Provided by Stewart-Peterson Inc.
CORN
- Sep corn up 19 @ 6.28
- USDA reported net cancellations of 2.6 mb of corn export sales for 21/22 and an increase of 4.4 mb for 22/23
- Farmers in Ukraine are reportedly getting $1 per bushel for their corn
- Rumors of China buying U.S. corn off the PNW
- CONAB in Brazil increased their estimate of the country’s corn crop to 115.7 mmt (vs 115.2 last month)
SOYBEANS
- Sep soybeans up 28 @ 14.11
- USDA reported net cancellations of 5.9 mb of soybean export sales for 21/22 and an increase for 8.8 mb for 22/23
- U.S. weather forecast suggests rains this weekend but then maybe two weeks of warm/dry conditions for most of the Midwest
- China is considering $220 billion stimulus to help their economy
- Nov beans have closed the recent gap left on the chart
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WHEAT
- Sep wheat up 42 @ 8.78, Sep KC up 41 @ 9.30, & Sep MNPLS up 53 @ 9.87
- USDA reported an increase of 10.5 mb of wheat export sales for 22/23
- Farmers in Ukraine are reportedly getting $2 per bushel for their wheat
- European dryness is a factor in rallying wheat prices
- Argentina’s wheat crop is also struggling with dryness
- USDA Supply and Demand report due for release July 12 – wheat carryout estimates currently have a wide variation
CATTLE
- Aug LC down 0.500 @ 134.050 & Aug FC down 0.500 @ 171.975
- Cash activity expected today due to it being the end of the week and packers need cattle
- Concern about demand is one of the main things on traders’ minds
- Rebounding corn is pressuring cattle futures
- Choice cuts up 0.02 and select down 0.35
- Cattle slaughter projected at 124K
- CME Feeder Cattle Index for 7/7: down 2.18 @ 162.90
HOGS
- Jul hogs down 0.250 @ 113.000 & Jul pork cutout unchanged @ 112.750
- Oct & Dec hogs have broken above the 100-day moving average
- Chart gaps remain below current levels and may need to be filled
- Hog weights are declining but there is sufficient supply to satisfy the demand of packers
- National Direct Afternoon report declined 3.17
- Hog slaughter projected at 469K
- CME Lean Hog Index for 7/8: up 0.23 @ 110.16
Author
Brandon Doherty