TFM Midday Update 06-21-2021

CORN

  • Jul up 2 @ 6.57 & Dec down 5 @ 5.61
  • Weaker prices due to rains in the northern Plains and central Corn Belt
  • However, the western Midwest and northern Plains still remain abnormally dry
  • Corn prices in China and Brazil have also fallen recently
  • Biden administration considering easing blending mandates for renewable fuels
  • DTN National Corn Index closed at $6.61

SOYBEANS

  • Jul up 15 @ 14.11 & Nov unchanged @ 13.13
  • Funds exited net long positions last week
  • More rain likely for the central and eastern Midwest
  • Expectations for a drop in good to excellent ratings today
  • Rumors that China bought 6-10 cargos of new crop US soybeans
  • DTN National Soybean Index closed at $13.63

WHEAT

  • Jul wheat up 9 @ 6.72-1/4, Jul KC up 2 @ 6.09, Jul MNPLS up 11 @ 7.73
  • Harvest being interrupted by rains in Oklahoma, Kansas, and Nebraska
  • Minneapolis futures holding up better than KC and Chicago wheat
  • Expectations for a decline in spring wheat conditions in today’s Crop Progress report
  • US wheat remains overpriced compared to the EU and Black Sea

CATTLE

  • Aug LC down 0.625 @ 120.925 & Aug FC down 0.75 @ 154.275
  • Last week volatility came from cash and demand
  • Boxed beef showed weakness but had little influence on cash last week
  • Lower boxed beef may indicate slowed demand or beef is backing up in the market
  • Cutouts weaker on Friday, down 2.97 on choice to $323.28 and down 3.63 on select to $283.61
  • Cattle slaughter projected at 119K

HOGS

  • Jul hogs down 1.85 @ 106.85 & Jul pork cutout down 2.20 @ 116.20
  • Front of Hog market concerned about possible slow down of slaughter line on July 1st due to court ruling
  • Last week saw long liquidation and lower prices
  • Packers pulled back earlier in the week due to weakness of futures
  • Hog slaughter projected at 480K

Author

Brandon Doherty

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