After beginning out the commerce very sturdy at this time, we did see corn and soybeans come off their highs. Going into the weekend we noticed some promoting of recent crop.
September corn was up 1¢ with December corn up 1¢. August soybean futures had been almost 28¢ larger with November beans up 28¢. September Chicago wheat closed down 9¢. September Kansas City wheat closed down 15¢. September Minneapolis wheat closed down 22¢.
Livestock costs closed the day larger. Live cattle futures had been up 27¢ on the August contract. August feeder cattle closed up $1.15. July lean hog futures closed the day $1.52 larger. The livestock market closing larger at this time was very optimistic, particularly within the feeder cattle market and stay cattle market. The client appears to really feel a bit higher concerning the economic system this week and that’s supporting the meats.
Crude oil is up $2.18, and the Dow futures are 358 factors larger.
Soybeans this week not solely acquired assist from the climate, however we’re additionally listening to the Argentine farmer is just not promoting soybeans as a result of inflation issues. The Argentine farmer would relatively have soybeans within the bin versus pesos within the financial institution in their excessive inflation.
Weather fashions are presumably speaking some rain now on the finish of subsequent week and that might be a welcome sight. We are nonetheless very a lot in a climate market, so hold a close eye on the climate this weekend. Sunday evening is certain to be risky once more.
Grain costs again off highs: 10:55 a.m.
At mid-day September corn is buying and selling 9¢ to 10¢ larger with December corn buying and selling 10¢ to 11¢ larger. August soybean futures are buying and selling 46¢ to 47¢ larger with November soybeans buying and selling 36¢ to 37¢ larger. Chicago wheat is 4¢ to five¢ larger, Kansas City wheat is 1¢ to 2¢ larger, and Minneapolis wheat is 5¢ to six¢ decrease. The Wheat Quality Council wrapped up their spring wheat tour and estimated the North Dakota spring wheat crop on the second highest on report.
Livestock costs are nonetheless blended. Live cattle are 2¢ larger, feeder cattle are 65¢ decrease, and lean hog futures are $1.52 larger.
Crude oil is up $4.46 and the inventory market is up 50 factors.
Next week search for crop scores on Monday to be steady to perhaps down 1% within the good to glorious scores. We are pricing in a decrease yield already, so to maintain this market pushing larger we might want to hold feeding it with bullish data.
Grain costs proceed larger: 8:50 a.m.
September corn futures are 12¢ to 14¢ larger. August soybean futures are 37¢ to 39¢ larger. September Chicago wheat is 15¢ to 16¢ larger. September Kansas City wheat futures are 15¢ to 16¢ larger. September Minneapolis wheat futures are 10¢ to 11¢ larger.
Livestock costs are blended this morning. Live cattle are 5¢ larger. Feeder cattle are $1.17 decrease, and lean hog futures are 40¢ larger. Cash lean hog costs are pulling again. High pork costs appear to be curbing demand, and export gross sales the previous few weeks have been disappointing. Feeder cattle are underneath a bit stress with corn costs being larger.
Crude oil is up $3.38 this morning, and the inventory market is down 12 factors to begin off at this time’s commerce.
Weather maps are nonetheless calling for a sizzling and dry forecast for the primary 10 days or so of August. The large questions shall be how sizzling we get, the place the warmth dome units up, and how lengthy it lasts. There are some climate fashions suggesting we may even see some rains in the course of the second week of August, so the market will stay risky.
The weekly Crop Progress report subsequent week will possible present crop scores steady if not down 1% to 2%. With the present provide and demand state of affairs within the U.S. comparatively tight on each corn and soybeans, we have to have a pattern line yield of 177 bushels per acre on corn and 51.5 bushels per acre on soybeans.
Keep a close eye on the midday climate maps.
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About the Author: Cory Bratland is the youngest of 5 kids who grew up on his household’s farm close to Willow Lake, South Dakota. Bratland attended Willow Lake High School and graduated with an A.A.S. diploma in ag enterprise administration at Lake Area Technical Institute in Watertown, South Dakota. He started his profession as a money grain marketer and grain dealer with Cargill, Inc. While working for Cargill, Inc. Bratland held numerous merchandising jobs throughout South Dakota and Minnesota. In 2003, he was licensed as a Series 3 and 30 commodity dealer. In 2008, Bratland left Cargill to be an impartial commodity dealer, beginning Prairie Ag Marketing Services. In 2009, he partnered with Al Kluis as an affiliate workplace. In 2010, he turned Kluis Commodity Advisors’ Chief Grain Strategist. In addition to working with Al day by day on advertising and marketing methods, Bratland additionally serves personal purchasers by means of Kluis Publishing and Prairie Ag Marketing. He lives close to Willow Lake, South Dakota together with his spouse Erica and kids, Hunter, Elliot and Isabella. He nonetheless actively participates within the household farm that raises corn, soybeans, alfalfa, and additionally runs a cow/calf operation.
Editor’s Note: The danger of loss in buying and selling futures and/or choices is substantial, and every investor and/or dealer should contemplate whether or not it is a appropriate funding. Past efficiency – whether or not precise or indicated by simulated historic exams of methods – is just not indicative of future outcomes. Trading recommendation displays good-faith judgment at a selected time and is topic to alter with out discover. There isn’t any assure the recommendation given will lead to worthwhile trades.
https://www.agriculture.com/markets/analysis/us-grain-prices-continue-higher-friday-july-29-2022
