CORN
- July corn down 20 @ 6.64 & Dec corn down 25 @ 5.84
- Managed money net positions: 275K contracts long
- Extreme temps projected for this week for western Corn Belt
- Only 15-20% of Corn Belt received enough to change soil moisture
- Grain inspections for export in metric tons: 1.544M
- O/I: Lost 34,482 positions in July futures
SOYBEANS
- July down 33 @ 14.74 & Nov down 35 @ 14.02
- Managed money net positions: 141K contracts long
- NOPA May crush estimated to be seen at 165.12 mb
- Soybean imports surge in line with recovery of pig population
- Estimates for higher world inventories press values down in Brazil & US
- Grain inspections for export in metric tons: 128K
- O/I: Lost 19,434 positions in July futures
WHEAT
- July wheat down 4 @ 6.76, July KC down 9 @ 6.28, July MNPLS down 14 @ 7.50
- Managed money net positions: 1,374 contracts short Chicago & 19K contracts long KC
- Temps expected reach 106 in Montana & 104 in the Dakotas this week
- Welcome drying occurred in the Delta after flooding
- Russia’s wheat crop expected to drop to 83.5 mt versus 85.4 mt – per Stone X
- Grain inspections for export in metric tons: 480K
- O/I: Lost 6,380 positions in July wheat & lost 6,778 positions in KC July wheat
CATTLE
- Aug LC up 1.40 @ 121.42 & August FC up 2.95 @ 154.12
- Cattle slaughter up 23.6% from last week to 665 m head
- Steady cash may carry over into this week even though boxed beef might weaken
- Cattle slaughter projected at 119K
- Feeder Cattle cash index for June 10: up .32 @ 140.23
- Open interest lost 460 for Aug LC & lost 181 for Aug FC
HOGS
- July hogs down 1.22 @ 118.75 & June pork cutout down .72 @ 134.35
- Pork productions up 23.3% from last week, slaughter up 23.5%
- Chart gap remaining in the July contract about 3.00 lower gains concern among trade
- Hog slaughter projected at 482K
- Cash lean index for June 9: up 1.20 @ 119.91
- O/I: Lost 4,780 for July hogs & June pork cutout lost 11 positions