TFM Midday Update 7-29-20

CORN

September down 0.03 @ 3.17, December down 0.025 @ 3.275, March down 0.0225 @ 3.39
Corn is pollinating in near-ideal weather
Chances are quickly growing for above-trend line corn yields
US dollar is lower again today
Dec futures are extending their recent downtrend
Lack of support between current prices and contract lows at 3.22
Funds sold about 17,000 contracts yesterday

August down 0.0175 @ 8.95, September down 0.0325 @ 8.845, November down 0.02 @ 8.855
Soybean crop is in great shape headed into August
Lack of threatening weather forecasts
11-session streak of flash sales has been broken
November beans closed below trend line support yesterday as well as the 10 and 20-day moving average levels
Tight, inside session so far today
Funds sold about 10,000 contracts yesterday

Dec CHI up 0.0725 @ 5.375, Dec KC up 0.0875 @ 4.5625, Dec MPLS up 0.055 @ 5.2525
Talk of poor yields in Europe, improving US conditions
US dollar is lower, though Black Sea supplies are still cheaper than US
Russian wheat crop will likely come in larger than expected
CHI, KC and MPLS futures have pushed back through the 10-day moving average resistance level
Spring wheat stochastics are close to posting a bullish crossover
Funds sold about 4,000 contracts of CHI wheat yesterday

August lives up 0.55 @ 101.45, October lives up 0.77 @ 105.77, December lives up 0.57 @ 109.45
August feeders up 0.60 @ 141.30, September feeders up 0.82 @ 142.12
Cash trade has been choppy so far this week
Beef values are stabilizing and slowly moving higher
Heavy weights are keeping production supported despite lower slaughter
October lives have pushed back above the 10-day moving average resistance level
September feeders are trading between the 200-day moving average support and the 10-day moving average resistance

August down 1.22 @ 52.95, October down 1.05 @ 49.65, December down 1.02 @ 50.77
Cash index is still trending higher
Pork prices are extremely volatile and have not held on to quick price jumps
Huge pork production lately may overwhelm demand, even with pork relatively cheap
October futures have fallen below the 20-day moving average support level
A close below the 20-day would be the first since July 20

Bryan Doherty