Market Snapshot | July 21, 2022

( )

Corn futures are around a dime lower at midmorning.

Soy complex futures are lower, with soybeans down around 25 cents.

Wheat futures are mixed at midmorning.

Live cattle are mostly lower and feeder cattle are mildly firmer at midmorning.

  • Live cattle are extending sideways consolidation trade, with expectations for weaker cash prices offset to some extent by stronger export readings.
  • Cash cattle trade has been light so far this week, with price ranging from $136 in the Southern Plains to $145 in the northern market. But the bulk of trade has been at steady to $1 lower prices.
  • Choice beef cutout values fell $2.04 Wednesday to $270.53 but movement was again strong at 119 loads. August live cattle rose 2.5 cents Wednesday to $135.75.
  • USDA reported net weekly beef sales of 23,800 MT for 2022, up from 9,200 MT the previous week and up 97% from the prior four-week average. 
  • August live cattle continue to trade within yesterday’s range of $135.25 and $136.325.
  • Feeder cattle are being supported by weakness in corn, though buyer interest is limited.

Hog futures are mostly lower, with the exception of the nearby August contract.

  • August lean hog futures gapped higher a second consecutive day and extended a rally to three-month highs behind continued strength in cash fundamentals. Deferred contracts are under light pressure.
  • The CME lean hog index is up another 46 cents to $116.37 (as of July 19), the highest level since June 2021. August futures’ discount to the index has narrowed to about 17 cents, and the contract likely will retain support until the cash benchmark shows signs of topping.
  • Pork cutout values fell 75 cents Wednesday to $124.37 on lighter movement of 224 loads.
  • Net weekly pork sales of 20,600 MT for 2022 were up 13% from the previous week but down 23% from the prior four-week average. 
  • August lean hogs reached $116.85, the contract’s highest intraday price since $117.525 on April 25. Further strength may have market bulls targeting the April high at $121.50.
 

Latest News

H&P Report negative compared to pre-report expectations
H&P Report negative compared to pre-report expectations

Nearly every category topped the average pre-report estimates.

After the Bell | March 28, 2024
After the Bell | March 28, 2024

After the Bell | March 28, 2024

Pro Farmer's Daily Advice Monitor
Pro Farmer's Daily Advice Monitor

Pro Farmer editors provide daily updates on advice, including if now is a good time to catch up on cash sales.

PF Report Reaction: Bullish USDA data for corn
PF Report Reaction: Bullish USDA data for corn

Corn planting intentions and March 1 stocks came in lower than expected.

Report Snapshot: USDA shows lighter-than-expected corn acres and stocks
Report Snapshot: USDA shows lighter-than-expected corn acres and stocks

USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.