All in all, it was a fairly subdued day on Thursday after the release of the USDA June WASDE report. July corn closed up 8 1/4 cents Thursday, finding confirmation from USDA that old-crop supplies are tighter than previously estimated. Old-crop soybeans ended lower, responding to a lower crush estimate in Thursday’s WASDE report. Thursday’s USDA report left 2021 production of both corn and soybeans unchanged from the previous month. This report is viewed as slightly bearish for soybeans and neutral to slightly bearish for wheat, but bullish for U.S. corn. Both corn exports and ethanol use were revised higher, with ending stocks for 2020-21 estimated below the average of pre-report estimates.
In livestock, there’s been relatively no new excitement develop throughout the livestock sector, as traders are cautious about all three of the markets for different reasons. The cash cattle market has yet to see any new business develop and the only bid currently being offered is that of $194 in Eastern Nebraska. Weekly export sales Thursday morning showed beef net sales of 16,100 mt reported for 2021 were up 28% from the previous week, but down 17% from the prior four-week average. The three largest buyers were Japan (4,800 mt), South Korea (4,000 mt) and Mexico (2,500 mt). Pork net sales of 19,700 mt reported for 2021 were down 19% from the previous week and 24% from the prior four-week average. The three largest buyers were China (8,100 mt), Mexico (6,400 mt) and Colombia (1,600 mt).
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
Read more on today’s WASDE report numbers here: https://americanagnetwork.com/2021/06/june-wasde-report-released-plenty-to-talk-about-after-the-report/
More analysis with Jesse Allen and John Heinberg of Total Farm Marketing on today’s episode of Market Talk below: