Wheat futures ended mixed, with winter contracts losing 4-7 cents and spring wheat adding premium amid further declines in crop potential – and as dryness intensifies across the Canadian Prairies and Northern US Plains. Managed funds as of last Tuesday has established a record net long position worth 73,000 contracts in KC wheat, which has…
It was a mixed and indecisive start to the week for the soybean market. Early strength tied to weather and new crop yield prospects was wiped out at midday as June crush data was under expectations. At the close, soybeans were down 3-4 cents, but holding well over last week’s low. Commodity fund traders were…
Hogs were mostly higher at the close on Monday with nearby contracts supported by much higher cash values. Monday’s trading marked the end of the July contract which finished at $92.40, while August takes over as the front month at more than $11 under both the July and the cash index. The hog index was…
Corn ended mixed, but little changed. Crop conditions fell as expected, and the most likely Central US weather trend through the end of July features ongoing heat and dryness, and thus further declines in ratings. Note that condition ratings begin to correlate rather strongly with NASS yield in the next 1-2 weeks. Simply losing yield…
NOPA reported that its membership crushed 138 Mil Bu during the month of June which was 5 Mil Bu under expectations and 7 Mil Bu less than a year ago. Based on the NOPA data, we estimate a total US soybean crush rate of 147 Mil Bu. The USDA recently lowered their estimate for the…
