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Corn futures are trading with midday losses of 1 1/4 to 2 cents in the front months. The US and China continue to make posturing statements about various issues, but the background concern is negative GDP growth in China and how soon they turn that around. Both countries are signaling that Phase One purchasing commitments are still in effect, but actual Chinese buying has lagged those levels. Corn bookings were 33.652 mbu with 34.8 mbu of old crop and 1.2 mbu of net reductions in new crop sales. Accumulated commitments were 1.55 bbu through week 37, via 1.05 billion shipments and 0.5 billion unshipped sales. Shipments from the report were 59% of USDA’s forecast through 37 weeks of the MY.

Jul 20 Corn is at $3.16 1/4, down 1 1/2 cents,

Sep 20 Corn is at $3.21 1/4, down 1 3/4 cents,

Dec 20 Corn is at $3.31 1/4, down 1 3/4 cents,

Mar 21 Corn is at $3.44, down 1 1/2 cents,

--- provided by Brugler Marketing & Management



Soybeans are fractionally lower at midday with 2021 contracts 1 1/4 cents lower. Soybean meal futures are trading $1.80 to $2.10/ton higher so far. Soy oil futures are down 45 points in the first 3 contracts at midday. Malaysian palm oil futures are still gaining, closing the Friday session at 2,276 ringgits. Soybean export sales for 19/20 beans were 1.2 MMT and 464,000 MT for 2020/21. Soybean shipments from the report added 18.37 mbu to the 1.29 bbu total. Accumulated soybean exports were 775 of USDA’s forecast through 37 weeks of the MY. Soymeal sales were 198,820 MT, for the week ending May 14. Argentina soybean processors crushed a low 3.66 MMT of beans in April due to coronavirus issues. Syria issued an international tender for 50,000 MT of soymeal. The new tender comes after the nation made no purchases on a similar tender 10 days ago.

Jul 20 Soybeans are at $8.34 1/2, down 1/2 cent,

Aug 20 Soybeans are at $8.37 3/4, down 3/4 cent,

Sep 20 Soybeans are at $8.39 1/2, down 1/2 cent,

Nov 20 Soybeans are at $8.45, down 1/2 cent,

Jul 20 Soybean Meal is at $284.60, up $2.10

Jul 20 Soybean Oil is at $26.66, down $0.45

--- provided by Brugler Marketing & Management



Midday trading in the wheat market has futures extending Thursday losses. SRW wheat is down 5 3/4 to 7 1/4 cents in the front months. KC HRW wheat is 8 3/4 to 9 1/4 cents lower so far. MPLS wheat is down by 2 to 3 cents in the front months. The Virtual Kansas Wheat Tour’s estimate for the state’s production was 284.4 mbu (USDA @ 306 mbu), from an average yield of 44.5 bpa. The wheat tour noted dryness, especially in the western regions. Old crop wheat export bookings from the week ending May 14 were 175,815 MT. Wheat shipments on the week were 13.5 mbu, which put the MYTD exports at 851.1 mbu With 3 weeks left is 87.7% of the USDA forecast. Japan purchased 110,573 MT of wheat in their weekly MOA tender, with 67,441 MT U.S. origin.

Jul 20 CBOT Wheat is at $5.08 3/4, down 7 1/4 cents,

Jul 20 KCBT Wheat is at $4.45 1/4, down 9 1/4 cents,

Jul 20 MGEX Wheat is at $5.15, down 3 cents,

--- provided by Brugler Marketing & Management



Live cattle futures are higher in deferred contracts, with Feb ’21 up by 45 cents. The other front months are 45 to 72 cents lower ahead of the USDA COF report. Feeder cattle futures are up at midday with gains of 72 to 92 cents. The Feeder Cattle Index from CME was 19 cents lower at $126.60. Analysts USDA will show a decrease of 4-5% in cattle on feed from May ‘19. April Marketings are expected to 1.448m head (-14.95%). The average trade guess for April placements is 1.426m (-12.6%). Some individual estimates call for a 25% cut. USDA reported some light cash activity at $110 in TX. Most of the week’s cash sales were $115-$120, with the bulk $115-$117. Wholesale boxed beef prices were lower in the AM report. The Choice/Select spread widened to $24.81 as Choice boxes were down by $0.94 and Select boxes were $6.47 lower. WTD FI cattle slaughter was estimated at 397,000 head through Thursday.

Jun 20 Cattle are at $98.075, down $0.725,

Aug 20 Cattle are at $97.550, down $0.675,

Oct 20 Cattle are at $99.450, down $0.450,

Aug 20 Feeder Cattle are at $129.600, up $0.725

Sep 20 Feeder Cattle are at $130.875, up $0.750

Oct 20 Feeder Cattle are at $131.975, up $0.800

--- provided by Brugler Marketing & Management



After trading mixed on Thursday, the front month lean hog futures are all in the red at midday. Futures are down 52 cents to $1.00 so far, with July the weakest. The CME Lean Hog index was another $1.39 lower on May 20, at $64.59. Due to confidentiality, the USDA National Average Base Hog price was withheld for Friday morning. On Thursday, the National Average Base Hog price was $37.91, the 5-day rolling average is $36.68. The National Pork Carcass Cutout Value was $97.82 in the AM update, down by 3 cents. The primals were mixed with bellies the firmest. USDA estimated WTD hog slaughter at 1.580m head through Thurs.

Jun 20 Hogs are at $58.800, down $0.550,

Jul 20 Hogs are at $56.175, down $1.000

Aug 20 Hogs are at $54.300, down $0.975

--- provided by Brugler Marketing & Management



The thinly traded October contract (OI @ 31) is down by 100 points at midday. The other front months are 60 to 97 points lower. There was a broad but shallow sell off overnight across many commodities from energies to grains to softs. USDA’s weekly Export Sales report data showed cotton bookings were down 25% wk/wk to 249,112 RBs sold. The sales were split 128,898 RBs old crop and 120,214 RBs of 2020/21 cotton. Cotton shipments on the week were 252,233 RBs. MYTD exports were up to 10.810m RBs which was 13% above 18/19’s pace and 72% of USDA’s forecast. The 05/21 Cotlook A index was down a penny to 66.35c/lb. The updated AWP for the week is 48.01 cents/lb, and the LDP is 3.99 cents/lb.

Jul 20 Cotton is at 57.46, down 60 points,

Oct 20 Cotton is at 57.37, down 100 points

Dec 20 Cotton is at 57.73, down 97 points

Mar 21 Cotton is at 58.59, down 88 points

--- provided by Brugler Marketing & Management



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