CORN
- Sept up 1 @ 5.72 & Dec up 1 @ 5.66
- Ethanol production for last week averaged 1.028M brls per day – down 1.25% from last wk
- China corn price continues to drop – affects US export demand
- Bipartisan US bill aims to eliminate corn ethanol volume mandate
- Dec corn still unable to fill gap at 5.73 1/2
- Preliminary changes in futures open interest as of 7/20 up 627 contracts
SOYBEANS
- Aug down 7 @ 14.36 & Nov down 4 @ 13.84
- Choppy trade in overnight – bean & canola futures are weaker today
- Two weeks of above-normal temps expected until August
- Northern plains still under drought – 22% of US soybeans are grown there
- Export business has slowed but US almost on par with Brazil soy prices
- Preliminary changes in futures open interest as of 7/20 up 680 contracts
WHEAT
- Sept wheat up 5 @ 7.06, Sept KC up 6 @ 6.66, Sept MNPLS down 18 @ 8.97
- Profit taking seen in MNPLS wheat as minimal rains fall
- Wheat trying to price itself out of feed rations
- KC wheat rallying as it is believed producers will swap from spring to red winter
- Rising world wheat prices in EU & Black Sea lend support
- Preliminary changes in futures open interest as of 7/20 up 3,558 contracts SRW
CATTLE
- Aug LC up .10 @ 119.87 & Aug FC up .72 @ 156.20
- Lighter cattle weights indicate feedlots are current w/marketing
- No cash trade yet as packers are resisting feedlot asking prices
- Boxed beef prices refuse to stabilize – down 1.61 yesterday
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for July 19: up .42 @ 150.90
HOGS
- Aug hogs up .87 @ 105.87 @ 104.62 & Aug pork cutout up 1.57 @ 115.30
- Strong cash yesterday – up 3.60, supportive for futures
- Packers expected to stay aggressive due to demand
- Hog slaughter projected at 466K
- Cash lean index for July 16: up .37 @ 112.26
Author
Amberlee Bratcher