CORN
- July up 12 @ 6.88 & Dec up 6 @ 5.53
- Frost & freezes occurred this morning in S. Brazil
- Limited rain will fall in US northern plains, upper Midwest, & NW corn belt
- US corn estimated to be 64% good/excellent (73% last yr)
- 1.008M tons inspected this week versus 1.776M last week
- IGC raises forecast for 2021/22 global corn to record 1.201 billion tons
- O/I: Lost 33,068 positions in July futures
SOYBEANS
- July up 6 @ 13.63 & Nov 3 @ 13.15
- US soybeans estimated to be 60% good/excellent (71% last yr)
- MN beans rated 45% good/excellent & only 25% in Dakotas
- Only 104K tons inspected this week versus 205K last week
- Veg oil markets lending support to soy futures
- Brazil asks China to clarify new soy standard
- O/I: Lost 21,356 positions in July futures
WHEAT
- July wheat up 3 @ 6.49, July KC up 9 @ 6.27, July MNPLS down 14 @ 8.28
- Northwestern US plains will experience excessive heat with triple digit temps
- Spring wheat ratings dropped 7% to 20% good/excellent (last yr 69%)
- Winter wheat rated 48% good/excellent (52% last yr)
- 33% of US winter wheat currently harvested (40% last yr)
- Only 286K tons inspected this week versus 551K last week
- Rains headed for soft wheat areas, crops won’t tolerate much more rain
- O/I: Lost 11,368 positions in July wheat & lost 8,513 positions in KC July wheat
CATTLE
- Aug LC up .27 @ 121.875 & Aug FC up .77 @ 157.12
- Packers may need to bid up in order to keep plants running full
- Tomorrow last day for June live cattle futures
- Funds currently long 69,015 contracts
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for June 25: down .11 @ 146.18
- O/I: Lost 1,840 for Aug LC & lost 540 for Aug FC
HOGS
- Aug hogs up 1.00 @ 103.675 & July pork cutout up 2.32 @ 111.000
- Follow through trading after yesterday’s limit up close
- Funds currently long 75,716 contracts
- Hog slaughter projected at 469K
- Cash lean index for June 24: down 2.19 @ 115.43
- O/I: Lost 889 for Aug hogs & July pork cutout lost 5 positions
Author
Amberlee Bratcher