CORN
- Sep up 8 @ 5.53 & Dec up 9 @ 5.42
- Greatest crop stress is in western Corn Belt – 10 days of hot & dry expected
- US corn rated at 65% good/excellent
- Preliminary changes in futures open interest as of 7/12 down 2,857 contracts
- Corn-export outlook for US raised 50 million bu from last month
- Grain inspections for the week 994k tons versus 1,236k last wk
SOYBEANS
- Aug up 15 @ 14.19 & Nov up 9 @ 13.59
- US soybeans rated at 59% good/excellent
- Next year is looking for carryout to be closer to 100 vs USDA’s 155
- China June soybean imports YTD rose 8.7% to 48.955m tons
- Canola oil prices surge 20% in 5 days on concern over Canadian crop
- Preliminary changes in futures open interest as of 7/12 down 465 contracts
- Grain inspections for the week 201K tons versus 208K last wk
WHEAT
- Sep wheat up 2 @ 6.43, Sep KC up 2 @ 6.17, Sep MNPLS up 9 @ 8.67
- North Dakota & parts of Montana & MN facing 10 days of stressful conditions
- US winter wheat 59% harvest vs 65% last year
- US spring wheat rated 16% good/excellent versus 68% last year
- Supplies tightening up more than anticipated with smaller crops in US & Russia
- Preliminary changes in futures open interest as of 7/12 up 2,325 contracts SRW
- Grain inspections for the week 424k tons versus 362k last wk
CATTLE
- Aug LC up 1.45 @ 121.27 & Aug FC down 0.12 @ 158.02
- Demand report Monday was neutral
- Choice cut of beef prices continue to fall
- Live cattle appears to have found a support level for now
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for July 9: up 1.05 @ 153.82
HOGS
- Aug hogs up 1.77 @ 105.80 & Jul pork cutout down 1.47 @ 118.00
- July hogs still have chart gap – 3 days left to fill it before expiring
- Strong futures yesterday indicate traders still willing to be buyers
- Good exports support strong demand & supplies could tighten further
- Hog slaughter projected at 468K
- Cash Lean Index for July 8: down 0.03 @ 109.74
Author
Amberlee Bratcher