The CME and Total Farm Marketing offices will be closed Monday, July 5, 2021, in observance of Independence Day
CORN
- Sept up 4 @ 6.03 & Dec up 1 @ 5.06
- Yesterday funds were buyers of 32,000 contracts
- Sept corn support @ 5.90 & resistance @ 6.20
- Market will need record yields to avoid historical tightness for new crop
- Ending stocks/usage could be 8.6% – in 60 years only been that low 4 times
- Technically corn looks bullish/upward trend
- O/I: Gained 10,686 as of June 30th
SOYBEANS
- Aug up 14 @ 14.44 & Nov up 6 @ 14.05
- Yesterday funds were buyers of 24,000 soybean contracts & 4,000 soyoil
- Sept support @ 13.75 & resistance @ 14.25
- There is no room for subpar yields this year in US
- Soybean crush projected to be 173.4M in May – 3.4% drop from last year
- O/I: Gained 10,421 up 2,312 as of June 30th
WHEAT
- Sept wheat up 5 @ 6.77, Sept KC up 1 @ 6.51, Sept MNPLS down 3 @ 8.46
- Yesterday funds were buyers of 12,000 contracts SRW
- Sept Chicago wheat support 6.60 & resistance @ 6.80
- Paris milling wheat futures in EU are up
- Growing conditions for spring wheat continue to deteriorate
- Technical trend is still upward
- O/I: Gained 3,306 in SRW & gained 622 in HRW as of June 30th
CATTLE
- Aug LC down 1.15 @ 121.57 & Aug FC down .77 @ 153.85
- Beef export sales at 121,100 MT – down 28% from last week
- Low placements in June’s COF report & strong demand should support cash market
- Cash bids range from 119-124
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for June 29: up .38 @ 147.10
- O/I: Gained 520 in LC & gained 916 in FC as of June 30th
HOGS
- Aug hogs down 1.67 @ 101.67 & July pork cutout down 1.27 @ 113.40
- Pork export sales at 28,600 – up from last week
- August hogs still remain at stiff discount to cash, could discourage new selling
- Hog slaughter projected at 457K
- Cash lean index for June 28: down 1.19 @ 113.00
- O/I: Lost 1,381 hogs & pork cutout lost 5 as of June 30th
Author
Amberlee Bratcher