CORN
- July up 0.08 @ 3.5625, September up 0.065 @ 3.53, December up 0.0575 @ 3.60
- Longer term GFS models showing reduced precipitation towards the end of July
- Nearby forecasts still showing some precipitation in the northern Corn Belt
- CONAB lowered Brazil’s safrinha corn crop production by 1%
- December corn is testing the highs from earlier this week
- Stochastics are moving into overbought territory
SOYBEANS
- July up 0.0925 @ 9.04, August up 0.09 @ 9.015, November up 8.9975
- Rain totals in northern Illinois and Iowa will be watched closely this week
- Longer range forecasts showing dry conditions
- CONAB increased Brazilian production by ~.4%
- November beans tested the upper Bollinger Band level as resistance this morning
- Long-term resistance at the 200-day moving average
- Stochastics are close to overbought
WHEAT
- September CHI wheat up 0.11 @ 5.275, September KC wheat up 0.03 @ 4.5975, September MPLS wheat up 0.0325 @ 5.265
- Reports of lower production in the US, Russia, Ukraine and France
- US winter wheat harvest is over halfway done
- European futures closed at their highest level yesterday since June 5
- CHI futues are trading above their 100-day moving average for the first time since April 23
- KC futures are trading above their 50-day moving average for the first time since May 11
- Spring wheat prices are moving through their 50-day moving average as well
CATTLE
- August lives up 1.12 @ 100.27, October lives up 0.95 @ 104.45, December lives up 1.10 @ 107.77
- August feeders up 1.10 @ 135.15, September feeders up 0.95 @ 136.57
- Beef prices are still slipping lower
- Cash cattle trade yesterday was steady with last week
- Questionable beef demand due to slower than expected reopenings
- August lives and feeders are testing the upper Bollinger Band as resistance
- Stocahastics are nearly overbought
HOGS
- July up 1.07 @ 45.12, August up 2.07 @ 50.02, October up 1.67 @ 50.47
- Cash Index is slightly higher this morning
- Pork values made a very strong close yesterday afternoon
- Weights are still decreasing
- China imports have been strong due to rallying domestic pork prices
- August hogs have closed the gap created by the Hogs and Pigs report last month
Author
Kelly Rubisch