TFM Midday Update 7-17-20

CORN

September up 1-3/4 @ 3.32-1/4, December up 1-1/2 @ 3.39, March up 1-3/4 @ 3.49-1/2
Corn trading firmer ahead of a hot forecast in the midst of pollination
Rumors are China made another large buy to corn
Dec corn traded as high as 3.41-1/4 and as low as 3.37-1/2
Current support/resistance levels for Dec corn 3.30 – 3.44
Expected above trend-line yields continue to keep prices capped
Funds bought 15,000 contracts yesterday

August up 3-1/4 @ 8.96-3/4, September up 2-3/4 @ 8.91, November up 2-1/4 @ 8.93-1/2
Another new sale of new crop beans announced 126,000 mt
Hot and dry forecast predicted for the weekend, however rain is expected next week
November soybeans traded as high as 8.98-1/4 and as low as 8.93-1/4
Current support/resistance levels for Nov soybeans 8.85 – 9.11
November is still well above moving averages, but still chasing the 200 moving day of 9.10-3/4
Funds bought about 7,000 contracts yesterday

Dec CHI up 1/4 @ 5.41, Dec KC up 2 @ 4.62, Dec MPLS down 1 @ 5.28-1/4
U.S. dollar down currently trading at 95.99 – near bottom of trade range
Hot & dry weather expected – little to no concern of damaging crops
Harvest expected to continue throughout the weekend for HRW
Dec wheat traded as high as 5.45-1/2 and as low as 5.36-1/2
Current support/resistance levels for Dec Chi wheat 5.32 – 5.55
Dec Chi consistently struggling to break above 200 moving day average and stay there
Funds net sellers of about 12,000 of SRW wheat

August lives down .17 @ 103.10, October lives up .22 @ 106.82, December lives up 0.37 @ 110.47
August feeders down .20 @ 142.40, September feeders up .07 @ 142.82
Beef export sales at 27,800
Beef values at lowest levels since December of 2017
Packers have renewed some of their bids in the North but at steady prices
Feeder bids are at 157 and asking prices are 158-160
October lives tested their 10-day moving average support and has bounced nicely
September feeders broke above 200 trading average today of 141.56

Bryan Doherty