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- July up 12 1/4 @ 6.46 & Dec up 24 3/4 @ 557 1/2
- Price recovering off the Thursday’s strong sell-off
- Close eye being kept on weather forecasts and rain in western corn
- White House is considering lower blending targets
- Beneficial rains on the horizon for eastern Corn Belt
- Sharp sell-off should slow corn movement, which should support the cash market and basis levels
- July up 50 @ 13.81 & Nov up 56 @ 13.09
- Soybean trying to recover after an 8% drop on Thursday
- Futures were pressured by soybean oil and concerns on Biofuel blending requirements
- Soy product market providing buying support this morning.
- Overnight rains disappointing in IA and MN
- Weekend weather forecast will be closely watch going into crop ratings next week
- July wheat up 17 1/4 @ 656 1/4, July KC up 16 1/2 @ 6.02 1/2, July MNPLS up 16 @ 7.68
- Wheat market a follower of other grains, recovering the majority of losses from Thursday.
- Pressured by mostly favorable winter wheat conditions outside US
- Weather remains positive for harvest this week
- Temps are extremely hot – MPLS wheat up today due to threat to crop
- If rains do not land as expected – recent fall in price could reverse next week
- Stronger U.S. dollar a concern for U.S. wheat staying competitive versus global demand
- Aug LC up .925 @ 122.05 & August FC down .175 @ 157.225
- Higher cash this week has supported futures with cash trading $2-4 higher than last week.
- Weekly export sales of 12,800 mt – down 20% from last week
- August Live cattle tested and held support levels in early trade.
- Cattle slaughter projected at 121K
- Feeder cattle cash index for June 15: up .93 @ 141.28
- Strong grain market pressuring feeder cattle and limiting gains
- July hogs down .725 @ 110.250 & July pork cutout up .425 @ 119.600
- Hog futures may be overdone to the downside considering strong cash
- Weekly export sales of 29,300 – up 49% from last week
- Hog slaughter projected at 484K
- Cash lean index for June 18 down .92 to 121.68
- Front of Hog market concerned about possible slow down of slaughter line on July 1st due to court ruling