TFM Midday Update 7-27-20

CORN

  • September down 0.015 @ 3.2475, December down 0.01 @ 3.34, March down 0.0125 @ 3.4475
  • Lack of threatening weather could bring yields higher than trendline
  • Huge demand from China lately
  • China corn prices are at all-time highs
  • December briefly tested the 10-day moving average resistance but has since fallen back below
  • Oversold stochastics
  • Funds sold about 6,000 contracts on Friday

SOYBEANS

  • August up 0.03 @ 9.08, September up 0.025 @ 9.0125, November up 0.0275 @ 9.02
  • Lack of threatening weather, but there is still weather uncertainty for August
  • China has been a major importer lately
  • Trend higher is still intact
  • Highs from Friday have not been taken out
  • Funds bought about 2,000 contracts on Friday

WHEAT

  • September CHI down 0.085 @ 5.31, September KC down 0.09 @ 4.405, September MPLS down 0.0625 @ 5.09
  • Lowest US dollar since June of 2018
  • IGC lowered their global wheat production by 6mmt to 762mmt
  • Rain in forecasts for Nebraska and the Dakotas could slow harvest
  • CHI and MPLS futures have fallen below the 10-day moving average support level
  • KC futures have fallen below the 10 and 20-day moving average support levels
  • Funds bought about 1,000 contracts of CHI wheat on Friday

CATTLE

  • August lives up 0.40 @ 101.72, October lives up 0.60 @ 105.70, December up 0.37 @ 109.70
  • August feeders up 1.17 @ 143.22, September feeders up 0.97 @ 143.75
  • Neutral Cattle On Feed and Cattle Inventory reports on Friday afternoon
  • Beef values are trying to stabilize
  • Cash cattle traded slightly higher last week
  • August lives gapped higher but are currently testing the 10-day moving average support level
  • August feeders are still overbought but haven’t broken lower

HOGS

  • August up 0.55 @ 54.55, October up 0.60 @ 50.75, December down 0.27 @ 51.65
  • Cash index still trending higher
  • Strong close for pork values on Friday
  • Pork production was up 12.1% from the same week last year
  • August hogs briefly tested the 50-day moving average support level
  • October hogs are stuck between the 20-day moving average support and 50-day moving average resistance

Author

Avatar

Sam Seid

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