CORN
- September up 0.0725 @ 3.39, December up 0.085 @ 3.5325, March up 0.0825 @ 3.6525
- G/EX came in last night @ 64% vs 69% last week
- News overnight that China and the US intend to stay the course with the Phase 1 trade deal
- Cumulative China corn imports for 2020 through July were up 30.7% from last year
- December futures gapped higher overnight and are at their highest levels since July 10
- Stochastics are overbought and futures are trading sharply above the Bollinger Band resistance level
- Funds bought 15,000 contracts yesterday
SOYBEANS
- September up 0.0925 @ 9.09, November up 0.10 @ 9.155, January up 0.0975 @ 9.2275
- G/EX came in yesterday @ 69% vs 72% last week
- News overnight that China and the US intend to keep the Pase 1 trade deal intact
- Traders are trying to decide how much relief the rain forecast for the end of the week will actually provide
- November beans are still near the highs of the recent range but have yet to break out of it
- Stochastics are overbought
- Funds sold 1,000 contracts yesterday
WHEAT
- December CHI up 0.1025 @ 5.38, December KC up 0.12 @ 4.5825, December MPLS up 0.0825 @ 5.2825
- Spring wheat harvest is 49% complete, up 17% from last year and down 6% from the previous 4-week average
- Lower US dollar
- Egypt is tendering for wheat today
- CHI futures are testing the highs from yesterday’s session
- KC and MPLS futures are trading back above the 50-day moving average resistance level
- Funds sold 6,000 contracts of CHI wheat yesterday
CATTLE
- August lives down 0.37 @ 105.20, October lives up 0.02 @ 107.95, December lives up 0.10 @ 110.92
- August feeders up 0.05 @ 142.05, September feeders down 0.27 @ 142.57
- Lack of sharp selling interest so far that would confirm negativity from Friday’s Cattle On Feed
- Beef prices have posted higher closes 13 sessions in a row
- Hot temperatures may cause cattle to move to feedlots or to market
- October lives tested the 20-day moving average resistance level but couldn’t break through
- September feeders are trading just below the lower Bollinger Band support level
HOGS
- October up 1.12 @ 55.72, December up 0.62 @ 56.22, February up 0.47 @ 62.35
- Bullish Cold Storage report yesterday
- Positive tone to US-China trade relations
- Pork prices rebounded from Friday’s negative close despite higher production
- October hogs are testing the upper Bollinger Band resistance level
- October futures traded at their highest levels today since May 8
Author
Bryan Doherty