents, |
Sep 20 KCBT Wheat closed at $4.17 1/4, down 9 1/4 cents, |
Sep 20 MGEX Wheat closed at $4.96, down 5 1/2 cents, |
--- provided by Brugler Marketing & Management
Front month live cattle futures closed the day mostly lower with losses limited to 70 cents. August fats were 32 cents higher. Feeder cattle futures fell back by 52 to $1.32 in the front months. The August 5 CME Feeder Cattle index was $140.79, which was another 19 cents stronger. USDA reported limited cash sales activity in the WCB at $103 and $163 for live weight and dressed respectively. Cash sales were not reported in the South on Thursday, the bulk of activity the week so far has been near $100. Beef export sales with data from USDA’s weekly report were just 13,400 MT. That was down 55% wk/wk and 40% below the same week last year. Mexico purchased 1,700 MT of beef for delivery during 2021. The week’s shipments were 3.4% below the same week last year, with destinations primarily South Korea and Japan. Wholesale boxed beef prices were stronger in the PM update. Choice was up $1.09 to $204.66 cwt. And Select boxes were $192.01 after a $1.19 bump. The WTD cattle slaughter under federal inspection was estimated at 464,000 head through Thursday. That is down 10,000 wk/wk and 19,000 head from last year.
Aug 20 Cattle closed at $102.625, up $0.325, |
Oct 20 Cattle closed at $106.975, down $0.475, |
Dec 20 Cattle closed at $110.950, down $0.700, |
Aug 20 Feeder Cattle closed at $143.475, down $1.325 |
Sep 20 Feeder Cattle closed at $145.875, down $0.600 |
Oct 20 Feeder Cattle closed at $146.775, down $0.525 |
--- provided by Brugler Marketing & Management
Lean hog futures gained 2 to 30 cents on the day. Oct was the outlier, with a 10 cent drop on Thursday. Front month lean hogs are firm at midday with gains limited to 7 cents. August hogs are up by 52 cents so far. The CME Lean Hog index was $52.92 on Aug 4, which was 11 cents stronger. USDA’s National Average Afternoon Base Hog price for was $37.99 after dropping 54 cents. Pork export sales were 30,348 MT on the week ending July 30. That was down 25% wk/wk but still well more than double (+121%) yr/yr. Of the week’s sales, 19% were to China. Export shipments from the same week were 34,386 MT, with 26% destined for PRC. YTD pork exports to China are 40% of the total, which is now at a record 1.15 MMT. USDA’s National Pork Carcass Cutout value was $3.76 higher in the PM report. Hams were the strongest with a $9.18 bump to $56.90 cwt. FI hog slaughter for the week through Wednesday was estimated at 1.830 million head. That is down 57,000 head from last week due to the Monday plant downtime and 20k below the same week last year.
Aug 20 Hogs closed at $49.750, up $0.300, |
Oct 20 Hogs closed at $49.200, down $0.100 |
Dec 20 Hogs closed at $51.500, up $0.025 |
--- provided by Brugler Marketing & Management
Thursday cotton futures were 5 to 39 points stronger on the day. Cotton export sales were net negative by 68,537 RBs for old crop. Some rolling activity occurred as new crop sales were 130,762 RBs. Total forward sales are sitting at 3.68m RBs through July 30. Of the total forward bookings, 35% is to China. WTD sales reported on The Seam were 47,332 bales at a wtd av price of 56.99 cents/lb. Certified stocks are firm at 6,800 bales as of August 4. The Cotlook A index was steady at 70.35 cents/lb on Aug 5. The updated AWP for cotton is 1.73 cents higher to 49.44 cents/lb. The week’s new LDP is 2.56 cents/lb.
Oct 20 Cotton closed at 64.41, up 5 points, |
Dec 20 Cotton closed at 64.85, up 39 points |
Mar 21 Cotton closed at 65.49, up 36 points |
May 21 Cotton closed at 65.89, up 38 points |
--- provided by Brugler Marketing & Management