Provided by Stewart-Peterson Inc.
CORN
- Sep corn up 5 @ 6.15
- Private exporters reported sales of 105,000 mt of corn for delivery to Italy, and 120 mmt to unknown destinations (both during the 22/23 marketing year)
- DDG exports during June were at 1.011 mmt, which is up 7.7% from last year
- French corn conditions are questionable as they struggle with heat and drought – France is estimating their corn crop at 12.36 mmt (vs 15.19 mmt last year)
- Three more vessels carrying corn left Ukraine on Friday
SOYBEANS
- Sep soybeans up 7 @ 14.70
- Private exporters reported 132,000 mt of soybeans for delivery to China during the 22/23 marketing year
- The energy bill will help green fuel (soybean oil included)
- Crude oil continues to slide lower on recession concerns
- There are rumors of China buying Brazilian soybeans for Aug-Sep
- China hog futures are down to a one-month low, which could pressure soybeans
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WHEAT
- Sep wheat up 15 @ 7.91, Sep KC up 12 @ 8.60, & Sep MNPLS up 11 @ 8.98
- IKAR (Russian consulting firm) has raised their estimate of the Russian wheat crop to 95 mmt (this compares to the USDA at 81.5 mmt)
- European corn prices have rallied over wheat, which could suggest more wheat feeding
- Ukraine grain shipments are providing pressure to the wheat market
CATTLE
- Aug LC up 0.650 @ 138.525 & Aug FC up 1.600 @ 181.125
- Packers not anticipated to be aggressive this week
- Overall, cattle have been in an uptrend with anticipation of tighter supply
- Oct live cattle still have a chart gap above current levels
- Choice cuts down 1.66 and select down 1.68
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 8/5: up 1.68 @ 175.43
HOGS
- Aug hogs up 0.650 @ 121.475 & Aug pork cutout unchanged @ 125.475
- August hogs expire on Friday
- Support is coming from strength in cutouts
- Demand is holding well
- National Direct Afternoon report declined 2.76
- Hog slaughter projected at 457K
- CME Lean Hog Index for 8/8: up 0.48 @ 122.09
Author
Brandon Doherty