CORN

• July unchanged @ 3.2625, September down 0.0025 @ 3.285, December up 0.0025 @ 3.35
• Warmer and increasingly drier forecasts for the next two weeks
• Rain overnight in Minnesota, Wisconsin and Missouri
• Crop conditions reported @ 73% G/EX, up 1% on the week
• Short covering early in the session created bounce
• July corn briefly traded through the 10 and 20-day moving average resistance levels but has fallen back below
• Dec corn is testing the 10 and 50-day moving average support levels
• Funds bought about 33,000 contracts yesterday

SOYBEANS

• July up 0.0625 @ 8.7275, August up 0.035 @ 8.65, November up 0.04 @ 8.655
• Forecasts beginning to dry out for the next two weeks
• Crop conditions reported @ 71% G/EX, up 1% from last week
• Chinese purchases for 2020 have only totaled 19% of the agreed-upon amount for the Phase One deal
• July beans have bounced back above their 10-day moving average resistance level
• November beans tested and held their 50-day moving average support level this morning
• Funds bought about 2,000 contracts yesterday

WHEAT

• July CHI up 0.0025 @ 4.8575, July KC up 0.0425 @ 4.33, July MPLS up 0.02 @ 4.99
• Growing heat and dryness in the Black Sea region through the next 10-15 days
• Estimates that Ukraine production could drop over 7% this year
• Winter wheat harvest progress @ 41% complete vs 44% expected
• Spring wheat conditions @ 69% G/EX vs 75% expected
• Winter wheat futures are back above 10-day moving average resistance
• Spring wheat futures trying to consolidate near recent lows, still oversold technically
• Funds bought about 11,000 contracts of CHI wheat yesterday

CATTLE

• June lives down 1.00 @ 94.00, August lives up 1.42 @ 97.90, October lives up 1.07 @ 101.12
• August feeders up 1.55 @ 135.05, September feeders up 1.55 @ 135.82
• Beef values trying to stabilize
• Light cash trade yesterday, drifting lower from Friday’s prices
• Mixed economic sentiment and uncertainty about restaurants’ ability to stay open
• August lives at highest prices since June 2, trading above 100-day moving average resistance
• August feeders are pushing to new highs for the month after close above technical resistance yesterday

HOGS

• July down 0.17 @ 45.20, August up 0.50 @ 48.95, October up 0.87 @ 48.30
• CME Lean Hog Index is unchanged for the day
• Pork values made a disappointing close yesterday afternoon
• Reports of new strain of swine flu discovered in China overnight
• July hogs trading in extremely tight range
• August hogs are beginning to push into overhead gap created Friday
• Still oversold

Author

Sam Seid