US Spring Wheat Production Update
AgResource updates US spring wheat production, this time accounting for likely abandonment.
Afternoon Weather Update
GFS Cooler in Midwest beyond July 20; Otherwise No Change to Outlook: The GFS at midday intensified a Ridge/Trough pattern, which will work to bring cooler – but still dry – air into the heart of the Midwest in the 12-15 day period. The EU model did not confirm this, however, and in the meantime…
Wheat Profit Taking Continues; Egypt Seeks Supply for mid-August
Wheat futures ended modestly weaker at all exchanges, and chart-based selling remains the theme. Sep CME has an open chart gap at $5.26, which looks to be filled, but otherwise we advise end users to extend coverage through all of 2017 on any further break. Note that EU futures and cash markets ended higher today.…
Corn Ends Steady; Funds Still Short
CBOT corn futures ended with slight gains, though off session highs as the GFS model introduced much cooler temps into the Midwest during the 12-15 day period. AgResource is dubious of this outlook as the EU ensemble model (late afternoon) maintains warmth and complete dryness into July 23rd. As usual, Sunday night’s weather will be…
Hogs Turn Back Up Ahead Of The Weekend
It was an inside day of trading in the hog market, with a lower open finding good support that carried hog futures higher into the close. The hog index was up $.47 at $92.40 and projected 6 cents higher for Monday. Pork prices were mixed at the end of the week but the carcass value…
