TFM Midday Update 7-22-2021

CORN

  • Sept down 13 @ 5.58 & Dec down 13 @ 5.54
  • Corn export shipments at 1.003M mt
  • Confidence in this current rain event is low
  • US weather over 10-day is still hot and dry
  • US ethanol inventory rose by 1.4 mb to 22.5 mln
  • White House has delayed the release of their Renewable Fuels Standard
  • Demand is slow but supply is extremely tight
  • Brazil up against another frost event
  • Preliminary changes in futures open interest as of 7/21 up 430 contracts

SOYBEANS

  • Aug down 43 @ 13.96 & Nov down 42 @ 13.47
  • Soybean export shipments at 164K mt
  • Veg oil markets down today too not supportive
  • The rains in northwestern plains are not nearly enough to ehlp
  • Exports still low as Brazil supplying most of China’s needs currently
  • Demand should strengthen in months ahead
  • Preliminary changes in futures open interest as of 7/21 down 1,7443 contracts

WHEAT

  • Sept wheat down 25 @ 6.85, Sept KC down 21 @ 6.47, Sept MNPLS down 16 @ 8.81
  • Wheat export shipments at 471K mt
  • Good export shipments but not enough trump weather today
  • Expectations are for hard red spring wheat abandonment to be high
  • Hot and dry in Ukraine & Russia
  • Russian yields are lower than expected – 20% done with harvest
  • EU crop stressed due to flooding
  • Preliminary changes in futures open interest as of 7/21 up 1,573 contracts SRW

CATTLE

  • Aug LC up .72 @ 120.77  &  Aug FC up 1.85 @ 158.65
  • Export sales of 25,100 mt – up from last week
  • Cash continues to go down to the wire this week
  • Corn falling today is supportive for futures
  • Boxed beef finally put in a higher price yesterday
  • Cattle slaughter projected at 120K
  • Feeder Cattle cash index for July 20: down .19 @ 150.71

HOGS

  • Aug hogs down .80 @ 105.77 & Aug pork cutout down .32 @ 115.57
  • Weekly export sales of 24,500 up from last week
  • China still not on the buyers sheet today
  • December futures still needs to fill a gap at 86.62
  • Hog slaughter projected at 468K
  • Cash lean index for July 19: up .07 @ 112.33

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