CORN
- Sept up 8 @ 5.57 & Dec up 8 @ 5.57
- Week ending 7/22 – USDA reported net cancellation of 115,200 mt of export sales
- Dryness continues to stress filling corn in Brazil
- China’s internet corn price remains above $10 – still quiet on export side of things
- Brazil corn still at risk for another frost tonight
- Vessels loading from Argentina’s River may have to cut loads by 40% due to low water levels
- Preliminary changes in futures open interest as of 7/28, up 4,510 contracts
SOYBEANS
- Aug up 16 @ 14.48 & Nov up 16 @ 13.77
- Week ending 7/22 – USDA reported net cancellation of 79,300 mt of export sales
- Private exporters reported export sales of 132K mt to unknown for 2021/22
- Beneficial US rains in Delta – not enough in northwest
- Although many areas are going to see a relief in temps – moisture very limited
- ASF in the Dominican could pressure prices moving forward – will monitor closely
- Preliminary changes in futures open interest as of 7/28, down 5,348 contracts
WHEAT
- Sept wheat up 17 @ 7.05, Sept KC up 17 @ 6.76, Sept MNPLS up 22 @ 9.26
- Week ending 7/22 – USDA reported increase of 515,200 mt of export sales
- Using current wheat tour numbers of yield of 24 could product SWR crop of 264 mb
- USDA estimates overall production of spring wheat will plunge to 2002 levels
- Drought continues to stress northern Plains & Canada
- Wheat abandonment could be as large at 10% versus USDA’s 3%
- Russian yields continue to disappoint, cut another 3mmt to 121 mmt
- Preliminary changes in futures open interest as of 7/28, up 1,072 contracts SRW
CATTLE
- Aug LC down .55 @ 122.52 & Aug FC down 1.60 @ 158.57
- Packers not increasing bids despite boxed beef higher
- Concern over Covid-19 cases on the rise and long-term impact
- Weekly export sales of 22,500 mt reported – down 11% from last wk
- Cattle slaughter projected at 119K
- Feeder Cattle cash index for July 27: up .39 @ 154.36
HOGS
- Aug hogs up 1.47 @ 107.17 & Aug pork cutout up 1.47 @ 120.00
- ASF in Dominican Republican pushes futures lower yesterday
- Futures bouncing back today strong exports even though China still not buying
- Weekly export sales of 38,500 mt – up 57% last week
- Hog slaughter projected at 470K
- Cash lean index for July 26: down .07 @ 112.05