CORN
- Sep up 12 @ 5.63 & Dec up 14 @ 5.55
- Ethanol weekly production expected to be lower than last wk at 1.059m b/d
- Brazil corn exports for 20-21 likely to fall sharply on latest output cut
- Brazil corn harvest at 20.9% compared to 36.1% last year
- Rains coming for Midwest – western & northern Corn Belt expected to turn dry
- Preliminary changes in futures open interest as of 7/13 down 2,532 contracts
SOYBEANS
- Aug up 27 @ 14.42 & Nov up 20 @ 13.72
- If current weather forecast holds – US yields could drop under 50 bpa
- NOPA June soy crush projected to be 159.483 million bu
- India’s veg oil imports drop 20% in June
- Argentina farmers have sold 24.5 mt of the 43.5 mt produced for 2020-21
- Soybean oil helping to support futures today
- Rumors of China buying or looking to buy US beans
- Preliminary changes in futures open interest as of 7/13 down 1,623 contracts
WHEAT
- Sep wheat up 19 @ 6.53, Sep KC up 11 @ 6.23, Sep MNPLS up 8 @ 8.70
- No change in weather for northern Plains – hot & dry for 2 weeks
- Crops are declining in western Russia
- Traders questioning how many hard red spring wheat acres will be abandoned
- French wheat production expected to be at an 8-year high
- Preliminary changes in futures open interest as of 7/13 down 1,346 contracts SRW
CATTLE
- Aug LC up 0.45 @ 122.25 & Aug FC down 0.85 @ 157.97
- Futures have moved back into consolidation price ranges
- Weakness in boxed beef may keep cash prices from rising
- Cattle slaughter projected at 121K
- Feeder Cattle Cash Index for July 12: up 0.83 @ 152.99
HOGS
- Aug hogs up 0.40 @ 106.32 & July pork cutout up 0.07 @ 119.00
- Aggressive rally in futures has left price gaps that will keep trade nervous
- Packers not shy about willing to bid more to get supply
- Futures may rise even higher if tomorrow’s export report is strong
- Hog slaughter projected at 467K
- Cash Lean Index for July 9: up 0.36 @ 11.10
Author
Amberlee Bratcher