CORN
- July up 20 @ 6.56 & Dec up 17 @ 5.36
- Managed money net position: 243,465 contracts long
- Price of corn continues to drop in most Brazilian regions
- Dryness continues to central Brazil – still stressing filling corn
- Recent rains beneficial – 6-10 outlook dry for IA, MN, and NE
- North Dakota & Minnesota expected to turn hot & dry again
- O/I: Lost 55,746 positions in July futures
SOYBEANS
- July up 24 @ 13.54 & Nov up 34 @ 13.04
- Managed money net position: 80,304 contracts long
- Soy oil, ethanol credits drop as refiners win US Biofuel case
- Soybean prices have dropped to the lowest nominal level of the year in Brazil
- Argentina soy crush from 2021 – crop at 41M mt versus last season’s 38M mt
- O/I: Lost 72,097 positions in July futures
WHEAT
- July wheat up 15 @ 6.52, July KC up 20 @ 6.20, July MNPLS up 25 @ 8.48
- Managed money net position: 3,105 contract long CHI & 14,852 contract long KC
- Russia wheat exports rise 12% so far this season
- Rains bringing relief but drought still persists in northern Plains
- Favorable conditions for winter wheat in EU
- Some concern that recent heat may have stressed spring wheat in S. Russia
- O/I: Lost 17,619 positions in July wheat & lost 3,944 positions in KC July wheat
CATTLE
- Aug LC down 1.02 @ 121.775 & Aug FC down 1.57 @ 157.975
- Cattle on Feed slightly friendly
- Limited trade last may indicate packers may need to be more aggressive this wk
- Cattle slaughter projected at 120K
- Feeder Cattle Cash Index for June 24: down 0.20 @ 146.29
- Open interest lost 1,081 for Aug LC & lost 41 for Aug FC
HOGS
- Aug hogs up 2.92 @ 108.90 & July pork cutout up 2.32 @ 111.000
- Hogs oversold last week – using today as a buying opportunity
- Lower cutouts should stimulate demand & require packers to increase ownership
- China to start buying pork for reserves amid falling prices
- Hog slaughter projected at 473K
- Cash Lean Index for June 23: down 1.97 @ 117.62
- O/I: Lost 2,097 for July hogs & July pork cutout lost 13 positions
Author
Amberlee Bratcher