TFM Midday Update 8-10-20

CORN

September up 0.0375 @ 3.115, December up 0.0275 @ 3.235, March up 0.0175 @ 3.345
IA and IL are expected to see an inch of rain this week
Traders are expecting the USDA to raise yield on Wednesday to 180.5 bpa from 178.5 last month
US dollar closed above the 10-day moving average resistance on Friday
Concerns about lower production in China and Ukraine
Dec corn is making an inside session so far today
Oversold stochastics
Funds sold 15,000 contracts on Friday

August up 0.055 @ 8.7575, September up 0.04 @ 8.6975, November up 0.045 @ 8.72
Rain in forecasts for dry areas of IA and IL
Traders are expecting a 1.4 bpa increase in yield this month to 51.2 bpa
Brazilian farmers have seen good profits selling beans lately due to a cheap real and strong export demand
Strength in palm oil
November beans closed below the 100-day moving average support level but have bounced back above this morning
Oversold stochastics
Funds sold 9,000 contracts on Friday

Dec CHI down 0.04 @ 4.995, Dec KC down 0.0425 @ 4.23, Dec MPLS down 0.035 @ 5.07
US dollar closed above the 10-day moving average resistance level on Friday for the first time since July 2
IKAR has increased their Russian crop estimate three times in two years
Australia has received more than 2 inches of beneficial rains lately
Most traders are expecting slightly lower, though still record, global ending stocks on Wednesday’s WASDE report
All wheat markets are trading in inside sessions today and are holding contract lows
Oversold stochastics
Funds sold 5,000 contracts of CHI wheat on Friday

August lives up 0.65 @ 103.45, October lives up 0.55 @ 107.00, December lives up 0.37 @ 110.45
August feeders up 0.07 @ 142.80, September feeders down 0.60 @ 144.47
Beef prices are at their highest levels since June 30
Cash cattle are at their highest levels since July 17
Carcass weights are increasing due to slower slaughter pace
October lives closed below the 10 and 200-day moving average support levels on Friday but have bounced back above this morning
September feeders have fallen below the 10-day moving average support level this morning

August up 1.52 @ 52.52, October up 2.97 to 53.95, December up 1.87 @ 54.80
Pork prices made their highest closes on Friday since July 21
Slaughter last week was down from the previous week but was still up 7.8% from the same week last year
Slow export sales pace lately
October hogs made their highest close on Friday since July 23 and the first close above the 50-day moving average since July 16
October is currently trading at its highest price since June 12 and is above the 100-day moving average for the first time since January 24

Bryan Doherty