CORN
- Sep up 5 @ 5.35 & Dec up 5 @ 5.22
- USDA projects 2021-22 ending stocks at 1.432B bu vs 1.356B in June
- USDA projects new crop at 15.165B bu vs 14.99B bu in June
- USDA projects new crop world ending stocks 291.2M tons vs 289.4M in June
- USDA projects Brazil corn production to drop from 98.5M bu to 93M bu
- Managed money net positions as of Friday, July 9: Long 219,371
SOYBEANS
- Aug up 12 @13.92 & Nov up 8 @ 13.38
- USDA projects 2021-22 ending stocks at 155M bu – unchanged
- USDA projects new crop at 4.405B bu — unchanged
- USDA projects new crop world ending stocks 94.5M tons vs 92.6M tons in June
- USDA projects Brazil production unchanged at 137M bu
- Managed money net positions as of Friday, July 9: Long 82,180
WHEAT
- Sep wheat up 18 @ 6.32, Sep KC up 13 @ 6.07, Sep MNPLS up 28 @ 8.43
- USDA projects old crop spring wheat crop at 344.6M bu vs 586M in 2020
- USDA projects old crop US ending stocks at 844M bu versus 852 in June
- USDA projects US new crop wheat ending stocks at 665M bu versus 770M bu in June
- USDA projects world new crop ending stocks at 290.2mmt vs 293.5 in June
- Managed money net positions as of Friday, July 9: Short 13,617 Chicago & Long 20,880 KC
CATTLE
- Aug LC up 0.97 @ 120.20 & Aug FC down 0.35 @ 158.85
- Stronger international interest for beef may require packers to be more aggressive in the cash market
- Alternatively, weakness in boxed beef could keep packers from bidding much higher
- Lower boxed beef prices should help consumer demand
- Cattle slaughter projected at 118K
- Feeder Cattle Cash Index currently up 1.26 @ 152.77
HOGS
- Aug hogs up 2.15 @ 103.75 & Jul pork cutout up 1.02 @ 119.50
- The strong discount from Aug futures to the cash market will need to close
- China being the #1 buyer on exports sales last week encourages need for global demand
- Hog weights are lighter but packers have still been able to meet demand
- Hog slaughter projected at 470K
- Cash Lean Index for July 7: down 0.36 @ 109.77
Author
Amberlee Bratcher