CORN
- Sep up 2 @ 5.57 & Dec up 4 @ 5.57
- Some rain fell in SE South Dakota & NW Iowa yesterday
- Weekend weather shows decent rains for IA, WI, IL, MN
- Western plains turn warm & mostly dry again
- Argentine trucker strike appears to have ended
- Argentine harvest at 83%
- Agro Consult drops Brazil corn production to 60.9 mmt
- Preliminary changes in futures open interest as of 8/3, down 6,017 contracts
SOYBEANS
- Aug up 6 @ 14.08 & Nov up 6 @ 13.34
- Firm start to the morning with veg oil markets up
- Soybeans boosted from yesterday’s sale of 300K mt
- US Gulf soybeans are now cheaper than Brazilian
- Weather in US over the next week should help soybeans
- Most private analysts’ projections for US soybeans are below current USDA’s
WHEAT
- Sep wheat up 6 @ 7.19, Sep KC up 12 @ 7.04, Sep MNPLS up 13 @ 9.16
- Wheat back up for the morning after 2-day corrections
- Falling US, Canadian, and Russian wheat production support futures
- SW Russia remains hot & dry – 50% of harvest completely
- MNPLS up as trade expects spring production to drop even further
- US demand is weak – but global wheat demand is very strong
- Preliminary changes in futures open interest as of 8/4, down 661 contracts SRW
CATTLE
- Aug LC up 0.02 @122.60 & Aug FC up 1.60 @ 159.25
- Cattle futures remain in a sideways range
- Market anticipates strong demand and tighter supplies
- Boxed beef prices continue higher – should support higher cash
- Cattle slaughter projected at 115K
- Feeder Cattle Cash Index for Aug 4: down 0.17 @ 155.80
HOGS
- Oct hogs down 0.55 @ 86.87 & Aug pork cutout down 1.25 @ 121.17
- China back to export market – top buyer last week
- Disappointment of cutout prices puts pressure on market
- October will soon be front month future – large discount to cash
- Hog slaughter projected at 455K
- Cash Lean Index for Aug 4: up 0.70 @ 112.48
Author
Amberlee Bratcher