Wheat Futures Lead Ag Futures Downward as Tropical Storm Barry Does Little Harm to Crops
Wheat for September delivery fell 2.7% to $5.07 3/4 a bushel on the Chicago Board of Trade on Monday as better-than-expected weather following a weekend tropical storm was bearish for futures.
Corn for December delivery fell 2.5% to $4.47 a bushel.
Soybeans for November delivery fell 1.2% to $9.20 a bushel.
STORIES OF INTEREST
Soybeans Inspections Surpass Expectations -- Market Talk
12:13 ET - Inspections of soybeans for export total 854,373 metric tons, according to USDA data. This figure exceeds predictions made by analysts, Terry Reilly of Futures International says. China again is the biggest destination for US soybeans inspected by federal officials, with some 16.9 million bushels inspected, the USDA says. However, soybeans futures showed little movement on this news, with the September contract continuing to stay down by 10 cents per pound from its previous close, currently trading at over $9.09 a bushel. (firstname.lastname@example.org; @kirkmaltais)
Crop Prices to Stick in Range Until August WASDE -- Market Talk
1509 GMT - U.S. agricultural prices have failed to move decisively in either direction since vaulting higher in May and much of June. Garrett Toay, of brokerage First Choice Commodities, says they're likely to remain range-bound until the USDA publishes the its next World Agricultural Supply and Demand Estimates on August 12. The report will include the Department's new estimates of how much land U.S. farmers have planted, after the June acreage report was met with disbelief by many traders and analysts. Toay expects today's crop progress report to show that the condition of corn that is in the ground has deteriorated, since "late-planted corn hasn't handled the heat well." (email@example.com)
Lean Hogs Finishes Lower -- Market Talk
15:53 ET - August lean hog futures finish lower to 80.65 cents a pound, while August live cattle futures end unchanged at $1.08475. The hogs contract gave back much of its initial gain after the Chinese government announced that it has culled roughly a quarter of its hog and sow production. Private estimates, however, peg the losses at closer to 50%. (firstname.lastname@example.org)
Estimated U.S. Pork Packer Margin Index - Jul 15
This report reflects U.S. pork packer processing margins. The margin indices
are calculated using current cash hog or carcass values and wholesale pork
cutout values and may not reflect actual margins at the plants. These
estimates reflect the general health of the industry and are not meant to
be indicative of any particular company or plant.
Source: USDA, based on Wall Street Journal calculations
All figures are on a per-head basis.
Date Standard Margin Estimated margin
Operating Index at vertically -
Jul 15 -$ 0.92 +$ 24.25
Jul 12 -$ 2.52 +$ 21.86
Jul 11 -$ 1.61 +$ 22.42
* Based on Iowa State University's latest estimated cost of production.
A positive number indicates a processing margin above the cost of
production of the animals.
This report compares the USDA's latest beef carcass composite
values as a percentage of their respective year-ago prices.
For Today Choice 104.5
(Percent of Year-Ago) Select 96.4
USDA Boxed Beef, Pork Reports
Wholesale choice-grade beef prices Monday rose 47 cents per hundred pounds, to $213.27, according to the USDA. Select-grade prices fell 39 cents per hundred pounds, to $189.21. The total load count was 143. Wholesale pork prices rose $1.11, to $71.68 a hundred pounds, based on Omaha, Neb., price quotes.
(END) Dow Jones Newswires
July 15, 2019 17:24 ET (21:24 GMT)
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