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Corn closes off the highs in an afternoon pullback. Front month futures still closed with double digit gains after USDA’s lower than expected planted acreage. December futures were up the most on the day with a 4.71% bounce to $3.50 1/2. The USDA Acreage report showed 92.006 million acres of corn was planted or intended to be planted at the time of the survey ending on June 16, including 2.339 million not then planted. Traders were expecting a much smaller cut on average, as new crop plantings were down a whopping 4.984 million acres from March’s Planting Intentions. The bearish Grain Stocks report was overlooked because of the bigger numbers in the Acreage shift. Old crop corn stocks were 5.224 bbu as of June 1, but trade was expecting only 4.959 bbu on average. Most of that adjustment is expected to show as either Feed & Residual or FSI use in the July WASDE report.

Jul 20 Corn closed at $3.38 1/2, up 12 1/4 cents,

Sep 20 Corn closed at $3.41 1/2, up 12 3/4 cents,

Dec 20 Corn closed at $3.50 1/2, up 15 3/4 cents,

Mar 21 Corn closed at $3.61 1/4, up 15 3/4 cents,

--- provided by Brugler Marketing & Management



Soybean futures faded the midday highs, but still finished the day 12 1/4 to 20 3/4 cents higher. The new crop soy/corn ratio is 2.517 on June 30, that is down from Friday’s 2.648, but above the 2.455 from the March intentions report. Soymeal futures closed with gains of $5.50/ton to $6/ton. Bean oil futures closed off the intra-day high as well, but finished with 36 point gains in the front months. NASS reported 83.825 million acres of 2020/21 beans were planted or intended, which includes 12.8m acres not yet planted as of mid-June. That was only 0.32 million soybean acres above March’s Planting Intentions. The trade was looking for a 1.32 million acre bump. Old crop stocks were reported at 1.386 bbu. On average, traders were expecting 1.391 bbu. Call that a bullseye. Traders estimate USDA will report May bean crush between 180 to 182 mbu on Wednesday. If realized, that would be down 1.5% from April, but still 9.2% higher yr/yr for the largest May crush on record. The average estimate for bean oil stocks on hand is 2.37b lbs.

Jul 20 Soybeans closed at $8.84 1/4, up 17 3/4 cents,

Aug 20 Soybeans closed at $8.78 3/4, up 17 1/4 cents,

Sep 20 Soybeans closed at $8.77, up 18 3/4 cents,

Nov 20 Soybeans closed at $8.82 1/4, up 20 3/4 cents,

Jul 20 Soybean Meal closed at $286.30, up $5.80

Jul 20 Soybean Oil closed at $27.98, up $0.36

--- provided by Brugler Marketing & Management



Winter wheat futures gave back some of midday’s double digit gains, but HRS futures held on. Front month MPLS wheat closed 8 1/4 to 12 1/4 cents higher, with July only a penny and a 1/4 off the high. HRW futures are ended the session 2 1/4 to 6 3/4 cents higher with July the strongest. Chicago SRW wheat is closed with 4 1/2 to 5 1/2 cent gains. All wheat planted acreage was 44.250 million acres, after a modest cut to spring wheat. Winter wheat acreage was reported at 30.55 million acres, down 225k acres from the prior report. Spring wheat acreage was 12.2m acres, down by 390k acres from March’s intentions. Wheat stocks on June 1 were reported at 1.044 bbu, which was well above the trade average guess of 987. Jordan purchased 60,000 MT of wheat at $229.99/tonne for November delivery. South Korea purchased 60,000 MT of wheat at $215/tonne for November delivery. U.S. HRW wheat FOB prices are @ $186/tonne, a $10/MT discount to Russia.

Jul 20 CBOT Wheat closed at $4.90, up 4 1/2 cents,

Jul 20 KCBT Wheat closed at $4.35 1/2, up 6 3/4 cents,

Jul 20 MGEX Wheat closed at $5.09 1/4, up 12 1/4 cents,

--- provided by Brugler Marketing & Management



After trading with triple digit gains earlier in the session, the front month futures came back and closed in the red. June contracts expired at $91.65. The other front month live cattle futures were down 12 to 32 cents. Feeder cattle futures ended the session lower, with the front months closing as much as $1.10 in the red. The June 29 Feeder Cattle index was down another 26 cents to $129.42. Some light Tuesday cash activity was reported at $95 in NE, and $153-$155 in the North. No trend has been established yet this week, but sales have ranged $95-$97 live, and $152-$155 dressed. The online cattle auction site FCE has 1,814 head of cattle listed so far for tomorrow’s auction. Of the listings, 1,155 are KS and the remaining 659 are from TX and NE. Wholesale boxed beef prices were lower in the PM report, narrowing the spread. Choice boxes were down by $1.39 to $206.97 cwt. Select boxes were 81 cents weaker at $199.90 cwt. USDA estimated Tuesday’s FI cattle slaughter at 121,000 head. WTD slaughter is estimated at 242,000 head and is even paced with the same week from 2019.

Aug 20 Cattle closed at $96.275, down $0.200,

Oct 20 Cattle closed at $99.725, down $0.325,

Dec 20 Cattle closed at $103.650, down $0.125,

Aug 20 Feeder Cattle closed at $132.850, down $0.650

Sep 20 Feeder Cattle closed at $133.375, down $0.900

Oct 20 Feeder Cattle closed at $134.100, down $1.025

--- provided by Brugler Marketing & Management



The front month lean hog futures market traded higher on Tuesday. August futures were up by 57 cents, but the other contracts were up by $1.22 to $1.92. With 9.5 trading days left, June hog futures were down by 20 cents to $45.17. Open interest as of Thursday was 20,137 contracts. The CME Lean Hog index for June 26 was unch at $45.23. The National Average Base Hog price was $28.45 in the PM update, up by 14 cents. The WCB regional base hog price was down by 8 cents to $28.53 on the 30th. USDA’s National Pork Carcass Cutout Value was $2.09 lower to $63.12. Bellies were down by $14.98 cwt. to $84.18, which is the lowest quote since May 27. China’s General Administration of Customs issued a temporary ban on meat imports from Brazil in response to coronavirus fears. USDA estimated Tuesday’s federally inspected hog slaughter at 469,000 head. That puts WTD hog slaughter at 937,000 head. That is 31k head more wk/wk, and 1,000 head more yr/yr.

Jul 20 Hogs closed at $45.175, down $0.200,

Aug 20 Hogs closed at $49.025, up $0.575

Oct 20 Hogs closed at $49.350, up $1.925

--- provided by Brugler Marketing & Management



On Tuesday, the front month cotton futures rallied triple digits with gains of as much as 136 points. Old to new crop carry was further inverted on the day as July futures outgained Dec by 11 points. Dec to to May ’21 carry was also reduced by 15 points. The June acreage report from NASS showed that 12.19 million acres of cotton was planted. The average trade guess was for 13.15. That is down 1.518m acres from March and down 11.3% from 2019. Monday sales reported on the online cotton trading platform The Seam were 1,021 bales at an average gross price of 46.44 cents/lb. Certified stocks were reported at 36,344 bales, up 1,538 from the 26th. The Cotlook A index was 25 points lower on June 29, at 67.95 c/lb. The AWP for cotton is 49.60 cents/lb, with an LDP of 2.4 cents. Both are good through Thursday.

Jul 20 Cotton closed at 60.98, up 136 points,

Oct 20 Cotton closed at 61.48, up 135 points

Dec 20 Cotton closed at 60.88, up 125 points

Mar 21 Cotton closed at 61.54, up 125 points

--- provided by Brugler Marketing & Management



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