CORN

• Sep down 2 @ 5.48 & Dec down 2 @ 5.49
• Stone X projects US corn yield at 176.9 bpa – down 2.6 from USDA
• Weather through Corn Belt is mixed
• 8-14 day forecast shows rain for central & eastern Corn Belt
• Brazil corn harvest at 47% – behind 63% average
• Ag Rural projects Brazil production to be as low as 77.5 mmt

SOYBEANS

• Aug up 12 @ 14.05 & Nov up 4 @ 13.24
• Futures rally after breaking 50 & 100-day moving averages Tues
• Stone X lowers their soy yield to 50 bpa
• Weather ahead shows better rain from Friday until next Wednesday
• Veg oils & palm oil back up today helping to support futures
• Export demand has been lacking

WHEAT

• Sep wheat down 1 @ 7.24, Sep KC down 3 @ 7.03, Sep MNPLS down 13 @ 9.07
• Wheat following bearish trend from corn today
• Falling production in Russia, US, Canada, and EU continue to lend support
• Although not so much from US – export demand is strong globally
• Hot and dry weather still very concerning for both US & Russian wheat
• Sov Econ drop Russian production estimates to 76.4 mmt
• French minister dropped soft wheat crop by 400K mt due to wet conditions
• Northern Plains expected to get rains but little improvement expected

CATTLE

• Aug LC up 0.67 @ 123.92 & Aug FC up 0.40 @ 159.30
• Futures continue to show strength on hopes that cash will be higher
• Feedlots offering upwards to 2.00 higher
• Boxed beef prices continue to rise
• Cattle slaughter projected at 120K
• Feeder Cattle cash index for Aug 2, up 0.57 @ 156.15

HOGS

• Oct hogs up 0.10 @ 104.95 & Aug pork cutout up 0.80 @ 123.35
• Packers are able to obtain hogs they need without increasing bids
• Cutouts down yesterday by over 1.00
• Futures remain up as traders see this as a buying opportunity
• Hog slaughter projected at 473K
• Cash lean index for July 30: down 0.04 @ 112.04

Author

Amberlee Bratcher