CORN
- September down 0.02 @ 3.29, December down 0.0125 @ 3.435, March down 0.0075 @ 3.56
- Crop Progress report showed G/EX @ 69% vs 71% last week and 62% on average
- Iowa ratings were down 10% due to storm damage
- Forecasts seem to suggest that yield estimates can come down in future WASDE reports
- Dec futures have pulled back within their Bollinger Band range
- Stochastics are still a bit overbought
- Funds bought 22,000 contracts yesterday
SOYBEANS
- September unchanged @ 9.125, November down 0.0075 @ 9.145, January down 0.005 @ 9.205
- Crop Progress report showed G/EX @ 72% vs 74% last week and 60% on average
- Crop tour looking for strong yields particularly for Ohio and South Dakota
- Hot and dry forecasts are supportive for beans, especially through the next week or so
- Strong global demand for palm oil
- November beans have pulled back within their Bollinger Band range
- Inside session so far today
- Funds bought 15,000 contracts yesterday
WHEAT
- September CHI down 0.1075 @ 5.0575, September KC down 0.10 @ 4.275, September MPLS down 0.0175 @ 5.0375
- Spring wheat conditions improved to 70% G/EX vs 69% last week and 66% on average
- US dollar made lowest prices since May 2018 overnight
- Ukraine will be limiting new crop exports to 17.5mmt vs 20.5mmt in 19/20 crop year
- IKAR raised the Russian production estimate again, this time to 82mmt
- CHI futures have fallen back below the 50-day moving average support, KC futures have fallen back below the 20-day moving average support
- MPLS contracts are holding the 20-day moving average support levels
- Funds bought 9,000 contracts of CHI wheat yesterday
CATTLE
- August lives up 0.07 @ 106.97, October lives down 0.05 @ 109.82, December lives unchanged @ 112.57
- August feeders up 0.27 @ 143.00, September feeders up 0.90 @ 145.30
- Beef values have been trending sharply higher due to Labor Day demand
- Slaughter is running ahead of last week so far and weights have begun to pull back
- October lives haven’t done much to confirm yesterday’s bearish key reversals but haven’t disregarded the reversal either
- September feeders have bounced back above the 20-day moving average but have not tested the 10-day moving average resistance
HOGS
- October down 1.87 @ 51.65, December down 1.65 @ 53.30, February down 1.05 @ 61.05
- Cash hogs are still rallying, pork values made a slight pullback at yesterday’s close
- China is auctioning 10,000 tonnes of pork from state reserves this week
- October hogs have fallen back below the 10 and 100-day moving average support levels
- A close below those would be the first since August 6
- December hogs are testing he 10-day moving average support as well, and a close below would be the first since August 4