CORN
- July down 0.0025 @ 3.4625, September down 0.0175 @ 3.4475, December down 0.025 @ 3.5375
- Hot and dry forecasts for the next two weeks
- G/EX ratings seen yesterday @ 71% vs 72% expected and 73% last week
- Strong buying from Mexico and China lately
- Back and fill price action so far this morning
- Dec corn briefly punched below 100-day moving average support but has bounced back above
- Stochastics nearly overbought
SOYBEANS
- July up 0.0025 @ 8.9875, August down 0.01 @ 8.975, November down 0.0175 @ 9.045
- Corn belt forecasts showing increasing heat and dryness for the next 14 days
- G/EX ratings were reported @ 71% vs 70% expected and 71% last week
- November beans are holding the upper Bollinger Band level as support so far this morning
- Stochastics are creeping into overbought territory
- Strong overhead resistance at the 200-day moving average level near 9.13
WHEAT
- Dec CHI wheat up 0.0425 @ 5.0525, Dec KC wheat up 0.0325 @ 4.5475, Dec MPLS wheat up 0.015 @ 5.27
- Spring wheat G/EX ratings came in @ 70% vs 69% expected and 70% last week
- Winter wheat harvest 56% complete
- Egypt is tendering for wheat this week
- CHI wheat is currently trading above its 20-day moving average resistance level, KC futures are testing their 20-day moving average
- Spring wheat futures are trading in their 2nd inside session in a row
CATTLE
- August lives down 0.42 @ 99.67, October lives down 0.15 @ 103.77, December lives down 0.40 @ 106.65
- August feeders down 1.12 @ 135.02, September feeders down 0.92 @ 136.30
- Choppy beef prices
- Early week cash trade mostly steady with last week
- Slaughter running higher than last year on a weekly basis, production surging due to heavy weights
- October lives are overbought according to stochastics and are trading above their Bollinger Band range
HOGS
- July down 0.07 @ 44.87, August hogs down 0.20 @ 49.07, October hogs down 0.22 @ 48.82
- Cash Index slightly higher
- Choppy pork cutout values
- Strong export pace lately
- August hogs are testing the 10-day moving average resistance level for the second session in a row
- Stochastics are close to making a bullish crossover
Author
Sam Seid