Overnight trading has corn futures fractionally lower this morning. On 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. New crop export sales commitments on the books are the largest for this date since 1991. 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. The average estimate for ending stocks is 2.824 bbu, which would be up 175.8 mbu from the July estimate if realized.

--- provided by Brugler Marketing & Management

Soybean futures are mostly 2 cents per bushel lower this morning. On Thursday bean futures closed down by as much as 1 1/2 cents with losses fading through the back months. Soymeal futures were $1.50 to $1.60 lower on Thursday. Bean oil futures closed the day lower in August but higher in Sept and Oct. 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. Analysts surveyed ahead of USDA’s reports next week estimate bean yield will be 51.2 bpa. That would be up 1.4 bpa from the July estimate if realized. That higher yield estimate pushed the average production estimate to 4.26 bbu, which would be up 124.5 mbu.

--- provided by Brugler Marketing & Management

All three wheat futures markets are fractionally higher to start the Friday round of trading. On Thursday, wheat futures closed in the red. SRW futures fell back by 8 1/2 to 9 3/4 cents. Preliminary open interest confirmed long liquidation, down another 3,006 contracts. 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 24% above the same week last year. Total commitments through the first 9 weeks are the highest since the 2014/15 MY. Canadian production potential appears to be excellent at this point. A Bloomberg survey of analysts shows the average estimate for US wheat production is 1.832 bbu, with 1.218 bbu winter wheat. 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.

--- provided by Brugler Marketing & Management

Front month live cattle futures closed Thursday mostly lower with losses limited to 70 cents. August fats were 32 cents higher. August options expire today, with the 102 and 104 strikes the closest potentil "pins". 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.

--- 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. 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 China. 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. 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.

--- provided by Brugler Marketing & Management

Cotton futures are 4 points lower to 6 points higher this morning. On Thursday cotton futures were 5 to 39 points stronger at the close. Cotton export sales were net negative by 68,537 RBs for old crop. New crop sales were 130,762 RBs on the week ending July 30. 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.

--- provided by Brugler Marketing & Management