Through midday corn trading are holding steady. The 2020 expiry contracts are fractionally higher so far, with the 2021 contracts fractionally lower through Sept. From USDA, corn sales were 2.702 MMT (106 million bushels) for the week ending July 30. That was split 101,596 MT of old crop, and 2.6 MMT of new crop sales. About 91% of the new crop corn sales were previously known via mandatory daily announcements. Of the new crop purchases, 1.937 MMT were to China and 276k were to unknown. June DDGS exports were 883,193 MT. That was up 47% from May but 8% below June ’19. South Korea purchased 63,000 MT of optional origin corn.

--- provided by Brugler Marketing & Management

Old crop soybeans are down at midday with 2 cent losses for in delivery Aug. New crop futures are trading both sides of UNCH. Meal is falling more at midday with $0.80 to $1.40 losses. Soybean oil is mixed, with gains of 10 to 13 points after August. USDA announced a large export sale of 126,000 MT of new crop soybeans to China. Soybean export sales from the week ending July 30 were 1.750 MMT (64 million bushels) split 345k old crop and 1.405 MMT for new crop. Of the new crop sales, 43% were already known via daily announcements. Of the new crop bean sales, China purchased 34% of the week’s total and holds 57% of the cumulative total commitments. Soymeal sales on the week were 328,303 MT. That was 256% above the same week last year. The 2020/21 MY meal sales were 203,858 MT. Forward bookings ahead of 2020/21 are 28% below forward bookings last MY at 761,133 MT. Soybean oil sales were 35,407 MT, split 24.1k 2019/20 and 11.1k 2020/21. Accumulated bean oil exports were up to 1.077 MMT which is 50% ahead of last year’s pace via weekly data. Official US soybean oil shipments are still the largest through June since the 2009/10 MY.

--- provided by Brugler Marketing & Management

Midday trading for the Thursday session has domestic futures in the red again. KC HRW wheat is down the most, with 7 3/4 to 10 1/4 cent losses. SRW wheat futures are down 6 1/2 to 7 1/2 cents. MGE wheat is down by as much as 5 1/2 cents so far. Wheat export sales on the week ending July 30 were 605,472 MT. That was lower wk/wk, but still 24% above last year and within the range of trade expectations. Total commitments through the first 9 weeks are the highest since the 2014/15 MY. South Korea purchased 57,400 MT of U.S. wheat in an international tender. Japan’s MOA tender was filled – with 66,050 MT of U.S. origin wheat purchased.

--- provided by Brugler Marketing & Management

August fats are 30 cents stronger at midday, but the other front months are down 12 to 57 cents. Feeder cattle futures are the opposite with losses for August and gains in the other front months. The August 4 CME Feeder Cattle index was $140.60, 10 cents higher on the day. Sales outside of the FCE were reported at $99-$100 in TX. There were also bids of $160-$162 for northern cattle trade in the beef. Beef export sales with data from USDA’s weekly report were just 13,400 MT. That was down 55% wk/wk and 40% below the same week last year. Mexico purchased 1,700 MT of beef for delivery during 2021. The week’s shipments were 3.4% below the same week last year, with destinations primarily South Korea and Japan. Wholesale boxed beef prices were stronger in the AM update. Choice was up $1.18 to $204.75 cwt. And Select boxes were $191.99 after a $1.17 bump. The WTD cattle slaughter under federal inspection was estimated at 346,000 head through Wednesday. That is down 9,000 wk/wk and 15,000 head from last year.

--- provided by Brugler Marketing & Management

Front month lean hogs are firm at midday with gains limited to 7 cents. August hogs are up by 52 cents so far. The CME Lean Hog index was $52.92 on Aug 4, which was 11 cents stronger. USDA’s National Average Morning Base Hog price for was half a buck stronger to $39.03. Pork export sales were 30,348 MT on the week ending July 30. That was down 25% wk/wk but still well more than double (+121%) yr/yr. Of the week’s sales, 19% were to China. Export shipments from the same week were 34,386 MT, with 26% destined for PRC. YTD pork exports to China are 40% of the total, which is now at a record 1.15 MMT. USDA’s National Pork Carcass Cutout value was $4.93 higher in the AM report. Bellies and hams were each more than $10 cwt. stronger. FI hog slaughter for the week through Wednesday was estimated at 1.354 million head. That is down 53,000 head from last week and 21k below the same week last year.

--- provided by Brugler Marketing & Management

Through midday on Thursday, cotton futures are up another 25 to 34 points. Cotton export sales were net reduced by 68,537 RBs for old crop. Some rolling activity occurred as new crop sales were 130,762 RBs. Total forward sales are sitting at 3.68m RBs through July 30. Of the total forward bookings, 35% is to China. The Seam reported another 16,424 bales sold on Tuesday, at an average gross price of 57.23 cents/lb. Certified stocks are firm at 6,800 bales as of August 4. The Cotlook A index was steady at 70.35 cents/lb on Aug 5. The AWP for cotton is 47.71 cents/lb, and the LDP is 4.29 cents/lb. Both updated after the close.

--- provided by Brugler Marketing & Management