CORN
- Jul up 4 @ 6.63 & Dec down 10 @ 5.47
- Corn good to excellent condition fell 3% to 65%
- Dakota good to excellent conditions range from 34% to 39%
- Heavy rains expected in parts of the Corn Belt on Thursday
- Private analysts looking for a Brazil crop of 86-89 MMT vs the USDA June forecast of 98.5 MMT
- DTN National Corn Index closed at $6.63
SOYBEANS
- Jul up 2 @ 14.18 & Nov up 2 @ 13.21
- Soybean good to excellent condition rated at 60% (the lowest since 2012)
- North Dakota good to excellent rating is only 23%
- Purchase confirmation from China yesterday on new crop US soybeans
- Soybeans are 97% planted and 91% emerged
- DTN National Soybean Index closed at $13.79
WHEAT
- Jul wheat down 4 @ 6.57, Jul KC unchanged @ 6.00, Jul MNPLS up 22 @ 7.87
- Spring wheat good to excellent condition rated at just 27% (lowest since 1988)
- Hot and dry weather last week took a toll on spring wheat yield potential
- Northern Plains expected to become hot and dry again next week
- Winter wheat rated at 49% good to excellent
- Russia and the Balkans experiencing extreme heat which may stress their wheat
- DTN National HRW Wheat Index closed at $5.85
CATTLE
- Aug LC up 3.075 @ 124.10 & Aug FC up 3.10 @ 158.20
- Cattle closed quietly Monday with FC a bit higher and LC a bit lower though we are seeing strong gains as of writing
- Little news for traders to go on for market direction
- Packers may be willing to pay steady money for cattle again this week
- Boxed beef prices continue to decline
- Choice cuts down 2.08 and select cuts down 2.15
- Cattle slaughter projected at 120K
HOGS
- Jul hogs up 1.60 @ 108.65 & Jul pork cutout up 1.25 @ 117.25
- Liquidation may still not have run its course
- August futures fell to the lowest level since April 29 but have gained back some ground
- Some hog futures contracts have price gaps above current levels – these will need to be filled at some point requiring futures to bounce
- Supplies remain tight and the projection is for the supply to further tighten over the course of the year
- Hog slaughter projected at 476K
Author
Brandon Doherty