CORN
- Sept down 40 @ 5.52 & Dec down 40 @ 5.39
- Corn down limit mid-morning on rains in the forecast
- Brazil’s corn is estimated to be 12% harvested (23% a year ago)
- USDA still projects Brazil corn at 102.5 mmt (most analysts agree on closer to 90 mmt)
- New-crop US corn prices remain focused on weather
- Regardless of weather, old-crop supply is still extremely tight
- Friday, managed funds were sellers of 10,000 contracts
- Sept corn support at 5.80 & resistance at 6.00
SOYBEANS
- Aug down 70 @ 16.32 & Nov down 73 @ 13.26
- Soybeans trending lower on US rains in 10 day forecast
- Veg oils are also down today adding pressure to futures
- New crop acres are not enough to meet demand without perfect crop
- Friday managed funds were buyers of 2,000 contracts
- Sept soybeans support at 14.00 & resistance at 14.51
WHEAT
- Sept wheat down 32 @ 6.20, Sept KC down 35 @ 5.83, Sept MNPLS down 51 @ 7.87
- Wheat down due to move in corn & rains
- Kansas should progress with harvest – Nebraska & SD may get delayed due to rain
- Northwest Plains are still not getting the rain they desperately need
- Wheat still on track for record production on a global scale
- Friday, managed funds were sellers of 17,000 contracts of SRW
- Sept Chicago wheat support at 6.40 & resistance at 6.80
CATTLE
- Aug LC down .72 @ 121.27 & Aug FC up 2.15 @ 159.20
- Cash cattle trading activity has been light – packers should be more aggressive this wk
- Cattle futures held support last week – should give confidence to traders
- Fall in grains today help bolster FC futures
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for July 1: down .35 @ 146.96
HOGS
- Aug hogs up 1.40 @ 101.62 & July pork cutout up .35 @ 115.50
- Packers have not been buying as aggressively as in the past
- Hog weights are decreasing requiring more animals to make up the difference
- Hog slaughter projected at 471K
- Cash lean index for June 30: down .41 @ 111.77