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CME GRAINS: Corn: $5.5875 (+11.75); Soybeans: $14.1875 (+4.00); Wheat: $7.295 (+25.75) ( pm)
STOCK FLASH: Dow 30: 34,838.16 (-97.31); Nasdaq: 14,681.07 (+8.39); S&P 500: 4,387.16 (-8.10) ( pm)
MEATBOARD: Boxed Beef Choice: $281.00 (+2.54); Pork Carcass: $128.71 (+4.82); Chicken Breast: $179.37 (+6.07) ( pm)
Daily slaughter data through July 17, the first 170 days of the year, has a total cattle slaughter of 17.94 million head, compared to 17.07 million head in 2020 and 17.87 million head for the year-to-date in 2019. Yearling (steer + heifer) slaughter makes up 78.5 percent of total cattle slaughter at 14.09 million head thus far in 2021.
Thirty eight percent (38%) of the corn in the U.S. had doughed by August 1st, compared to 18% last week and 37% last year. Fifty eight percent (58%) of the soybeans in the U.S. had set pods by August 1st, compared to 42% last week and 57% last year. Thirteen percent (13%) of the barley in the U.S. had been harvested by August 1st, compared to 2% last week and 4% last year.
Thirty two percent (32%) of the pasture in the United States is rated as good or excellent, compared to 34% last week and 36% last year. Twenty six percent (26%) of the pasture in the United States is rated as fair, compared to 24% last week and 34% last year. Forty two percent (42%) of the pasture in the United States is rated as poor or very poor, compared to 42% last week and 30% last year.
Sixty two percent (62%) of the corn crop in the United States is rated as good or excellent, compared to 64% last week and 72% last year. Twenty seven percent (27%) of the corn crop in the United States is rated as fair, compared to 26% last week and 21% last year. Eleven percent (11%) of the corn crop in the United States is rated as poor or very poor, compared to 10% last week and 7% last year.
Precipitation from the Southwest Monsoon has improved drought conditions across the 4 Corners states (especially Arizona). However, drought in the Western U.S. is still dire, with 58.7% of the region in Extreme (D3) to Exceptional (D4) drought. And areas spanning from California and the Pacific Northwest eastward to Minnesota saw degradations this week. As of July 27, 2021, 39.7% of the U.S. is in drought.
CATTLE SLAUGHTHER: USDA estimates daily cattle slaughter at 119K head, compared to 119K last week and 112K last year (Mon)
THE BEEF READ: Quiet Chop Extends... Last week, choice boxed beef values gained almost $14 with the rib, chuck and beef 50s leading the charge. More upside is expected this week (The Beef)
DAILY DROP: The hide and offal value was estimated at $14.32, unchanged from Friday
Rob Cook, RobCookKC@gmail.com