OILSEED OUTLOOK (WASDE): This month’s U.S. soybean supply and use projections for 2022/23 include lower beginning and ending stocks and higher prices
National Soybean Wire
LIVESTOCK, DAIRY & POULTRY OUTLOOK (WASDE): Beef production is raised for the second half with lower expected carcass weights and lower third-quarter slaughter more than offset by higher fourth-quarter slaughter
WASDE
Short Range Weather: . Monsoon showers and thunderstorms may result in flash flooding and debris flows from the Four Corners region and Southwest into the Intermountain West through the weekend
Weather
CME LIVESTOCK: Live Cattle: $144.925 (-0.175); Feeder Cattle: $183.975 (-0.625); Hogs: $100.175 (-0.90); Milk: $19.79 (-0.31)
US Cattle Report by National Beef Wire
CME GRAINS: Corn: $6.3125 (+2.00); Soybeans: $15.30 (+9.75); Wheat: $7.9425 (-16.25); Cotton: $109.46 (-0.98)
National Corn Wire
STOCK UPDATE: Dow 30: 33,523.88 (+187.21); Nasdaq: 12,941.28 (+161.37); S&P 500: 4,244.42 (+37.15) (Stocks Higher On Consumer Sentiment Optimism)
Market Update
CORN MARKETS: A lot of it will depend on today’s report and what USDA uses for a yield estimate. The average trade guess suggests we will see a yield cut today, so anything above 176 will probably be deemed bearish (Schwieterman)
NBW Market Commmentary
GRAIN TRENDS (Short Term/Long Term): CORN: Up/Down; WHEAT: Up/Down; SOYBEANS: Up/Up
National Corn Wire
U.S. EXPORT SALES: Beef sales not great but up 22% from last week; Corn sales terrible
Market Update
NATURAL GAS: Henry Hub up 94 cents to $8.45, the highest daily price since a winter storm contributed to near record-high spot prices in February 2021
Cash Prices
MEATBOARD PM: Boxed Beef Choice: $263.10 (-0.13); Pork Carcass: $123.31 (-0.36); Chicken Breast: $224.95 (-0.22)
Cash Prices
DAILY EXPORT SALES: Private exporters reported sales of 128,000 metric tons of soybeans for delivery to Mexico during the 2022/2023 marketing year
Exports
DROUGHT MONITOR: It’s hot and dry in the Southwest. Exceptional drought (D4) has developed or expanded in parts of Utah and New Mexico. Meanwhile, most states in the West and Great Plains saw improvements, except for areas of Montana and Texas
Weather
DROUGHT MONITOR: Drought coverage across the U.S. and Puerto Rico topped 40% (40.01%) for the first time since late September and for the fifth time in 2021. The lowest percentage of drought coverage across the U.S. & P.R. so far in 2021 occurred in late May (36.3%)
Market Update
DROUGHT MONITOR: Amidst the wild and devastating weather week, drought mostly held at status quo. The West saw some improvements, and the Southern Plains saw degradations, with mostly small changes elsewhere (VIEW REPORT)
Weather
TODAY'S AG WEATHER: On the Plains, heat remains a dominant factor, despite a few showers affecting northern and southern fringes of the region
Weather
CORN BELT WEATHER: Rain showers spreading across areas west of the Mississippi River are further improving topsoil moisture but providing only limited benefit for maturing corn and soybeans that have been adversely affected by drought (VIEW REPORT)
Weather
Tesla Chief Executive Officer Elon Musk sold $6.9 billion worth of shares in the electric vehicle maker, saying the funds could be used to finance a potential Twitter deal if he loses a legal battle with the social media platform (Reuters)
Market Update