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At midday and coming into the weekend, corn futures are fractionally lower. The national average corn basis from cmdtyView was at 25 cents under Sept. CmdtyView data suggests national corn basis has done nothing the entire month of July, yr/yr corn basis is 16 cents weaker. USDA announced a private export sale of 114,300 MT of corn to Mexico for 2020/21 delivery this morning. From the weekly Export Sales report on Thursday, old crop corn bookings had net reductions of 29,321 MT. New crop forward sales from the week ending July 23 were 638,714 MT, which was 392% above new crop sales from the same week last year. Total MY new crop corn forward sales were 8.328 MMT through July 23, which is 115% higher yr/yr. Of that total, China has booked 3.78 MMT, their largest forward purchases on record! The weekly Chinese auction of reserve inventory was 100% subscribed, at an average price of $7.39 per bushel.

Sep 20 Corn is at $3.15, down 3/4 cent,

Dec 20 Corn is at $3.26 1/4, down 1/2 cent,

Mar 21 Corn is at $3.37 1/2, down 3/4 cent,

May 21 Corn is at $3.45 1/4, down 1/2 cent,

--- provided by Brugler Marketing & Management

Midday bean trading has futures 3 to 5 3/4 cents higher so far. August soybeans are the strongest so far. Meal futures are 10 to 70 cents lower following the $3.00 gain on Thursday. Soy oil futures are up another 54 points. Today is First Notice day for Aug soy futures. The national average bean basis from cmdtyView weakened another 2 cents on Friday to -0.48 Sept. That compares to -0.63 from July 2019. USDA announced another large export sale of soymeal to Philippines, with 222,000 MT sold for 2020/21 delivery. Ahead of next Monday’s Fast & Oils report, analysts expect June soybean crush to be tallied at 177.8 mbu. That would be more than 8.3 mbu larger yr/yr if realized. Soy oil stocks are estimated at 2.336 billion lbs. USDA’s weekly Export Sales report showed bean sales from the week ending July 23 at 257,828 MT. New crop soybean sales a huge 3.344 MMT sold on the week. Total (both crop years) soybean sales of 3.6 MMT on the week were the largest single weekly sale since Feb 2012.

Aug 20 Soybeans are at $8.97 1/2, up 5 3/4 cents,

Sep 20 Soybeans are at $8.90 1/2, up 3 3/4 cents,

Nov 20 Soybeans are at $8.91 3/4, up 3 1/2 cents,

Jan 21 Soybeans are at $8.97 1/4, up 3 1/2 cents,

Aug 20 Soybean Meal is at $289.70, down $0.10

Aug 20 Soybean Oil is at $30.52, up $0.54

--- provided by Brugler Marketing & Management

So far wheat futures are trading mixed. The winter markets are higher, led by SRW. Chicago SRW futures are 1 1/2 to 3 cents higher. KC HRW wheat is trading with midday gains of 1 to 1 3/4 cents. In MPLS spring wheat, prices are 1 1/2 to 3 cents lower nearby but fractionally mixed in the deferred contracts. Wheat export sales from the week ending July 23 were up 9.8% wk/wk to 676,563 MT. That was up 77% yr/yr. Accumulated shipments through the first 8 weeks are 3% higher yr/yr, unshipped sales are up by 12% yr/yr, and total commitments are 719,228 MT ahead of 2019/20’s pace. French wheat was 90% cut as of July 27. BAGE lowered their new crop wheat production forecast for Argentina by 300k MT to 6.8 MMT, citing continued dryness and recent frost damage. Tunisia purchased 75,000 TM of optional origin wheat from their international tender.

Sep 20 CBOT Wheat is at $5.31, up 1 1/2 cents,

Sep 20 KCBT Wheat is at $4.41, up 1 cent,

Sep 20 MGEX Wheat is at $5.10, down 3 cents,

--- provided by Brugler Marketing & Management

On the last trading day of the month, and ahead of the weekend, live cattle futures are up 35 to 47 cents. Nearby feeder cattle are also in the green through midday, as futures are up 7 to 45 cents. The July 29 CME Feeder Cattle index was $139.24, down 59 cents from the day prior. Cash sales were mainly reported yesterday at $97 the South and $100-102 in the North. A few sales of $160 in the beef were reported as well. Wholesale boxed beef prices were mixed in the AM quote. Choice boxes were up $1.58 to $203.38, with Select boxes 44 cents weaker. WTD FI cattle slaughter through Thursday was estimated at 474,000 head. That exceeds last week’s pace by 2,000 head but is 9,000 head behind the same week last year.

Aug 20 Cattle are at $102.100, up $0.375,

Oct 20 Cattle are at $107.225, up $0.475,

Dec 20 Cattle are at $110.900, up $0.450,

Aug 20 Feeder Cattle are at $143.325, up $0.300

Sep 20 Feeder Cattle are at $144.650, up $0.225

Oct 20 Feeder Cattle are at $144.975, up $0.450

--- provided by Brugler Marketing & Management

Lean hog futures are recovering some of yesterday’s pullbacks with gains of $0.30 to $1.30 through midday. August futures and options expire in two weeks on the 14th. The CME Lean Hog was $53.56, up by 61 cents on July 29. USDA’s National Average Morning Base Hog price for Friday was delayed; on Thursday, the afternoon quote was $41.36. USDA’s National Pork Carcass Cutout value was up a buck to $68.57 this morning. The primals were mixed, but bellies popped up by $10.05 to $106.77 cwt. Federally inspected hog slaughter for the week through Thursday was 1.882 million head. That is below last week’s pace by 84,000 head, but exceeds the same week last year by 21,000 head.

Aug 20 Hogs are at $51.850, up $0.425,

Oct 20 Hogs are at $49.625, up $1.300

Dec 20 Hogs are at $50.625, up $0.850

--- provided by Brugler Marketing & Management

At midday on the last trading day of July, cotton is down by 59 to 88 points. From the open on July 1, Dec futures are up 2.2%. From USDA’s weekly Cotton Market review, the average spot price for cotton this week was 56.73 cents/lb. That was down 1.45 cents from last week’s average price with much more cash activity. The full week’s range was 55.67 to 58.53 c/lb. The national average cash price from cmdtyView was 59.82 c/lb on July 30 – with a week’s average of 58.28. Cotton export sales from the week ending July 23 were 118,698 RBs. That was more than 10x the same week last year. New crop sales were 9,500 RBs, which was mainly to Vietnam and Pakistan. Cotton exports from the same week were 320,784 RBs. That was up 18% wk/wk and 10% above the same week last year. The online trading platform The Seam reported 13,600 bales were sold on July 29 at a gross average price of 62.17 cents/lb. That is their largest sale total since July 9, and the second largest sale since Jan 28. The Cotlook A index was 50 points higher to 67.05 cents/lb on July 30. The week’s new AWP from FSA is 47.71 cents/lb, down 133 points from last week. The updated LDP is now at 4.29 cents/lb.

Oct 20 Cotton is at 61.96, down 86 points,

Dec 20 Cotton is at 62.59, down 59 points

Mar 21 Cotton is at 63.22, down 59 points

May 21 Cotton is at 63.78, down 68 points

--- provided by Brugler Marketing & Management

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