TFM Midday Update 7-10-20

CORN

  • July down 0.03 @ 3.4825, September down 0.035 @ 3.4575, December down 0.04 @ 3.53
  • Less threatening weather over the next week or so
  • Some forecasts for a ridge at the end of July that could last up to two weeks
  • Position taking ahead of WASDE report
  • Dec corn trading at the lows of the day so far
  • 100-day moving average support at 3.505 is still holding

SOYBEANS

  • July up 0.0125 @ 8.995, August down 0.015 @ 8.95, November down 0.0275 @ 8.9875
  • Rain in forecasts for the next week should aid in crop development
  • Ridge in forecasts for the end of the month could stress crop, especially if it persists into August
  • Strong weekly export sales total, China has been an active buyer
  • November has traded within a quiet, two-way session thus far
  • Stochastics are nearly overbought

WHEAT

  • December CHI up 0.035 @ 5.335, December KC down 0.025 @ 4.655, December MPLS down 0.0075 @ 5.385
  • Declining conditions in Argentina, France and Russia
  • La Nina weather pattern could further impact Argentina yields
  • Rains seen in northern US should keep spring wheat in good shape
  • Dec CHI wheat is testing resistance at the 100-day moving average
  • KC futures tested and failed to punch through the 50-day moving average resistance for the second session in a row
  • Spring wheat futures are barely hanging onto the 50-day moving average support

CATTLE

  • August lives up 0.52 @ 99.77, October lives up 0.25 @ 104.17, December lives up 0.42 @ 107.87
  • August feeders up 0.60 @ 135.12, September feeders up 0.50 @ 136.67
  • Lowest Choice beef values since October 2018
  • Cash trade choppy, mostly steady with last week
  • Heavy slaughter and beef production lately
  • August lives and feeders are trading just off the highs of the day but still within yesterday’s range

HOGS

  • July up 0.12 @ 45.97, August down 0.35 @ 49.85, October down 0.82 @ 49.70
  • Cash Index is trying to turn higher
  • Sharp jump in pork values yesterday
  • Ham values have nearly doubled in the past two sessions
  • China pig prices are up 2.3% for the month so far
  • August hogs are still trapped between 10-day moving average support and the 20-day moving average resistance

Author

Sam Seid

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