Home Farm Equipment Afternoon Market Recap for July 20, 2021

Afternoon Market Recap for July 20, 2021

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Soybeans and most wheat contracts additionally agency Tuesday

Grain costs have been blended however principally agency in the present day as the first focus returned to scorching, dry climate forecasted for your entire central U.S. for the remainder of July. Corn costs jumped greater than 2.5% greater on an ensuing spherical of technical shopping for, with soybeans closing with double-digit features in the present day. CBOT wheat contracts firmed 0.5%, and Kansas Metropolis HRW contracts rose greater than 1.25% greater. MGEX spring wheat contracts bucked the general pattern, sliding almost 1% decrease on some technical promoting and profit-taking.

The Midwest and Plains aren’t prone to see far more than hint quantities of rainfall between Wednesday and Saturday, per NOAA’s newest 72-hour cumulative precipitation map. The company’s new 8-to-14-day outlook predicts seasonally scorching, dry climate for many of the nation between July 27 and August 2.

On Wall St., the Dow bounced again from Monday’s selloff, firming 614 factors greater in afternoon buying and selling to 34,576. Banking and journey shares noticed a number of the greatest features in the present day. Power futures additionally firmed, with crude oil up greater than 1% to make it again above $67 per barrel. Diesel additionally added 1%, with gasoline rising 0.75%. The U.S. Greenback firmed barely.

On Monday, commodity funds have been internet consumers of corn (+1,000) and CBOT wheat (+3,000) contracts however have been internet sellers of soybeans (-11,500), soymeal (-1,000) and soyoil (-6,000).


Corn costs jostled by a uneven session Tuesday however in the end completed almost 3% greater as seasonally scorching, dry climate descends on many fields which can be simply now reaching the important pollination stage. September futures rose 16 cents to $5.72, with December futures up 14 cents to $5.6625.

Corn foundation bids have been barely blended at two inside river terminals on Tuesday however held regular in most Midwestern places in the present day.

USDA reported late yesterday that 65% of this year’s corn crop is rated in good-to-excellent condition, unchanged from per week in the past. Analysts have been anticipating to see a one-point enchancment this week. One other 26% of the crop is rated truthful (down a degree from final week), with the remaining 9% rated poor or very poor (up a degree from final week).

Corn crop maturity is advancing a bit extra rapidly versus latest years, with 56% now on the silking stage. That’s a giant soar from the prior week’s mark of 26%. It’s additionally forward of 2020’s tempo of 55% and the prior five-year common of 52%. Eight % of the crop has reached the dough stage, up from 3% per week in the past and barely forward of the prior five-year common of seven%.

European Union corn imports are down reasonably to this point within the younger 2021/22 advertising and marketing yr, per the newest information from the European Fee. EU corn imports have reached 18.2 million bushels by July 18.

“[ENSO] neutral summers show a positive correlation to corn and soybean yields – production tends to be better than normal when neither El Niño nor La Niña prevail in June, July and August,” in line with grain market analyst Bryce Knorr. “But in years when La Niña is present later in the summer or into the end of the year, yields trend lower.” Knorr takes a more in-depth take a look at local weather tendencies within the newest Ag Advertising IQ weblog – click here to be taught extra.

Preliminary quantity estimates have been for 251,425 contracts, monitoring 12% above Monday’s remaining rely of 224,209.


Soybean costs moved reasonably greater on a spherical of technical shopping for Tuesday, with a late-session rally guaranteeing features of greater than 1% by the shut. August futures climbed 16.25 cents to $14.4425, with September futures up 16.5 cents to $13.9925.

Soybean foundation bids fell 5 cents at three Midwestern processors on Monday however tilted 3 cents greater at an Illinois river terminal. Most different places throughout the central U.S. held regular in the present day.

Soybean high quality rankings improved a degree final week, with 60% of the crop now in good-to-excellent situation by July 18, mirroring analyst estimates. One other 29% of the crop is rated truthful (down a degree from final week), with the remaining 11% rated poor or very poor (unchanged from per week in the past).

Physiologically, 63% of this yr’s crop is now blooming, up from 46% final week and reasonably forward of the prior five-year common of 57%. And 23% is now setting pods, leaping from final week’s mark of 10% and a bit forward of the prior five-year common of 21%.

China bought greater than 385 million bushels of soybeans from Brazil final month, shifting 14% greater than Could totals however nonetheless trending barely decrease year-over-year as soybean crushing margins have degraded and pinched demand. Chinese language imports of U.S. soybeans plummeted 80% year-over-year, in distinction, to simply 2 million bushels, though the nation has been a extra aggressive purchaser of U.S. corn and wheat this spring and summer season.

European Union soybean imports within the 2021/22 advertising and marketing yr are at 18.7 million bushels by July 18, trending 37% under final yr’s tempo to this point. EU soymeal imports are at almost half of final yr’s tempo, meantime, as are EU palm oil imports.

Apprehensive about Frogeye leaf spot in your soybean fields? How about white mildew? Sudden demise syndrome? All the above? Members of the Farm Progress PANEL have been just lately surveyed on probably the most anxiety-inducing soybean ailments this season. Right here’s a fast take a look at their responses, and click here for extra commentary on the subject.


Preliminary quantity estimates have been for 160,397 contracts, trending barely above Monday’s remaining rely of 148,454.


Wheat costs have been blended after an uneven spherical of technical maneuvering in the present day. Winter wheat costs firmed on a spherical of technical shopping for spurred by scorching, dry climate forecasts for the Midwest and Plains, with spillover energy from corn and soybeans lending further help. Spring wheat futures fell almost 1% on some profit-taking after rising sharply greater for a lot of July. September Chicago SRW futures picked up 4 cents to $7.0175, September Kansas Metropolis HRW futures added 8.75 cents to $6.61, and September MGEX spring wheat futures fell 9 cents to $9.1475.

This yr’s embattled spring wheat crop noticed high quality rankings erode one other 5 factors decrease final week, with simply 11% of the crop now rated in good-to-excellent situation by Sunday. One other 26% is rated truthful (down three factors from final week), with the remaining 63% rated poor or very poor (up eight factors from per week in the past). Almost all (92%) of the crop is now headed, up from 83% per week in the past and an identical to the prior five-year common.

The 2020/21 winter wheat harvest is sort of three-fourths full, reaching 73% this previous week. Harvest made good ahead momentum versus final week’s mark of 59% and places this yr’s tempo proper according to the prior five-year common of 74%.

European Union tender wheat exports for the 2021/22 advertising and marketing yr reached 13.6 million bushels by July 18, dropping 53% under final yr’s tempo. EU barley exports are additionally down sharply from a yr in the past, with 12.9 million bushels over the primary two and a half weeks of July.

Preliminary quantity estimates have been for 104,452 CBOT contracts, coming in reasonably under Monday’s remaining tally of 138,150.

 



 

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