CORN
- Sept down 6 @ 5.49 & Dec down 6 @ 5.45
- Ominous weather forecast lies ahead threatening yields in US
- Bulk of pollination expected to this week
- Corn values in Brazil continue to soar with production shortages
- Ukraine turning too hot/dry could affect production numbers
- Preliminary changes in futures open interest as of 7/16 up 1,549 contracts
SOYBEANS
- Aug down 24 @ 14.30 & Nov down 19 @ 13.72
- Soybeans lower today as DOW & bean oil lower on Covid-19 concerns
- US weather threatens crops in western corn belt & northern plains
- USDA July canola estimate of 20.2 mmt is likely largely overstated
- Palm oil futures are once again putting in contract highs on tight supplies
- Preliminary changes in futures open interest as of 7/16 up 5,006 contracts
WHEAT
- Sept wheat up 3 @ 6.96, Sept KC up 1 @ 6.51, Sept MNPLS up 4 @ 9.21
- MNPLS wheat once again putting in new contract highs
- Drought in plains and beyond continue to bolster futures
- Canada’s crop believed to be largely overstated
- Falling Russian and EU production due to weather lending support also
- Preliminary changes in futures open interest as of 7/16 up 4,028 contracts SRW
CATTLE
- Aug LC down .85 @ 119.35 & Aug FC down 1.02 @ 154.600
- Concern packers may pull back this week
- Boxed beef continues to decline – down 1.93 Friday
- Cash likely to be slow this week – hoping to hold $120 price levels
- Cattle slaughter projected at 119K
- Feeder Cattle cash index for July 15: down .96 @ 151.39
HOGS
- Aug hogs down .95 @ 104.62 & Aug pork cutout down 1.17 @ 111.72
- ASF in Germany could push prices higher
- Oct made new highs – prices gaps in chart that need to be filled
- China cancelling pork export sales not good for global demand
- Hog slaughter projected at 462K
- Cash lean index for July 14: up .34 @ 111.34