CORN
- July down 21 @ 6.51 & Dec down 17 @ 5.54
- Weekly export sales of 18,000 mt – down 91% from last week
- Corn down again – pressured by rain in the 7 day forecast & cooler temps
- White House is considering lower blending targets
- Beneficial rains on the horizon for eastern Corn Belt
- Volatile markets, but corn still above support levels
- O/I: Lost 14,599 positions in July futures
SOYBEANS
- July down 37 @ 14.11 & Nov down 38 @ 13.05
- Weekly export sales of 65,300 – up 51% from the prior 4 week average
- Soybeans at lowest price in over a month
- Futures pressured by soybean oil
- Soybeans also falling on weather
- Rumors grain shortages in China being suppressed
- O/I: Lost 4,052 positions in July futures
WHEAT
- July wheat down 4 @ 6.58, July KC down 8 @ 6.02, July MNPLS up 12 @ 7.73
- Weekly export sales of 287,100 mt
- Pressured by mostly favorable winter wheat conditions outside US
- Weather remains positive for harvest this week
- Temps are extremely hot – MPLS wheat up today due to threat to crop
- If rains do not land as expected – recent fall in price could reverse next week
- O/I: Lost 10,256 positions in July wheat & lost 5,544 positions in KC July wheat
CATTLE
- Aug LC down .30 @ 124.65 & August FC up 2.05 @ 159.75
- New highs in cattle futures keep the trend up – supported by higher cash
- Weekly export sales of 12,800 mt – down 20% from last week
- Light cattle trade in the South at $122-$123
- Cattle slaughter projected at 121K
- Feeder cattle cash index for June 15: up .13 @ 140.35
- Open interest lost 1,407 for Aug LC & lost 440 for Aug FC
HOGS
- July hogs down 2.20 @ 113.30 & July pork cutout down 1.32 @ 120.50
- Hog futures may be overdone to the downside considering strong cash performance
- Weekly export sales of 29,300 – up 49% from last week
- Hog slaughter projected at 484K
- Cash lean index for June 14: up .79 @ 122.68
- O/I: Lost 2,677 for July hogs & July pork cutout lost/gained 0 positions
Author
Amberlee Bratcher