TFM Midday Update 7-20-20

CORN

September down 0.05 @ 3.28, December down 0.0525 @ 3.3475, March down 0.045 @ 3.4525
Some parts of Iowa, Indiana and Ohio are dry but forecasts are bearish
Warm and wet forecasts through the end of the month
Strong demand from China
December futures opened just below the 50-day moving average resistance level
Sellers pulled prices lower early in the session and corn traded as low as 3.325

August up 0.075 @ 9.0525, September up 0.07 @ 8.9925, November up 0.0675 @ 9.015
Strong demand from China last week, purchases reported this morning
Palm oil futures at 5-month highs
Still uncertainty regrading weather conditions for August
November beans are pushing higher, continuing the recent uptrend
Momentum still pointing to higher prices

December CHI wheat down 0.135 @ 5.27, December KC wheat down 0.1425 @ 4.4575, December MPLS down 0.0575 @ 5.2125
Crop issues in Europe, Black Sea and Argentina will slightly lower global supplies
Talk that China bought wheat from Australia last week, lack of confirmation of rumored Chinese purchase last week of US wheat
Moisture in forecasts for Dakotas should benefit spring wheat conditions
CHI futures have fallen below the 10 and 100-day moving average support levels
KC futures were stopped at the 10-day moving average resistance level and quickly fell below the 20-day moving average support
Spring wheat futures are pushing to new contract lows

August lives down 1.80 @ 101.50, October lives down 1.15 @ 105.72, December lives down 1.00 @ 109.70
August feeders down 2.15 @ 140.55, September down 1.67 @ 141.65
5-area average last week was reported at 96.11 vs 95.74 the previous week
Beef production last week was up 2.1% from the same week last year despite lower slaughter
Lowest beef values since December 2017
Live cattle stochastics are close to giving a bearish crossover sell signal

August down 2.07 @ 50.72, October down 1.67 @ 49.40, December down 0.95 @ 51.32
Cash Index is very slightly higher this morning
Futures are holding a very large premium to the cash market from a seasonal view
Pork values are still creeping higher despite massive production increases over the same time last year
August hogs are holding the 10 and 20-day moving average support levels
The recent bounce was stopped at the 20-day moving average resistance level
October hogs fell below the 10 and 20-day moving average resistance levels

Bryan Doherty