CORN
- Sept down 6 @ 5.41 & Dec down 5 @ 5.37
- Ukraine corn exports more than double in new season
- Scattered showers in Midwest this week
- Flooding in China has hurt corn & soybean crops
- Drought still plagues filling corn in Brazil – frost projected this week
- Funds are still net long 150K contracts
- Weekly grain inspections for week ending 7/22, 1.036M mt
- Preliminary changes in futures open interest as of 7/23 down 2,916 contracts
SOYBEANS
- Aug down 7 @ 13.94 & Nov down 7 @ 13.44
- Increases in export premiums & USD moving up – push soybean prices up in Brazil
- Favorable conditions this week for US Delta
- Palm oil putting in another contract high today
- 21% of the US soybean crop grown in Dakotas & MN – weather threatening yields
- Weekly grain inspections for week ending 7/22, 241.8K mt
- Preliminary changes in futures open interest as of 7/23 down 2,559 contracts
WHEAT
- Sept wheat down 9 @ 6.75, Sept KC down 9 @ 6.37, Sept MNPLS down 7 @ 8.75
- Heat & dryness stressing heading wheat in northern Plains
- Favorable US conditions for spring wheat in northern & eastern Europe
- Ukraine most favorable weather – trouble in western Russia, too hot/dry
- Weekly grain inspections for week ending 7/22, 477.9K mt
- Russian export tax has fallen for the 4th week in a row
- Expecting to see further decline in US spring wheat rating today – last wk 11% G/E
- Preliminary changes in futures open interest as of 7/23 up 3,148 contracts SRW
CATTLE
- Aug LC up 1.32 @ 122.82 & Aug FC up 2.25 @ 162.32
- Cattle on feed fell to 11.29 on July – down 1.3% from last year
- Cattle marketed from feedlots increased 2.7% to 2.22m head up from 1.87 in May
- Inspected beef production now .2% from last week at 530m lbs
- Futures able to trade higher despite lower cash last week
- Cattle slaughter projected at 119K
- Feeder cattle cash index for July 22: up .64 @ 152.03
HOGS
- Aug hogs down .32 @ 107.02 & Aug pork cutout down .17 @ 117.00
- Flooding in China killed more than 1 million hogs
- Inspected pork production rose to 489 m lbs this week from 479 last week
- Dec futures just shy of 1.00 to closing the chart gap to the upside
- Hog slaughter projected at 463K
- Cash lean index for July 21: down .09 @ 112.25
Author
Amberlee Bratcher