Home Farm Equipment Afternoon Market Recap for July 26, 2021

Afternoon Market Recap for July 26, 2021


Plus – a preview of this afternoon’s Crop Progress report

Good Afternoon!  How are your crops surviving the warmth? Click here to take our ongoing Feedback from the Field survey on 2021 crop situations. Our Google Map, up to date day by day, supplies all previous responses for farm readers. Try our newest Feedback from the Field analysis to see the latest farmer feedback from across the nation.

Crop Progress replace out as we speak: It was one other blistering week throughout the Midwest and Plains final week. With excessive temperatures and solely mild scattered showers, don’t count on crop scores to see a lot – if any – upward momentum in as we speak’s weekly Crop Progress report from USDA.

Feedback from the Field respondents in Iowa and South Dakota reported no measurable rainfall over the previous week as soil moisture situations stay very brief. “Radar shows rain here,” shared the grower from Iowa. “But there is no rain in the rain gauges.”

“Soil health practices are helping keep our summer crops alive,” hedged the South Dakota farmer. “But there is no doubt that extended hot conditions and no rain will be devastating.”

As corn pollination enters its peak part throughout the U.S. Heartland this week, focus will more and more flip to yield prospects as USDA’s yield survey to be launched within the August 2021 Crop Manufacturing report winds down. Final week’s Crop Progress report confirmed corn scores holding regular at 65% good to wonderful for a second week in a row.

Soybean situations rose 1% to 60% good to wonderful on showers and reasonable temperatures throughout the Midwest in final week’s report. However after two weeks of blazing temperatures and little rainfall in drought-stressed areas, count on these scores to reverse in as we speak’s report.

Additionally looming in merchants’ minds as we speak – how dangerous will the scores for spring wheat fall earlier than the crop is harvested – or scrapped – within the coming weeks? Final week’s Crop Progress replace noticed good to wonderful situations for spring wheat drop a staggering 5% to a mere 11% good to wonderful for the week ending July 18. The previous week’s warmth wave within the Northern Plains will not be prone to reverse that development in as we speak’s report.

Corn: After beginning the time out within the crimson, favorable export inspections knowledge launched by USDA this morning reversed the morning’s losses and led the corn futures complicated $0.02-$0.06/bushel greater to shut out as we speak’s buying and selling session.

Features have been restricted by advancing harvest progress in Brazil and a extra reasonable August forecast for the U.S. Corn Belt.

Brazilian meatpacker JBS reportedly imported 30 cargo a great deal of corn into the nation from neighboring Argentina. Brazil is historically a internet exporter of corn, however crop shortfalls this 12 months resulting from planting delays, premature rains, and drought has thinned accessible feed provides for livestock producers.

JBS expects Brazil will import no less than 157 million bushels of corn this 12 months whereas solely 591 million bushels of corn will probably be exported to overseas locations. The Brazilian authorities believes the nation will export 1.16 billion bushels of corn within the 2020/21 advertising 12 months.

U.S. exporters weighed 40.8 million bushels of corn destined for worldwide channels for the week ending July 22 in accordance with contemporary knowledge launched from USDA this morning. It marked a 4% lower in delivery volumes from the earlier week. Weekly corn delivery paces have slowed over the previous month as excessive costs put a damper on peak delivery season for U.S. corn exporters.

However for the week ending July 22, corn shipments to China remained sturdy. Over 19.4 million bushels of corn, or 48% of the weekly whole, have been weighed for inspection en path to China for the week. The U.S.’s subsequent two largest patrons this 12 months, Mexico and Japan, snapped up 8.4 million and 9.9 million bushels, respectively, over the previous week.

The Gulf was the highest export terminal for corn final week, delivery almost 18.6 million bushels of corn into worldwide channels.

Excessive corn costs might proceed to gradual export charges as peak corn export season winds down. However as we speak’s report reveals that China stays a gentle purchaser of U.S. corn regardless of extra corn acres, a current wheat harvest, and final week’s projections that Chinese language purchases of overseas grain shares may decline within the coming advertising 12 months.

Soybeans: Soybean costs overcame this morning’s losses as sturdy costs within the Malaysian palm oil market spilled over into the Chicago soy market. July 2021 palm oil manufacturing forecasts in Malaysia fell 10% from prior expectations and prompted a rally within the world edible oils market, lifting up Chicago soybean costs by $0.06-$0.09/bushel.

Issues about shallow Parana River ranges in Argentina additionally supported upward value motion within the soy complicated as we speak. Features have been restricted by ongoing uncertainty about future Chinese language soy demand within the wake of flooding and slowing import volumes into the nation final month.

Argentina’s Parana River continues to shrink to traditionally low ranges as La Niña-induced drought plagues the South American nation. The Argentine authorities as we speak declared a state of water emergency as Parana River ranges dipped under the bottom measured level in 77 years.

The water emergency as outlined by the federal government will final for 180 days starting tomorrow and can seemingly lead to grain cargoes shedding no less than 25% of regular delivery weights to efficiently navigate the Parana’s most shallow factors. Residents and companies alongside the river will probably be inspired to scale back water utilization.

Round 80% of Argentine grain, meat, and meals shipments traverse alongside the Parana River. Argentina is the world’s largest exporter of soymeal and the third largest exporter of corn and soybeans

Soybeans stole the present on this morning’s weekly Grains Inspection for Export report from USDA. sturdy soybean volumes to Mexico and Southeast Asia over the previous week propelled soy shipments for the week ending July 22 to eight.9 million bushels.

China was solely a minor participant within the soy market final week, snapping up a scant 115K bushels from U.S. exporters. Mexico was the highest vacation spot for U.S. soybeans final week, with over 3.9 million bushels shipped to our neighbor to the south final week, accounting for 44% of whole weekly U.S. soybean shipments. Bangladesh adopted with 2.2 million bushels shipped from U.S. shores final week.

Markets will seemingly proceed to attend for indicators of life from Chinese language export patrons this week. China will not be prone to ebook any additional shipments of 2020/21 soybeans as U.S. exportable provides run low and crush margins in China stay tight.

However previous crop purchases from different world patrons – particularly quantity two purchaser Mexico – will probably be crucial within the coming weeks if 2020/21 export objectives of two.27 billion bushels, as outlined within the newest WASDE report, is predicted to be met earlier than August 31.

Wheat: Wheat costs shed $0.02-$0.08/bushel in as we speak’s buying and selling session as regular weekly export estimates and a weaker greenback failed to supply the complicated with sufficient optimism to beat advancing harvest paces throughout the Northern Hemisphere – particularly within the Black Sea area.

With wheat harvest is underway throughout the U.S., worldwide patrons are taking full benefit of the freshly accessible wheat shares, regardless of current rallies over the previous week on worldwide provide issues. For the week ending July 22, U.S. wheat inspected at export terminals measured at 17.6 million bushels, a 2-million-bushel weekly decline.

Comfortable crimson winter wheat continued to dominate the worldwide wheat pipeline final week. Wheat exports out of the Gulf of Mexico topped out at 7.7 million bushels, or almost 44% of all U.S. wheat exports for the week ending final Thursday. African international locations Djibouti, Nigeria, Somalia, and Sudan snapped up 6.4 million of these bushels shipped out of the Gulf final week.

High worldwide locations for U.S. wheat shipments final week included China with 4.1 million bushels and Mexico with 3.3 million bushels. China has just lately completed up its wheat harvest, although rains and rising hog volumes may put a dent within the new provides.

This morning’s knowledge means that China will not be prone to curb its curiosity in U.S. wheat any time quickly. Nevertheless, rising purchases from African nations may give China a run for its cash within the world wheat market within the brief run.

Climate: The current heatwave lastly has an finish in sight, in accordance with NOAA’s short-range forecasts. Scorching and dry climate will seemingly dominate the forecast early this week however count on temperatures to reasonable throughout the Corn Belt by Thursday. The cooldown bodes effectively for crops – particularly corn crops which might be coming into into peak pollination exercise this week.

Whereas there’s a probability of scattered showers within the Nice Lakes area as we speak and tomorrow, don’t count on important accumulation for crop areas enduring warmth stress. Northern Wisconsin may see the most effective prospects for about an inch of accumulation over the subsequent 24 hours.

Wind could also be an element within the Plains as we speak, with gusts topping 20 mph blowing by way of Western Nebraska, Southern South Dakota, and Jap Colorado.

Financials: Coronavirus instances within the U.S. rose to 34,444,770 instances as of this morning in accordance with the Johns Hopkins Coronavirus Resource Center. The loss of life toll elevated to 610,892 deaths as of this morning.

In keeping with the CDC, almost 69% of U.S. adults have acquired no less than one COVID-19 vaccine. Over 163 million Individuals (49%) are absolutely vaccinated. Over 3.8 billion vaccine doses have been administered worldwide.

How have you learnt if a drone purchase is correct for your farm? Will our nation be capable to mend its political divides that deepened over the previous 12 months? Our editors have been onerous at work over the previous week bringing you tales to assist enhance your farm’s revenue margins. Try these articles – plus a number of extra top stories from our sister websites – earlier than you get began for the week.

U.S. inventory futures reversed the morning’s losses after a serious in a single day selloff within the Asian equities markets. Anticipated earnings from tech firms due out later this week supplied a contemporary spherical of optimism for U.S. equities merchants because the S&P 500 closed 0.17% greater to $4,419.16 whereas the Dow set a brand new file excessive at $35,125.72.

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