Provided by Stewart-Peterson Inc.
CORN
- Sep corn up 6 @ 6.06
- Ethanol margins have been trending higher over the past 60 days
- Rains expected over the next 48 hours in Indiana, Illinois, and southern Ohio
- Longer term the GFS model suggests below-normal rains for August in the Midwest
- September corn on China’s Dalian Exchange are around the equivalent of $10.39 per bushel
SOYBEANS
- Sep soybeans up 30 @ 13.71
- Soybeans are starting to show a recovery from a very oversold situation
- Domestic soybean prices in Brazil are still historically high
- New Covid cases in Shanghai, China are a cause for concern
- The Bloomberg Commodity Index has recently experienced the third largest fall in 90 years
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WHEAT
- Sep wheat up 26 @ 8.31, Sep KC up 27 @ 8.78, & Sep MNPLS up 30 @ 8.739.16
- U.S. Dollar Index is a little lower & could be tied to news that the UK Prime Minister is going to resign
- With the recent drop, U.S. wheat is becoming more competitive globally and exports may begin to pick up
- India will reportedly restrict wheat flour export sales as of July 12
- Egypt reportedly purchased 63,000 mt of German wheat
CATTLE
- Aug LC down 0.225 @ 134.275 & Aug FC down 1.000 @ 172.300
- Demand over the July 4th holiday was strong
- Rebounding corn prices may be negative to cattle
- Some anticipation that packers may bid higher to obtain needed cattle
- Choice cuts up 3.39 and select up 3.06
- Cattle slaughter projected at 126K
- CME Feeder Cattle Index for 7/6: down 0.26 @ 165.08
HOGS
- Jul hogs down 0.0150 @ 113.000 & Jul pork cutout unchanged @ 112.825
- Aug – Dec hog futures left a gap on the charts yesterday
- Cutouts were down 2.98
- Packers remain aggressive
- National Direct Afternoon report increased 3.28
- Hog slaughter projected at 473K
- CME Lean Hog Index for 7/7: down 0.65 @ 109.93
Author
Brandon Doherty