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Front month corn prices closed fractionally higher, with March ’21 UNCH. Sept futures go into the weekend down 3.14% since last Friday. Dec futures were down 2.4% wk/wk, and closed out July with a 6.7% loss to $3.27/bu. USDA announced a private export sale of 114,300 MT of corn to Mexico for 2020/21 delivery this morning. The weekly Chinese auction of reserve inventory was 100% subscribed, at an average price of $7.39 per bushel. From the Commitment of Traders report, managed money was shown net short 143,280 contracts in corn on July 28. Wk/wk, that was 5,510 contracts more net short, with a 5.2% increase to OI. Commercials increased their net short on the week by 2,958 contracts via a light decrease in OI.

Sep 20 Corn closed at $3.16, up 1/4 cent,

Dec 20 Corn closed at $3.27, up 1/4 cent,

Mar 21 Corn closed at $3.38 1/4, unch,

May 21 Corn closed at $3.46, up 1/4 cent,

--- provided by Brugler Marketing & Management

Today was First Notice day for Aug soy futures, the last trade day of the week, and of July. There were no delivery notices vs. August beans. Soybeans closed the day with gains, the week with weakness, and the month with gains. Nov beans closed at $8.92 1/2 per bushel, which was 5 cents below Aug, 6 3/4 cents below last Friday’s close, and 10 1/4 cents above the July 1 open. Meal futures fell back into the weekend. Soy oil futures gained another 53+ points on Friday. USDA announced another large export sale of soymeal to Philippines, with 222,000 MT sold for 2020/21 delivery. Managed money added 10,896 new shorts wk/wk, which paired with light long liquidation reduced their CFTC net long 22% to 62,161 contacts. Also in the CoT report, soymeal spec traders were 19,464 contracts net short on July 28. That was 9,714 contracts less short wk/wk via short covering. Managed money was 37,549 contracts net long in bean oil on July 28. 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.

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

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

Nov 20 Soybeans closed at $8.92 1/2, up 4 1/4 cents,

Jan 21 Soybeans closed at $8.98, up 4 1/4 cents,

Aug 20 Soybean Meal closed at $289.30, down $0.50

Aug 20 Soybean Oil closed at $30.91, up $0.93

--- provided by Brugler Marketing & Management

Wheat futures closed the day with gains. Chicago SRW futures were 1 3/4 to 4 cents higher in the front months on Friday, which for Sept contracts limited the weekly loss to just 8 cents. KC futures were 2 1/2 to 3 1/2 cents higher at the closing bell, with Sept HRW down 1.56% wk/wk. MGE HRS futures were in the green by as much as 1 1/2 cents on Friday. From the Commitment of Traders report, SRW speculative traders were 1,699 contracts net long on July 28. Funds strengthened their KC wheat net short to 19,026 contracts. The weekly report showed managed money was 21,125 contracts net short in HRS futures. That was 472 contracts more short wk/wk on increased OI.

Sep 20 CBOT Wheat closed at $5.31 1/4, up 1 3/4 cents,

Sep 20 KCBT Wheat closed at $4.42 1/2, up 2 1/2 cents,

Sep 20 MGEX Wheat closed at $5.14, up 1 cent,

--- provided by Brugler Marketing & Management

Cattle futures head into the weekend on a triple digit Friday gain. For August futures the $1.10 rally on Friday added to the weekly gain, pushing it to $1.50. August feeders were $2.62 higher wk/wk, as the front months closed the Friday session with $1.65 to $2.25 gains. The July 29 CME Feeder Cattle index was $138.58, down 68 cents from the day prior. Cash sales this week were $95 to $102, with the bulk of Southern activity near $97 and the Northern trade mostly at $100. Dressed sales were a bit light this week from $158 to $161, mostly at $160. The CFTC showed cattle spec traders were 3,949 contracts more net long, to 33,622 on July 28. Also from the CoT, managed money funds were net buyers of feeder cattle as well. On net, managed money was 991 contracts more long for the week at 5,453 contracts. Wholesale boxed beef prices were mixed in the PM update, widening the Chc/Sel spread to $13.37. Choice boxes were up $1.46 to $203.26, and Select boxes were $1.61 lower. USDA estimates the week’s FI cattle slaughter at 638,000 head through Saturday. That exceeds the same week last year by 5,000 head.

Aug 20 Cattle closed at $102.825, up $1.100,

Oct 20 Cattle closed at $107.875, up $1.125,

Dec 20 Cattle closed at $111.550, up $1.100,

Aug 20 Feeder Cattle closed at $144.675, up $1.650

Sep 20 Feeder Cattle closed at $146.225, up $1.800

Oct 20 Feeder Cattle closed at $146.650, up $2.125

--- provided by Brugler Marketing & Management

Front month lean hog futures were 12 cents to $1.30 higher at the closing bell. For August the 57 cent gain reduced the net weekly loss to $2.00. 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 afternoon Base Hog price for Friday was $40.97, down by 38 cents. The weekly update from CFTC showed managed money OI increased 4.56% wk/wk. The additional open interest was a near wash, and managed money was 10,721 contracts net long on July 28. USDA’s National Pork Carcass Cutout value fell back $2.26 to $65.31 in the PM quote. The primals were mostly lower, led by hams which were down $6.47 cwt. to $48.64. Federally inspected hog slaughter for the week through Saturday was estimated at 2.543 million head. That exceeds the same week last year by 196,000 head.

Aug 20 Hogs closed at $52.000, up $0.575,

Oct 20 Hogs closed at $49.625, up $1.300

Dec 20 Hogs closed at $50.375, up $0.600

--- provided by Brugler Marketing & Management

Front month cotton futures closed the day 52 to 88 points in the red. Dec futures still closed 2.56 cents/lb above last Friday. Through July, Dec cotton rallied 1.66 cents. 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. Through Thursday, 23,753 bales were sold at a wtd cash price of 58.89 cents/lb on The Seam. CFTC’s weekly data release showed cotton spec funds reduced their net long by 4,738 contracts to 25,635 on July 28. That came via long liquidation. The Cotlook A index was 50 points higher to 67.05 cents/lb on July 30. The week’s AWP is 47.71 cents/lb, down 133 points from last week. The updated LDP is 4.29 cents/lb.

Oct 20 Cotton closed at 62.3, down 52 points,

Dec 20 Cotton closed at 62.66, down 52 points

Mar 21 Cotton closed at 63.25, down 56 points

May 21 Cotton closed at 63.72, down 74 points

--- provided by Brugler Marketing & Management

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