TFM Midday Update 7-9-20

CORN

  • July up 0.08 @ 3.5625, September up 0.065 @ 3.53, December up 0.0575 @ 3.60
  • Longer term GFS models showing reduced precipitation towards the end of July
  • Nearby forecasts still showing some precipitation in the northern Corn Belt
  • CONAB lowered Brazil’s safrinha corn crop production by 1%
  • December corn is testing the highs from earlier this week
  • Stochastics are moving into overbought territory

SOYBEANS

  • July up 0.0925 @ 9.04, August up 0.09 @ 9.015, November up 8.9975
  • Rain totals in northern Illinois and Iowa will be watched closely this week
  • Longer range forecasts showing dry conditions
  • CONAB increased Brazilian production by ~.4%
  • November beans tested the upper Bollinger Band level as resistance this morning
  • Long-term resistance at the 200-day moving average
  • Stochastics are close to overbought

WHEAT

  • September CHI wheat up 0.11 @ 5.275, September KC wheat up 0.03 @ 4.5975, September MPLS wheat up 0.0325 @ 5.265
  • Reports of lower production in the US, Russia, Ukraine and France
  • US winter wheat harvest is over halfway done
  • European futures closed at their highest level yesterday since June 5
  • CHI futues are trading above their 100-day moving average for the first time since April 23
  • KC futures are trading above their 50-day moving average for the first time since May 11
  • Spring wheat prices are moving through their 50-day moving average as well

CATTLE

  • August lives up 1.12 @ 100.27, October lives up 0.95 @ 104.45, December lives up 1.10 @ 107.77
  • August feeders up 1.10 @ 135.15, September feeders up 0.95 @ 136.57
  • Beef prices are still slipping lower
  • Cash cattle trade yesterday was steady with last week
  • Questionable beef demand due to slower than expected reopenings
  • August lives and feeders are testing the upper Bollinger Band as resistance
  • Stocahastics are nearly overbought

HOGS

  • July up 1.07 @ 45.12, August up 2.07 @ 50.02, October up 1.67 @ 50.47
  • Cash Index is slightly higher this morning
  • Pork values made a very strong close yesterday afternoon
  • Weights are still decreasing
  • China imports have been strong due to rallying domestic pork prices
  • August hogs have closed the gap created by the Hogs and Pigs report last month

Author

Kelly Rubisch

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