CORN
- Sep down 3 @ 5.64 & Dec down 4 @ 5.54
- Corn export sales at 138,800 mt
- US ethanol stocks fall 0.1% to 21.13M bbl
- Parched Argentine river cuts into grain exports
- Dryness continues in central Brazil with drought stress falling on corn
- Rains beneficial to eastern & southern IA
- Preliminary changes in futures open interest as of 7/14 down 9,704 contracts
SOYBEANS
- Aug down 5 @ 14.47 & Nov down 5 @ 13.77
- Low export sales for this week – 27,700 mt
- Projections for June soybean crush seen at 159.5M bu
- Russian government debating extending soybean export restrictions
- Despite recent rains, future forecasts ahead are troublesome for crops
- Soy, palm, & canola oil continue to surge lending support to soybeans
- Preliminary changes in futures open interest as of 7/14 down 3,798 contracts
WHEAT
- Sep wheat up 10 @ 6.64, Sep KC up 6 @ 6.33, Sep MNPLS up 18 @ 8.91
- Strong export today for wheat – reported at 424,700 mt
- Egypt wheat purchases are running 22% behind a year ago
- EU expecting a later harvest but projection for yields are raised
- Demand for global corn will slow at wheat will be used more in livestock rations
- Rains disrupting harvest in some areas while northern Plains can’t buy rain
- Preliminary changes in futures open interest as of 7/14 down 260 contracts SRW
CATTLE
- Aug LC down 0.10 @ 121.15 & Aug FC up 0.65 @ 157.52
- So far uneventful cash trade & lower boxed beef prices this wk
- Packers have not purchased a large amount of cattle so far
- Export sales of beef 9,300 mt – down 61% from last week
- Cattle slaughter projected at 120K
- Feeder Cattle Cash Index for July 12: up 0.83 @ 152.99
HOGS
- Aug hogs down 0.82 @ 104.55 & Aug pork cutout down 0.82 @ 111.725
- Cash prices still increasing despite futures lower
- Export sales for pork 10,600 MT – down 76% from last week
- Jul futures expire today – currently trading @ 112.00
- Hog slaughter projected at 467K
- Cash Lean Index for July 12: up 0.57 @ 110.67
Author
Amberlee Bratcher