CORN
- September up 0.005 @ 3.285, December up 0.0125 @ 0.015 @ 3.37, March up 0.0175 @ 3.4725
- Record weekly buying from China
- Lack of threatening weather to price in
- Ethanol stocks are at lowest levels since December 2016
- December is trading above the 10-day moving average level since July 10
- Oversold stochastics
SOYBEANS
- August down 0.0025 @ 9.06, September down 0.01 @ 8.9975, November unchanged @ 9.00
- Still weather uncertainty for August
- China had their biggest week of buying since March 2019 but there is talk of increasing tensions
- Lowest US dollar since September 2018
- November beans are trading at their highest levels since July 10
- Momentum still pointing higher
WHEAT
- December CHI up 0.14 @ 5.4875, December KC up 0.1325 @ 4.655, December MPLS up 0.0975 @ 5.3325
- US dollar at lowest levels since September 2018
- Argentina bought wheat from Russia yesterday
- US export sales and inspections are running ahead of the average pace
- All wheat markets are breaking above significant moving average resistance levels
- CHI futures are nearly overbought
CATTLE
- August lives up 0.72 @ 101.57, October lives up 0.82 @ 105.42, December lives up 0.70 @ 109.72
- August feeders up 1.27 @ 143.30, September feeders up 0.92 @ 144.10
- Cash trade choppy to slightly higher so far this week
- Beef values beginning to stabilize
- Highest average carcass weights since March 7
- August live cattle are trying to break back above their 10-day moving average resistance
HOGS
- August down 1.30 @ 53.17, October down 1.17 @ 49.85, December down 0.55 @ 51.65
- Cash Index slightly higher, pork values made a disappointing close yesterday
- Increasing trade tensions with China
- Pork production surging
- August hogs tested the upper Bollinger Band resistance level and are now back below the 50-day moving average support levells
Author
Sam Seid