CORN
- Jul corn up 10 @ 7.70
- Today is first notice day for July corn, which is significantly higher, while deferred months are modestly lower, and September will take over as the front month tomorrow
- The five-day forecast shows rain with above normal temperatures in the Corn Belt, with triple digit readings as far North as South Dakota before turning milder over the weekend
- Production estimates out of Brazil are in record territory of 4.5 bb, and Brazilian September corn futures have fallen to their lowest prices in two months thanks to harvest pressure
- The Quarterly Stocks and Acreage report will be released tomorrow and are expected to show near 90 million acres planted and 4.33 bb of June 1 corn stocks
SOYBEANS
- Jul soybeans up 16 @ 16.79
- All three soy products are higher again today, with first notice day for July powering front months higher, as well as deferred months
- Crude oil is higher for the 4th day in a row ,which has provided support to soybean oil, which has followed it closely
- Tomorrow’s acreage report may show soybean acres exceeding corn for the first time since 1983, as soybean meal remains a key feed ingredient
- On Monday, July soybean meal broke to a new two-month high and continues to rise into expiration
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WHEAT
- Jul wheat down 3 @ 9.18, Jul KC up 1 @ 9.85, & Jul MNPLS down 6 @ 10.29
- Chicago wheat is lower this morning, while KC and MPLS hold on to small gains as trade is quiet ahead of tomorrow’s acreage report
- Russia is on track for a record winter wheat crop, but conditions there have turned drier, and Europe’s crop is expected to be a bit smaller this year, limited by drought
- If the USDA estimates less than 11.02 million acres of spring wheat plantings tomorrow, it will be the smallest area since 1972
CATTLE
- Jun LC up 0.075 @ 136.375 & Aug FC down 1.100 @ 170.725
- Front month live cattle are gaining today as expiration for June is tomorrow, while deferred months are lower, and feeder cattle lower as well with corn showing some strength
- Cash should be steady to better with not much trade established and asking prices in the South at 140, and feedlots in the North not yet revealing any offers
- China has been a major buyer of US beef this year, and the relaxation of Covid restrictions should increase that demand
- Choice cuts down 1.54 and select down 1.93
- Cattle slaughter projected at 126K
- CME Feeder Cattle Index for 6/28: up 1.11 @ 164.20
HOGS
- Jul hogs down 0.575 @ 109.350 & Jul pork cutout UNCH @ 110.750
- Front month hogs are trading slightly lower, while deferred months are higher despite a gain in cash, but a drop of 3.56 in the cutout
- Trade is quiet in front of the Quarterly Hogs and Pigs report, which will be released at 2 pm Central, and the average estimate is for all hogs and pigs at 99.3%, kept for breeding at 98.8%, and kept for marketing at 99.3%
- China is relaxing their Covid restrictions, which should improve export demand
- National Direct Afternoon report has cash up 4.65
- Hog slaughter projected at 468K
- CME Lean Hog Index for 6/29: up 0.29 @ 111.64