September contracts of winter wheat and December soybean oil were the leading percentage gainers among Thursday’s higher grain closes. Rain is pretty non-existent in the forecast the next 7-10 days in the US outside of some cluster storm chances. Also, heat and dryness in the Black Sea region is going to affect crops there. Overall, plenty of bullish momentum in this market trade with wheat the leader today.
In livestock, not a whole lot of cash cattle activity. Some seen in the south at $120 while the north saw some at $122-123 live and $196 dressed. Beef net sales of 22,500 mt reported for 2021 were down 11% from the previous week but up 28% from the prior four-week average. The three largest buyers were South Korea (8,200 mt), Japan (6,100 mt) and China (4,500 mt). Pork net sales of 38,500 mt reported for 2021 were up 57% from the previous week and 43% from the prior four-week average. The three largest buyers were Mexico (25,100 mt), Chile (3,300 mt) and Japan (3,200 mt). Also, ASF worries in the Dominican Republic are top of mind for the hog trade right now.
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 John Heinberg from Total Farm Marketing on today’s edition of Market Talk: