CORN
- Sept down 13 @ 5.58 & Dec down 13 @ 5.54
- Corn export shipments at 1.003M mt
- Confidence in this current rain event is low
- US weather over 10-day is still hot and dry
- US ethanol inventory rose by 1.4 mb to 22.5 mln
- White House has delayed the release of their Renewable Fuels Standard
- Demand is slow but supply is extremely tight
- Brazil up against another frost event
- Preliminary changes in futures open interest as of 7/21 up 430 contracts
SOYBEANS
- Aug down 43 @ 13.96 & Nov down 42 @ 13.47
- Soybean export shipments at 164K mt
- Veg oil markets down today too not supportive
- The rains in northwestern plains are not nearly enough to ehlp
- Exports still low as Brazil supplying most of China’s needs currently
- Demand should strengthen in months ahead
- Preliminary changes in futures open interest as of 7/21 down 1,7443 contracts
WHEAT
- Sept wheat down 25 @ 6.85, Sept KC down 21 @ 6.47, Sept MNPLS down 16 @ 8.81
- Wheat export shipments at 471K mt
- Good export shipments but not enough trump weather today
- Expectations are for hard red spring wheat abandonment to be high
- Hot and dry in Ukraine & Russia
- Russian yields are lower than expected – 20% done with harvest
- EU crop stressed due to flooding
- Preliminary changes in futures open interest as of 7/21 up 1,573 contracts SRW
CATTLE
- Aug LC up .72 @ 120.77 & Aug FC up 1.85 @ 158.65
- Export sales of 25,100 mt – up from last week
- Cash continues to go down to the wire this week
- Corn falling today is supportive for futures
- Boxed beef finally put in a higher price yesterday
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for July 20: down .19 @ 150.71
HOGS
- Aug hogs down .80 @ 105.77 & Aug pork cutout down .32 @ 115.57
- Weekly export sales of 24,500 up from last week
- China still not on the buyers sheet today
- December futures still needs to fill a gap at 86.62
- Hog slaughter projected at 468K
- Cash lean index for July 19: up .07 @ 112.33