Market recap (changes on week):

- September corn up $.42 at $6.37

- December corn up $.47 at $5.82

- August soybeans up $.61 at $15.22

- November soybeans up $.65 at $14.05

- August soybean oil up 3.22 cents/lb at 63.72

- August soybean meal up $17.60/short ton at $432.90

- September wheat up $.37 at $8.56

Highlights:

- US ethanol production was down a moderate 7 thousand barrels per day last week to 1,044 thousand barrels per day. I look for many plants to take maintenance breaks in the weeks ahead.

- Export sales remain soft as last week’s data showed a net loss of old crop corn sales of 2.6 million bushels, which was way below trade expectations and just modest new crop corn sales of 4.4 million bushels. Similarly for soybeans- there was a net loss of 5.9 million bushels and new crop sales of 8.8. Grain Sorghum saw a positive 2.1 million bushels – nearly all to unknown destinations. Wheat was the lone commodity that saw decent sales last week of 10.5 million bushels but was on the low side of expectations.

- Covid is again spreading in China, this is leading to new restrictions with negative economic impacts.

- Many grains were down in managed money contracts last week- wheat down 1,062, corn down 55,748, and soybeans down 19,450.

- Grain export inspections on the week were down for corn, soybeans, and wheat but up for grain sorghum. Corn shipments fall roughly 3% behind the pace needed to hit USDA’s target.

- Good to excellent ratings of corn remained flat on the week at 64% just slightly below the average of 66%, however the corn condition index which takes into account all condition categories dropped just slightly to 363 (a perfect score is 500). The national soybean good to excellent ratio fell 1% to 62% with the condition score remaining flat.

- Canada published its Clean Fuel Regulations that are set to go into effect one year from now on July 1, 2023.

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Over the last 30 years international markets have grown and developed thanks to the investment of checkoff dollars.

In this Corn and Soybean Checkoff Connection, Jim Douglas, chairman of the Indiana Soybean Alliance talks about the important role international markets play in demand.

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Everyone knows nutrition plays a role in personal health, but sometimes farmers face challenges in this aspect of wellness. In this episode, Amie Merz – EAP Consultant with Personal Assistance Services and Farm Family Wellness account manager – explains the importance of nutrition for farmer health.

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With soybeans as its focus, Airable Research Lab has been working for more than 20 years to create innovative and sustainable solutions in research and product development. 

In this Voice of Soy, we’ll learn how investing checkoff dollars in research provides long-term opportunities for Ohio soybean farmers.

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Many Michigan soybean farmers are playing catchup on weed control after the start of the planting season.

In this Pods for Profit, Trevor Kraus a technical service rep with BASF talks about controlling weeds in a post-emergence environment.

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- September corn $6.37 up $0.0375

- August soybeans $15.22 up $0.0875

- August soybean meal $432.90 up $1.60

- August soybean oil 63.72 up 113 points

- September Chicago wheat $8.565 down $0.35

- August live cattle $136.15 up $2.20

- August lean hogs $108.37 down $0.80

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In this Best of Voice of Soy, brought to you by Ohio Soybean farmers and their checkoff dollars, board member Bob Suver talks about the important role the World Initiative for Soy in Human Health plays in growing demand for soybeans, especially in emerging markets.

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- This week in the markets – Live fed cattle prices were $1.70 lower on the week. Feeder cattle markets were not tested due to the holiday-shortened week. August live cattle were down $0.70. August feeder cattle were down $2.200. Choice box beef was up $1.50 this week, and is nearly $16.00 below year-ago levels. Cash hogs were $0.50 lower this week. August lean hog futures were up $6.15 on the week. Pork cutout values were up $5.30, on both stronger ham and belly prices, and are near year-ago levels.

- Monthly Trade – Beef exports in May totaled 321 million pounds, 7 million pounds above year ago. Year-to-date beef exports are 81 million pounds higher than a year ago due in large part to the strength of beef exports to China. Pork exports in May were 549 million pounds, 136 million pounds below the year ago level. Year-to-date pork exports are 645 million pounds below a year ago due to weakness in pork exports to China.

- Jobs – 372,000 jobs were added in June exceeding the pre-report estimate of 250,000 jobs. Average hourly earnings increased by 5.1% relative to a year ago keeping inflation concerns on the radar.

- Next week’s reports – WASDE, Retail Prices and Consumer Sentiment

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- September corn $6.3325 up $0.2425

- August soybeans $15.1325 up $0.28

- August soybean meal $431.30 up $7.80

- August soybean oil 62.59 up 97 points

- September Chicago wheat $8.915 up $0.55

- August live cattle $133.95 down $0.60

- August lean hogs $109.17 down $0.32

Find more agriculture news at: brownfieldagnews.com

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Carrie Stowers, Education Communications Specialist at the University of Minnesota Landscape Arboretum, previews the upcoming 'Corn is Everywhere' event at the Farm at the Arb.

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