Grain Bids
SWW
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

Club Wheat Max 10.5%
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

HRW 11.5%
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

DNS 14.0%
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

Barley (Coast)
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price

CANOLA FOB UTOWN 07-22-24
Delivery Start Notes Basis Cash Price Delivery End Basis Month Futures Price
Quotes are delayed, as of July 23, 2024, 12:07:34 PM CDT or prior.
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.

Protein Scales

HRW: + 5 cents each 1/2% above 11.5% to 13.0%; - 10 cents each 1/2% below 11.5%

DNS: + 3 cents each 1/4% above 14.0% to 15.5%; - 7 cents each 1/4% below 14.0%

SWW: + 0 cents each 1/10% below 10.5%; - 0 cents each 1/10% from 10.5% to 12.0%. Max = -$0.00

** CLUB WHEAT MAX 10.5% PROTEIN ONLY **

Premiums and Discounts are Subject to Change...Please Call to Confirm


Futures Table
Quotes are delayed, as of July 23, 2024, 12:07:34 PM CDT or prior.

Commentary
Cattle Pushing Higher Through Midday
Live cattle futures are posting 30 cent to $1.15 stronger trade at midday. Last week’s cash trade was 187-188.50 across the south last week, down $1 to 50 cents higher from the previous week. In the north, trade was $196-198, steady to down $2 from the week prior. Feeder cattle...
Corn Pushing Higher Following Export Sale
Corn futures sputtered out of the gates on Tuesday morning, but are trading 4 to 5 cents higher through midday activity. CME Group reported that combined open interest hit a one month high of 1,586,978 contracts, up 4,101 on net new buying. Options implied volatility jumped with the rally. The...
Hog Bulls Still Heading Higher
Lean hogs are trading with 22 cent to $1.30 gains on Tuesday. The USDA National Base Hog price was reported at $83.18 on Tuesday morning, down 66 cents from the day prior. The CME Lean Hog Index was $89.80 on July 19, up 9 cents from the previous day. USDA...
Wheat Slipping on Tuesday
Wheat futures are feeling a Turnaround Tuesday pressure. Chicago futures are down 1 to 2 cents at midday. Kansas City contracts are fractionally to 2 cents in the red so far on the day. MPLS spring wheat is down 1 to 4 cents so far on Tuesday. Crop Progress data...
Soybeans Extending Rally on Tuesday
Soybeans are ignoring any argument of a Turnaround Tuesday, as contracts are up 2 to 11 cents in the front months at midday. Some short covering was noted on Monday, as preliminary OI dropped 3,843 contracts despite the big price advance. Soymeal futures are down $2.70 in the August contract....
Cotton Falling on Improved Conditions
Cotton trade action down 83 to 102 points so far on Tuesday, as Monday’s USDA report showed improving conditions. Crude oil is adding to the pressure via the synthetic market, with $1.30 losses per barrel. Monday afternoon’s Crop Progress report showed 81% of the US cotton crop squaring, 5% faster...

Local Weather
Forecast

Local Daily Commentary

July 22, 2024

Market Email: http://s3.amazonaws.com/media.agricharts.com/sites/2446/Markets_AM_07_22_24.pdf

 

Wheat futures are trading higher this morning, unchanged to up 8 cents in the SEPT 2024 futures with the Mpls HRW being the strongest. Continued hot and dry weather in the US DNS growing areas (The Dakotas and Montana) extending well into Canada is providing strength to the wheat futures as evidenced by the MPLS HRW futures over the last few days. The US crops can probably weather the stress and even be helped with a little higher proteins but the Canadian crops are a little later and could see some production and quality issues. The Canola futures have seen a decent bounce from the hot/dry especially since a lot of it is blooming and would prefer cooler temps.

Globally for wheat, we have seen production reductions from both IKAR (for Russian wheat) andFranceAgriMer. Wheat futures are seeing a decent short-covering rally with speculative traders capturing some profit and evaluating whether to "double down" on the short side or to monitor the situation for some better indications of weather and yield. US Corn got a boost from a good sized sale to Mexico. Brazilian farmers have been holding their crops to try to entice their prices higher which is creating some space for the US to compete. What could be taking some of the edge off the corn and soybean rally is the fact that there is a lot of carryover on the books and the hot and dry weather is expected to turn cooler and wetter as we get into August.

 

Cash Futures Prices: Chicago SEP is up 2 at 545. KC SEP is unchanged at 569 and MPLS JULY is up 8 at 617. US Dollar is trading 0.03 lower at 104.37.

 

 

 


The CME Group Intercontinental Exchange