TFM Midday Update 7-30-21

CORN

  • Sept down 8 @ 5.50 & Dec down 9 @ 5.47
  • US corn crops in drought area unchanged at 36%
  • Brazil’s Parana 2020-21 second corn output cut to 6.1M mt versus 9.8
  • Storms moving through SD as projected with better chance of rains for Iowa
  • Milder temps move in for the next 4-5 days
  • 60-65% of US Corn Belt expected to stay dry for the next week
  • Corn demand has slacked off w/ China cancelling shipments
  • Argentina corn at 81% harvested – Brazil faces another frost/freeze
  • Preliminary changes in futures open interest as of 7/29, up 3,374 contracts

SOYBEANS

  • Aug down 27 @ 14.07 & Nov down @ 27 @ 13.50
  • Futures down today on chance of rain in SD, NE, and parts of IA
  • Veg oil markets are lower today too, adding pressure to futures
  • Sale of soybeans announced yesterday at 132K mt
  • Soybean conditions will continue to worsen in northern Plains
  • Cool temps for the weekend, but hot temps to return after August 1st
  • Preliminary changes in futures open interest as of 7/29, down 4,247 contracts

WHEAT

  • Sept wheat down 2 @ 7.02, Sept KC down 3 @ 6.71, Sept MNPLS down 14 @ 9.04
  • North Dakota spring wheat yield est at 29.1 bu/acre versus 49 bu last year per tour
  • Crop tour results are the lowest since 1993
  • Frost in Brazil further damages wheat
  • Russian wheat yields continue to disappoint – crop could be under 80 mmt
  • IGC cuts world grain stockpile estimate due to smaller supplies of wheat
  • French wheat harvest nears halfway market after rains
  • Preliminary changes in futures open interest as of 7/29, up 3,796 contracts SRW

CATTLE

  • Sept wheat down 2 @ 7.02, Sept KC down 3 @ 6.71, Sept MNPLS down 14 @ 9.04
  • North Dakota spring wheat yield est at 29.1 bu/acre versus 49 bu last year per tour
  • Crop tour results are the lowest since 1993
  • Frost in Brazil further damages wheat
  • Russian wheat yields continue to disappoint – crop could be under 80 mmt
  • IGC cuts world grain stockpile estimate due to smaller supplies of wheat
  • French wheat harvest nears halfway market after rains
  • Preliminary changes in futures open interest as of 7/29, up 3,796 contracts SRW

HOGS

  • Aug hogs up .02 @ 106.32 & Aug pork cutout down .40 @ 119.62
  • Hogs able to shake off bearish reaction to ASF in Dominican
  • Export sales strong yesterday, even without China on the buyer sheet
  • Lower cash & cutouts may give futures trouble moving higher
  • Hog slaughter projected at 444K
  • Cash lean index for July 27: down .11 @ 11.94

Author

Amberlee Bratcher

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates