CORN: Corn futures are called mixed after trading fractionally higher overnight. Funds continue to be sellers and prices look to struggle with good weather in the near term helping alleviate cold weather concerns. That said, the crop is late, and downside potential is likely limited. Export sales will be out at 7:30 with pre-report estimates ranging as high as 100,000 tons for old crop and 500,000 to 800,000 tons for new crop.
SOYBEANS: Soybean futures managed to stave off further weakness overnight and traded 3 higher. The USDA attaché to China indicated a 5 million metric tonne decrease of Chinese imports due to African swine fever, and this sent prices lower yesterday. Trade estimates for this morning’s USDA Weekly Export Sales are (150,000) to 100,000 tons for old crop, 200,000 to 600,000 tons for new crop.
WHEAT: Wheat futures traded 1 to 2 lower overnight. Two consecutive higher closes are encouraging, but without a boost from new positive news, further speculative fund short covering and end user pricing may be reduced. Stats Canada will release their all-wheat stocks as of July 31 with the average estimate at 5.18 mil tons versus 5.91 mil a year ago. Trade estimates for this morning’s USDA Weekly Export Sales are 400,000 to 800,000 tons.
CATTLE: Cattle futures are called steady to lower on follow through after a weak technical day with a new contract low close for Oct cattle. Softer cash is a concern. In the south cattle traded at $100 down from $103 last week. In the north cattle sold for $102-103 live following earlier week sales at $105/cwt.
HOGS: Hog futures are called mixed. Volatility continues in the market, yet Oct hogs have recently gained nearly 7.00 on expectations that export activity will likely firm in the fourth quarter due to shortfalls of supply in China.