CORN
- Sept down 7 @ 5.29 & Dec down 8 @ 5.15
- Corn down mid-morning as rains fall in Iowa today
- Fears of local flooding anticipated for parts of MO & IL
- Weekly export sales of 173.2K mt – on the lower end of trade guess
- US corn crops in drought area remain at 38%
- Preliminary changes in futures open interest as of 7/8 down 10,888 contracts
- US ethanol stocks fall 2% to 21.149M bbl
SOYBEANS
- Aug up 12 @ 13.78 & Nov up 8 @ 13.28
- Daily export sale of 228,600 mt of soybeans to Mexico
- Weekly export sales of 63.8K mt – below trade expectations
- Preliminary changes in futures open interest as of 7/8 down 1,662 contracts
- Unlike corn, it’s expected China will still need soybeans
- US soybean crops in drought area remain at 33%
WHEAT
- Sept wheat down 3 @ 6.14, Sept KC up 3 @ 5.91, Sept MNPLS up 2 @ 8.07
- Wheat exports of 290.8K mt – in line with trade guess
- Preliminary changes in futures open interest as of 7/8 down 1,500 contracts of SRW
- US spring wheat area in drought rose to 98% from 93%
- Australia may produce a record wheat crop for 2021-2022 marketing year
- It’s expected USDA will drop white wheat production & spring wheat production in Monday’s report
CATTLE
- Aug LC down .25 @ 119.02 & Aug FC down .22 @ 157.10
- Weekly beef export sales of 23,700 MT up 96% from last week
- No back up cattle in feedlots as they remain current with marketing’s
- Lower boxed beef prices should keep demand strong
- Cash trade stead at 120-122 in South
- Cattle slaughter projected at 118K
- Feeder cattle cash index for July 7: up 5.79 @ 151.51
HOGS
- Aug hogs up .77 @ 110.87 & July pork cutout down up 1.22 @ 118.52
- Weekly pork export sales of 43,800 mt – up 53% from last week
- Hog futures were able to hold yesterday and trying to build a base of support
- Hog slaughter projected at 469K
- Cash lean index for July 6: down .68 @ 110.13
Author
Amberlee Bratcher