CORN
- Sept down 8 @ 5.50 & Dec down 9 @ 5.47
- US corn crops in drought area unchanged at 36%
- Brazil’s Parana 2020-21 second corn output cut to 6.1M mt versus 9.8
- Storms moving through SD as projected with better chance of rains for Iowa
- Milder temps move in for the next 4-5 days
- 60-65% of US Corn Belt expected to stay dry for the next week
- Corn demand has slacked off w/ China cancelling shipments
- Argentina corn at 81% harvested – Brazil faces another frost/freeze
- Preliminary changes in futures open interest as of 7/29, up 3,374 contracts
SOYBEANS
- Aug down 27 @ 14.07 & Nov down @ 27 @ 13.50
- Futures down today on chance of rain in SD, NE, and parts of IA
- Veg oil markets are lower today too, adding pressure to futures
- Sale of soybeans announced yesterday at 132K mt
- Soybean conditions will continue to worsen in northern Plains
- Cool temps for the weekend, but hot temps to return after August 1st
- Preliminary changes in futures open interest as of 7/29, down 4,247 contracts
WHEAT
- Sept wheat down 2 @ 7.02, Sept KC down 3 @ 6.71, Sept MNPLS down 14 @ 9.04
- North Dakota spring wheat yield est at 29.1 bu/acre versus 49 bu last year per tour
- Crop tour results are the lowest since 1993
- Frost in Brazil further damages wheat
- Russian wheat yields continue to disappoint – crop could be under 80 mmt
- IGC cuts world grain stockpile estimate due to smaller supplies of wheat
- French wheat harvest nears halfway market after rains
- Preliminary changes in futures open interest as of 7/29, up 3,796 contracts SRW
CATTLE
- Sept wheat down 2 @ 7.02, Sept KC down 3 @ 6.71, Sept MNPLS down 14 @ 9.04
- North Dakota spring wheat yield est at 29.1 bu/acre versus 49 bu last year per tour
- Crop tour results are the lowest since 1993
- Frost in Brazil further damages wheat
- Russian wheat yields continue to disappoint – crop could be under 80 mmt
- IGC cuts world grain stockpile estimate due to smaller supplies of wheat
- French wheat harvest nears halfway market after rains
- Preliminary changes in futures open interest as of 7/29, up 3,796 contracts SRW
HOGS
- Aug hogs up .02 @ 106.32 & Aug pork cutout down .40 @ 119.62
- Hogs able to shake off bearish reaction to ASF in Dominican
- Export sales strong yesterday, even without China on the buyer sheet
- Lower cash & cutouts may give futures trouble moving higher
- Hog slaughter projected at 444K
- Cash lean index for July 27: down .11 @ 11.94