Closing Market Report- 7/28/21- Wheat Leads Higher While Corn and Soybeans Show A Little Strength

The day one findings of the Wheat Quality Council’s Spring Wheat Tour found current yields for North Dakota to be 29.5 bpa, 32% below the 5-year average. Minneapolis wheat surged on that news and the 10-day dry forecast for the Northern Plains. Corn and soybeans finished just slightly higher in quiet trade. Rumors of China new-crop corn purchases continue to swirl.

Some beneficial showers moved across portions of Minnesota and northern Illinois on Wednesday. The forecast beginning Thursday projects some storms to originate in South Dakota, through parts of eastern Nebraska, southern Iowa and into northern Missouri. Coverage is only expected to be 35% to 40% of the Corn Belt. Temperatures are expected to moderate to a more seasonal average.

The Fed Cattle Exchange Auction listed a total of 7,773 head, of which 1,085 actually sold, 181 were scratched from the auction and 6,507 head were listed as unsold, as they did not meet the reserve prices that ranged from $119 to $123. Opening prices ranged from $115 to $118, high bids ranged from $116 to $120. The state-by-state breakdown looks like this: Texas 7,463 total head, with 1,085 head sold at $119 to $120, 6,197 head unsold and 181 were scratched from the auction; Kansas 310 total head, all of which went unsold.

The feeder cattle market still is battling the fact that traders are sidelining the market while corn posts a slight rally, and the lean hog market is facing some resistance pressure. There’s yet to be any new developments in the cash cattle market.

Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406

Also, more analysis with Jesse Allen and Mike Zuzolo on today’s episode of Market Talk below: