CORN
- September up 0.015 @ 3.26, December up 0.0075 @ 3.40, March up 0.0025 @ 3.525
- Crop tour reduced Iowa yield by 5 bushels/acre from last year
- Talk that Argentina acres declined by 1.6% this year
- China auctioned corn for this week and prices approached 5-year highs
- December corn tested and held the 50 and 100-day moving average support levels yesterday
- Prices tested and held the 100-day moving average support again today
- Stochastics are nearly overbought but the trend still looks higher
SOYBEANS
- September down 0.01 @ 9.02, November up 0.0075 @ 9.06, January up 0.0075 @ 9.125
- Wet forecasts look much less threatening to the filling bean crop
- Better tone to US China trade
- China auctioned beans out of state reserves this week, but only 58% of the offered supplies were sold
- China soybean imports in January through July are running 17.7% ahead of last year
- November beans have tested and held the 200-day moving average support for two sessions in a row
- Stochastics are nearly overbought but trend has not turned lower
WHEAT
- September CHI down 0.025 @ 5.17, September KC down 0.0325 @ 4.3825, September MPLS down 0.02 @ 5.1125
- Reports of heavy frost in Argentina following severe drought conditions
- China wheat imports have more than doubled last year’s pace
- US dollar stabilizing
- CHI futures fell below the 100-day moving average support but have since bounced back above
- KC futures tested and held the 50-day moving average that was broken resistance yesterday afternoon
- MPLS futures tested the 50-day moving average resistance level but have fallen back below
CATTLE
- August lives down 0.15 @ 106.87, October lives down 0.15 @ 109.62, December lives down 0.22 @ 112.62
- August feeders up 0.237 @ 143.70, September feeders up 0.12 @ 145.95
- Highest beef values since June 16, up 11 sessions in a row
- Cash trade trading 2.00-3.00 higher than last week
- Position squaring ahead of today’s Cattle on Feed report
- Live markets are trading in very tight ranges today just above the 10-day moving average support
HOGS
- October up 0.27 @ 55.45, December up 0.25 @ 56.10, February up 0.20 @ 62.35
- Cash Index still trending higher
- Pork prices at highest levels since June 1
- Better tone to US China trade meetings
- October hogs are trading just above the upper Bollinger Band after yesterday’s gap-up breakout