TFM Midday Update 6-9-20

CORN

July down 0.0575 @ 3.28, September down 0.055 @ 3.3275, December down 0.0525 @ 3.425
Nonthreatening weather forecasts for this week
Brazilian corn crop estimates are moving lower
G/EX ratings went up 1% this week to 75% vs 59% last year and 70% on average
July corn testing 10-day moving average support
Stochastics curling out of overbought levels
July futures back within Bollinger Band range

July down 0.0475 @ 8.60, August down 0.045 @ 8.63, November down 0.04 @ 8.74
Strong China imports lately, but most have come from Brazil
Brazilian real @ 12-week high, US dollar pushing to new lows for the move
G/EX ratings were up 2% from last week to 72% vs 71% on average
Stochastics returning lower from overbought levels
New crop contracts were stopped at 100-day moving average resistance level yesterday

July CHI wheat down 0.07 @ 5.045, July KC wheat down 0.0325 @ 4.5725, July MPLS wheat down 0.0375 @ 5.205
Weather forecasts are conducive to winter wheat harvest
Lower US dollar
EU wheat crop expected to be the smallest in 13 years
Winter wheat conditions unchanged @ 51% G/EX vs 64% last year and 47% on average
Spring wheat conditions @ 82% G/EX vs 80% last week
CHI futures have fallen below 20-day moving average support, KC futures are holding 20-day support
Spring wheat futures made early tests of 10 and 50-day moving average support but have bounced back above

June live cattle up 0.42 @ 94.55, August lives up 0.05 @ 96.37, October lives up 0.12 @ 99.50
August feeders down 0.30 @ 132.77, September feeders down 0.22 @ 134.30
Reopening states may boost restaurant demand
Choice beef and cash cattle markets have been very soft lately
Cattle backed up in the country
August lives still consolidating in recent range, gap below the range has not yet been filled

June down 0.32 @ 48.25, July hogs down 0.30 @ 53.67, August hogs down 0.35 @ 57.45
Strong China imports lately
Weak pork values and cash Index trending lower
Daily slaughter still running 35M head behind last year
July hogs trading in very tight inside session so far today
August hogs also trading an inside session though above the 10 and 20-day moving average support

Kelly Rubisch