The CME and Total Farm Marketing offices will be closed Monday, July 5, 2021, in observance of Independence Day
CORN
- Sept down 8 @ 5.93 & Dec down 9 @ 5.79
- Light showers expected over much of Grain Belt in 7-10 day forecast
- US drought monitor moderate/severe drought in IA, MN & Dakotas
- After USDA report, the need for better yields this year is crucial
- Brazil production now rumored to be trending toward 87 mmt versus 90
- Talk of wetter weather could spark some selling after holiday
- O/I: as of July 1, was up 9,189 contracts
SOYBEANS
- Aug up 4 @ 14.33 & Nov up 1 @ 13.96
- Soybeans up today, fueled by veg oil markets
- Central US and northern Plains continue to suffer from drought
- Only a 25 cent premium between Brazil & US beans
- China’s soy production is expected to fall 1 mmt
- May crush was recorded at 174 mb compared to 169.8 in April
- Next area of resistance around 14.55 & 14.82
- O/I: as of July 1, was up 4,357 contracts
WHEAT
- Sept wheat down 12 @ 6.53, Sept KC down 18 @ 6.20, Sept MNPLS down 4 @ 8.32
- Profit taking in MNPLS futures
- Soil moisture deficits are growing in Dakotas & MN
- With red flag & heat warning in northwest, crops continue to deteriorate
- Globally, wheat in Black Sea & EU look impressive
- Winter wheat expected to progress this week
- O/I: as of July 1, Chicago wheat lost 8,946 contracts
CATTLE
- Aug LC down .77 @ 122.80 & Aug FC up .72 @ 157.05
- Yesterday’s exports were the lowest they’ve been since Feb 18
- Despite cash & beef markets trending lower – futures holding their ground
- Cattle slaughter projected at 119K
- Feeder cattle cash index for June 30: down .79 @ 146.31
- O/I: Lost 1,086 for Aug LC & lost 260 for Aug FC
HOGS
- Aug hogs down 1.55 @ 98.75 & July pork cutout up .72 @ 114.00
- Good exports with China still buying lends support
- Mandate for slower chain speed and consumer demand may drive prices
- Hog slaughter projected at 430K
- Cash lean index for June 29: down .82 @ 112.18
- O/I: Lost 3,069 for Aug hogs & July pork cutout lost 7 positions
Author
Amberlee Bratcher