CORN
- July up 14 @ 6.82 & Dec up 5 @ 5.79
- Weather map is dry for central US with high temps for most of Corn Belt
- Ethanol production expected to be lower than last week at 1.06m b/d
- Heavy rains will bring moisture to eastern Corn Belt
- In Brazil, 2nd corn crop still in serious trouble
- US temps expected to become more moderate by Saturday with chances of rains
- O/I: Lost 33,550 positions in July futures
SOYBEANS
- July down 5 @ 14.60 & Nov down 8 @ 13.64
- Veg oil sector pressuring soybeans today
- NOPA May crush below most estimates at 163.52
- EPA has no published blending requirements for 2021-22
- USDA acreage & grain stocks on June 30th will be big directive for prices
- US needs at least 90 million acres of soybeans planted to meet demand
- O/I: Lost 7,831 positions in July futures
WHEAT
- July wheat up 6 @ 6.67, July KC up 3 @ 6.16, July MNPLS up 18 @ 7.66
- Wheat up on hot temps in plains and rise in corn today
- Kansas expected to see 100 degree plus weather for next 5 days
- Not much rain projected for spring wheat areas – Montana key area of concern
- Spring wheat areas in Russia remain dry and expected to be hot over 6-10 day outlook
- O/I: Lost 4,507 positions in July wheat & lost 7,916 positions in KC July wheat
CATTLE
- Aug LC up 1.50 @ 125.40 & August FC up .65 @ 157.47
- New contract highs posted today
- Strong cash will provide solid support – lower grains adding support
- Light cattle trade in the south at $120-$122
- Cattle slaughter projected at 121K
- Feeder Cattle cash index for June 14: up .61 @ 140.22
- Open interest lost 598 for Aug LC & lost 254 for Aug FC
HOGS
- July hogs down 3.00 @ 115.50 & July pork cutout down 3.60 @ 123.32
- A jump in cash & tight supplies may make this decline in prices temporary
- Substantial price weakness of cutouts is a bearish sign
- Hog slaughter projected at 485K
- Cash lean index for June 11: up 1.05 @ 121.89
- O/I: Lost 2,328 for July hogs & July pork cutout lost 1 positions
Author
Amberlee Bratcher