CORN
- Sept down 13 @ 5.38 & Dec down 13 @ 5.25
- As of yesterday, funds net sellers of 35K contracts
- Preliminary changed in futures open interest as of 7/6 – up 1,875 contracts
- USDA crop progress – 64% G/E unchanged from last wk
- Grain inspections for last week were 1,235K tons
- Drought continues in Brazil stressing filling corn
SOYBEANS
- Aug up 15 @ 13.592 & Nov up 13 @ 13.18
- As of yesterday, funds net sellers of 24K contracts
- Preliminary changed in futures open interest as of 7/6 – down 430 contracts
- USDA crop progress – 59% G/E – down 1% from last wk
- Grain inspections for last week were 206K tons
- Russian ag agency shrinks crop to 82.3m tons – down 3%
- Favorable conditions in US delta for developing soybeans
WHEAT
- Sept wheat down 4 @ 6.21, Sept KC down 1 @ 5.82, Sept MNPLS up 10 @ 8.04
- As of yesterday, funds net sellers of 14.5K contracts of SRW
- Preliminary changed in futures open interest as of 7/6 – down 1667 for SRW contracts
- Egypt bought 240K tonnes of wheat from Russia & Romania
- Winter wheat harvest 45% versus 33% last week
- Grain inspections for last week were 258K Tons
- Rains will be appreciated but drought persists
CATTLE
- Aug LC down 1.95 @ 120.45 & Aug FC down .77 @ 159.80
- Cattle futures have been in sideways pattern – building a solid support level under mkt
- LC futures inability to move higher while grains fall not supportive to buyers
- Cash continues to be light this week thus far
- Cattle slaughter projected at 122K
- Feeder Cattle cash index for July 1: down .35 @ 146.96
HOGS
- Aug hogs down 1.90 @ 100.40 & July pork cutout down 1.02 @ 116.00
- Hog supplies are tightening – packers aggressively looking for hogs
- Weakening cutouts & tighter supply leaves packers having to buy less – reducing chain speed
- Current cash buying is slower but may be temporary
- Hog slaughter projected at 470K
- Cash lean index for July 1: down .51 @ 111.26