Marketing

NYSTROM, from pg. 18

the last 92 weeks at 9.775 million bpd.

President Biden signed a non-binding executive order with a goal of 50 percent of all new car sales in the United States be zero-emission, i.e. electric, by 2030. China makes approximately 70 percent of allelectric vehicle batteries.

China stated they will release commodity reserves considered “essential for livelihood” in a targeted manner. They will tighten supervision of fabricating and spreading price increase information, hoarding, and collusion to push prices higher. They will launch an investigation of fertilizer producers and distributors suspected of driving up prices through possible hoarding and collusion.

Outlook: The August WASDE report will include farmer surveys, satellite imagery, and other considerations, but will not include an actual on-hand field survey. Field samples were discontinued last year due to budget restraints. The average trade estimates for the August report are 177.6 bushels per acre with production at 15.004 billion bushels. The July numbers were 179.5 bu./acre with production at 15.165 billion bushels.

Prices may likely linger in their recent range until after the report. Daily ranges and direction will be dominated by every updated forecast until we have a

better idea of the crop size.

For the week, September corn was 8 cents higher at $5.55 and the December corn contract was 11.25 cents higher at $5.56.5 per bushel. It’s not too early to looking ahead to 2022. The December 2022 corn contract was up 22 cents for the week at $5.17 per bushel.

SOYBEANS — Soybeans took a big plunge on Aug. 3 after the weekly crop condition report showed a 2 percent improvement to 60 percent in the good/excellent category. The balance of the week found November soybeans trading within Aug. 3’s range. November soybeans have closed lower for the last three weeks. The USDA announced two fresh new crop soybean export sales in the last half of the week that kept hopes alive that China is back in the market. The two fresh sales were 11 million bushels to unknown and 4.8 million bushels to China. This month is critical for determining the soybean yield. If harvested acres are 86.7 million acres and we see a .5 BPA decline, with all other factors the same, it translates to a 43.35 million bushel cut to ending stocks. A 2021/2022 carryout near 110 million bushels would seem untenable. Prices would need to reach a level to curtail demand. The average trade

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Missed dates could mean penalties

JOHNSON, from pg. 18

(Social Security Administration, 2019).

Age 70½

Under the SECURE Act, in most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA) and other defined contribution plans. You may continue to contribute to a Traditional IRA past age 70½ under the SECURE Act as long as you meet the earned-income requirement.

Understanding key birthdays may help you better prepare for certain retirement income and benefits. But perhaps more importantly, knowing key birthdays can help you avoid penalties which may be imposed if you miss the date.

Securities and insurance products are offered through Cetera Investment Services LLC (doing insurance business in CA as CFG STC Insurance Agency LLC), member FINRA/SIPC. Advisory services are offered through Cetera Investment Advisers LLC. Neither firm is affiliated with the financial institution where investment services are offered. Advisory services are only offered by Investment Adviser Representatives.

Investments are: *Not FDIC/NCUSIF insured *May lose value *Not financial institution guaranteed *Not a deposit *Not insured by any federal government agency.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SECregistered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2021 FMG Suite.

To learn more about how Profinium is a full financial health solutions center offering banking, mortgage, insurance, trust and wealth planning services in Southern Minnesota, visit Profinium.com. v estimate for the Aug. 12 yield is 50.4 bu./acre with ending stocks at 159 million bushels.

Weekly export sales were within expectations with old crop sales of 400,000 bushels and 15.6 million bushels for new crop. Old crop commitments at 2.275 billion bushels meet the USDA forecast for 2.27 billion bushels. China has 25.7 million bushels of unshipped old crop on the books. New crop commitments are 389.6 million bushels vs. 556.2 million bushels last year by this date.

The June National Oilseed Processors Association Crush report showed 161.7 million bushels of soybeans were crushed, lower than the 162.1 million bushels expected. Soyoil stocks at were higher than the 1.994-billion-pound forecast. In a new twist, the American Bakers Association is asking for lower biodiesel blending mandates to prevent tighter soyoil supplies. Smaller soyoil supplies could drive up food prices according to the association.

Argentine truckers ended a strike at the Bahia Blanco port that disrupted soybean deliveries to the port. Loadings however were able to continue. This port has been important recently in topping off vessels that began loading upriver at the Rosario port on the Parana River.

Outlook: Soybeans took a step back this week on improved conditions; but when export interest popped up later in the week, prices recovered a good portion of the week’s losses. August weather will be watched closely just as it always is for its influence on the final yield. We don’t have room for production declines without cuts to demand. It’s a wait-and-see time until the report. Mother Nature has the wheel as we wait to see if the November contract can stay above $13.00 per bushel.

For the week, November soybeans were down 12.5 cents at $13.36.75 per bushel. The November 2022 contract was 4.5 cents higher at $12.58.25 per bushel.

Nystrom’s notes: Contract changes for the week as of the close on Aug. 6 (September contracts): Chicago wheat was 15.25 cents higher at $7.19, Kansas City was 32.5 cents higher at $7.05.75, Minneapolis was 11.5 cents higher at $9.16.25 per bushel. The December 2021 Minneapolis wheat was 12.25 cents higher at $9.03.25 per bushel. v

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MIELKE MARKET WEEKLY

By Lee Mielke

See MIELKE, pg. 21

This column was written for the marketing week ending Aug. 6.

The U.S. Department of Agriculture announced the July Federal order Class III benchmark milk price at $16.49 per hundredweight. This is down 72 cents from June and $8.05 below the inflated News and information for Minnesota and Northern Iowa dairy producers price a year ago when Uncle Sam’s Food Box program was buying lots of cheese. pounds, up 3.9 percent. 3.6 million pounds of cheese through Section 32. Last year’s July Class III price was the second highest ever, at $24.54, 6 cents shy of the record set in September 2014. The seven-month Class III average stands at $16.90, down from $17.30 at this time a year ago and compares to $15.58 in 2019. Late morning Aug. 6 Class III futures portended August at $16.02; September, $16.55; October, $17.05; November, $17.75; and December at $17.76. The July Class IV price is $16.00 per cwt., down 35 cents from June but $2.24 above a year ago. Its seven month average is at $15.01, up from $13.78 a year ago, and compares to $16.11 in 2019. Dry whey totaled 80.6 million pounds, up 2.9 million pounds or 3.7 percent from May, but 1.1 million or 1.3 percent below a year ago. Year-to-date, dry whey was at 472 million pounds, down 3.2 percent. Dry whey stocks climbed to 80.6 million pounds, up 2.9 million or 3.7 percent from May, but were 1.1 million pounds or 1.3 percent below a year ago. Nonfat dry milk output fell to 184.6 million pounds, down 20.8 million pounds or 10.1 percent from May; but up 30.6 million or 19.9 percent from a year ago. Production year-to-date was at 1.1 billion pounds, up 11.4 percent from 2020. n Aug. 3’s Global Dairy Trade saw its weighted average fall for the eighth consecutive session, down 1 percent, following a 2.9 percent drop July 20 and 3.6 percent on July 6. Traders brought 53.1 million pounds of product to market, up from 49.4 million. The average winning price was $3,784 U.S., down from $3,839. Buttermilk powder was down 8 percent. Whole milk powder was down 3.8 percent following a 3.8 percent decline, and lactose was down 3.1 percent after an 8.9 percent drop. n You’ll recall that USDA’s preliminary data pegged June milk production at 18.96 billion pounds, up 2.9 percent from June 2020. The latest Dairy Products report shows where that milk ended up; although StoneX Dairy reminds us the year-over-year changes are mostly driven by the anomalies of last year’s Covid pandemic. Starting with cheese: June output totaled 1.12 billion pounds, down 2.9 percent from May and just 0.2 percent above June 2020. Year-to-date total cheese output hit 6.8 billion pounds, up 3.3 percent from the same period in 2020. Stocks crept up to 349.5 million pounds, up 1.3 million or 0.4 percent from May, as shipping challenges at U.S. ports continue, and were 68.4 million pounds or 24.3 percent above those a year ago. Skim milk powder production totaled 32.6 million pounds, down 3.1 million pounds or 8.7 percent from May and 27.9 million pounds or 46.1 percent below a year ago. Year-to-date, skim milk powder, at 222.6 million pounds, was down 26.9 percent from 2020. June regular hard ice cream output totaled 66.5 million pounds, down 8.6 percent from a year ago, with year-to-date output at 378.3 million pounds, up just 0.9 percent from 2020. Butter led the gains, up 3.8 percent, after it inched 0.8 percent lower last time. Anhydrous milkfat was up 1.3 percent after it slipped 0.3 percent. Skim milk powder was up 1.5 percent after dropping 5.2 percent, and cheddar inched 0.7 percent higher after it gained 1.3 percent last time. StoneX says the GDT 80 percent butterfat butter price equates to $2.0308 per pound U.S., up 7.5 cents, and compares to Chicago Mercantile Exchange butter which closed Aug. 6 at $1.6475. GDT cheddar, at $1.8437, was up 1.9 cents, and compares to Aug. 6’s CME block cheddar at $1.6350. GDT skim milk powder averaged $1.37 per pound, up from $1.3476. Whole milk powder averaged $1.6322 per pound, Italian style cheese totaled 473.1 million pounds, down 1.7 percent from May and 2.6 percent below a year ago. Year-to-date, Italian was at 2.9 billion pounds, up 1 percent. American-type cheese, at 453.9 million pounds, was down 5.1 percent from May, but 5.1 percent above a year ago. Year-to-date, American was at 2.8 billion pounds, up 6.1 percent. Speaking in the Aug. 9 “Dairy Radio Now” broadcast, StoneX broker Dave Kurzawski said Dairy Product reports don’t tend to move markets, though he admitted June cheese output was 12 million pounds less than they expected while nonfat dry milk stocks were 20 million pounds heavier than they forecast. He said the report was basically neutral for cheese and bearish on butter and powder; but added, “As we down from $1.6920. CME Grade A nonfat dry milk closed Aug. 6 at $1.2550 per pound. n Meanwhile, June U.S. dairy exports remained strong. Nonfat dry milk was up 7.4 percent from June 2020, with most going to Mexico, according to HighGround Dairy, and to Indonesia. Shipments to China were the highest since August 2014. Mozzarella output totaled 370.2 million pounds, down 4.9 percent from a year ago, with year-to-date mozzarella at 2.2 billion pounds, up 0.4 percent from 2020. Cheddar totaled 327.9 million pounds, down 18.1 million pounds or 5.2 percent from May, but 24.9 million or 8.2 percent above a year ago. Year-to-date, cheddar hit 1.99 billion pounds, up 5.6 percent from 2020. walk into August, we’re getting into a different time of year demand-wise. If you look at the Global Dairy Trade numbers (which have been weak for eight events in a row), if you look at the dollar value, $3,000 a metric ton is somewhat of a benchmark. If you’re below that, you’re in kind of a bear market; and if you’re above that, you’re in kind of a bull market.” He views the summer as a “correction in prices both domestically and globally.” HighGround Dairy says the first half of 2021 translated into record exports to China, Egypt and South America, helping offset losses to Japan and Southeast Asia. China’s demand has been particularly strong for whey and other proteins and powders. Cheese exports were down 12.9 percent but HighGround Dairy says the losses are skewed by the pandemic-driven volumes observed last year. U.S. churns produced 160.7 million pounds of butter, down 24.2 million pounds or 13.1 percent from May, but up 11.6 million pounds or 7.8 percent from a year ago. Year-to-date, butter output reached 1.12 billion pounds, down 2.1 percent from 2020. Yogurt totaled 386.1 million pounds, down 3.2 percent from a year ago, with year-to-date at 2.4 billion Kurzawski also said USDA’s solicitations this week for fresh milk and string cheese for fourth quarter food assistance and school lunch programs exceeded his expectations and should provide some degree of support for the market. The USDA will spend $20 million to purchase fluid milk and announced on Aug. 5 it would buy another n CME prices started August scattered. The cheddar blocks parked at $1.6350 per pound on July 27 and stayed there for eight successive sessions. Traders apparently took this week off, with no activity. The blocks are priced 7 cents below a year ago when they