CORN
- September down 0.015 @ 3.2475, December down 0.01 @ 3.34, March down 0.0125 @ 3.4475
- Lack of threatening weather could bring yields higher than trendline
- Huge demand from China lately
- China corn prices are at all-time highs
- December briefly tested the 10-day moving average resistance but has since fallen back below
- Oversold stochastics
- Funds sold about 6,000 contracts on Friday
SOYBEANS
- August up 0.03 @ 9.08, September up 0.025 @ 9.0125, November up 0.0275 @ 9.02
- Lack of threatening weather, but there is still weather uncertainty for August
- China has been a major importer lately
- Trend higher is still intact
- Highs from Friday have not been taken out
- Funds bought about 2,000 contracts on Friday
WHEAT
- September CHI down 0.085 @ 5.31, September KC down 0.09 @ 4.405, September MPLS down 0.0625 @ 5.09
- Lowest US dollar since June of 2018
- IGC lowered their global wheat production by 6mmt to 762mmt
- Rain in forecasts for Nebraska and the Dakotas could slow harvest
- CHI and MPLS futures have fallen below the 10-day moving average support level
- KC futures have fallen below the 10 and 20-day moving average support levels
- Funds bought about 1,000 contracts of CHI wheat on Friday
CATTLE
- August lives up 0.40 @ 101.72, October lives up 0.60 @ 105.70, December up 0.37 @ 109.70
- August feeders up 1.17 @ 143.22, September feeders up 0.97 @ 143.75
- Neutral Cattle On Feed and Cattle Inventory reports on Friday afternoon
- Beef values are trying to stabilize
- Cash cattle traded slightly higher last week
- August lives gapped higher but are currently testing the 10-day moving average support level
- August feeders are still overbought but haven’t broken lower
HOGS
- August up 0.55 @ 54.55, October up 0.60 @ 50.75, December down 0.27 @ 51.65
- Cash index still trending higher
- Strong close for pork values on Friday
- Pork production was up 12.1% from the same week last year
- August hogs briefly tested the 50-day moving average support level
- October hogs are stuck between the 20-day moving average support and 50-day moving average resistance
Author
Bryan Doherty