TFM Midday Update 6-15-20

CORN

  • July down 0.03 @ 3.27, September down 0.0275 @ 3.3175, December down 0.0325 @ 3.3975
  • Lack of threatening weather forecasts
  • Crop conditions are likely to improve and contribute to fears of heavy supply
  • Improving ethanol and feed demand
  • July futures are back below 10-day moving average support
  • Still holding trend line support
  • Lower momentum
  • Funds sold about 1,000 contracts on Friday

SOYBEANS

  • July down 0.045 @ 8.6675, August down 0.0525 @ 8.6725, November down 0.06 @ 8.7375
  • Non-threatening weather
  • Strong China buying lately
  • NOPA Crush report expected to show May crush @ 173.07mbu
  • July beans are holding 10-day moving average support but still unable to break through 100-day moving average resistance
  • Overbought Stochastics
  • Funds bought about 5,000 contracts on Friday

WHEAT

  • July CHI wheat up 0.0125 @ 5.0325, July KC wheat down 0.0275 @ 4.4575, July MPLS wheat up 0.0175 @ 5.15
  • KC harvest showing above-average yields with low protein content
  • Harvest should progress quickly due to dry conditions
  • Lower Russian ruble, lower U.S. dollar
  • July CHI wheat is near the highs of the day, though still inside Friday’s trading range
  • KC futures are extending the recent downtrend towards May lows
  • MPLS wheat is stabilizing after a recent dip lower
  • Funds bought about 2,000 contracts of CHI wheat on Friday

CATTLE

  • June lives down 0.42 @ 95.65, August lives up 0.12 @ 95.45, October lives unchanged @ 98.00
  • August feeders down 0.80 @ 130.30, September feeders down 1.00 @ 131.47
  • Weakness in stock market
  • Cash cattle weakness, beef values still selling off hard
  • Slaughter last week down just 1.6% from same week last year
  • August lives and feeders are both rebounding after an early test of the 50-day moving average support level
  • Oversold Stochastics

HOGS

  • July up 0.92 @ 52.60, August up 0.22 @ 54.87, October down 0.30 @ 52.87
  • Cash hogs still trending lower but pork values are stabilizing
  • Slaughter beginning to overtake slaughter at the same time last year
  • Decreasing weights
  • July testing overhead 10-day moving average resistance
  • Oversold Stochastics

Author

Bryan Doherty

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