The CME block/barrel spread returned to inverted territory, as spot blocks slipped three cents to $1.8600 per pound and barrels rose 1.5 cents to $1.8650 per pound. Five loads of blocks and eight lots of barrels traded. On the butter side, spot prices climbed to $3.1225 per pound, up $0.0225. Trading volume was heavy, with 24 loads changing hands, the largest single-day volume since August 2023.
Grain futures continued to drop, with nearby contracts breaking through key levels. September corn tumbled 11.5 cents to $3.9050 per bushel. August soybeans fell below the $11 mark, shedding 27 cents to land at $10.7800 per bushel. September and November beans settled at $10.3375 and $10.4000 per bushel, respectively, down $0.2475 and -$0.2525 versus last Friday.
As of July 14, USDA rated 68% of the U.S. corn crop in good/excellent condition, unchanged on the week and up from 57% last year and 62% on the five-year average. Soybeans were also 68% good or excellent, flat on the week and well above 2023’s 55% and the five-year average of 59%.
By KNOW YOUR MARKET
July 15, 2024
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