Provided by Stewart-Peterson Inc.
CORN
- Sep corn up 13 @ 6.13
- USDA reported an increase of 5.9 mb of corn export sales for 21/22 and 7.6 mb for 22/23
- So far for the month of July, Ukraine has shipped 860,000 tons of corn
- A conversation between President Biden and Chinese President Xi Jinping is expected today concerning issues of Chinese tariffs and a trip to Taiwan by the house speaker
- September corn on China’s Dalian Exchange is around the equivalent of $10.02 per bushel
SOYBEANS
- Sep soybeans up 21 @ 14.46
- USDA reported net cancellations of 2.2 mb of soybean export sales for 21/22 and an increase of 27.5 mb for 22/23
- Weather forecast calls for 2 weeks of warm and dry conditions for much of the Midwest (especially the northwest Corn Belt)
- August soybean meal posted a new contract high yesterday
- Heat and dryness in August is a concern as soybeans are filling pods
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WHEAT
- Sep wheat up 17 @ 8.07, Sep KC up 14 @ 8.76, & Sep MNPLS up 11 @ 9.21
- USDA reported an increase of 15.1 mb of wheat export sales for 22/23
- So far for the month of July, Ukraine has shipped 260,000 tons of wheat
- Current expectations are that Ukraine will ship about 2 mmt of grain per month for the next 3 months (much lower than the 20-25 mmt that some had anticipated)
- Day 2 of the HRS wheat tour found a yield of 47.7 bushels per acre
CATTLE
- Aug LC down 0.325 @ 136.475 & Aug FC down 0.475 @ 178.625
- Futures remain higher than last week despite lower cash
- Slaughter pace remains brisk probably due to lighter weights
- Demand remains strong and packers need cattle to fill that demand
- Beef net export sales at 25,300 mt
- Choice cuts down 1.12 and select down 2.07
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 7/27: up 0.73 @ 170.64
HOGS
- Aug hogs up 2.00 @ 120.600 & Aug pork cutout up 0.850 @ 125.600
- Pork net export sales at 21,600 mt
- Lower cash expected today
- Hog supplies are tightening
- National direct afternoon report up 5.70
- Hog slaughter projected at 457K
- CME Lean Hog Index for 7/27: up 0.35 @ 119.48