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…
Model Agreement Poor; Dryness Mostly Likely Continues: The midday GFS trended wetter across the Eastern Plains & Midwest beginning next Mon/Tuesday, but so far no other model has validated this pattern shift. Rather, the EU model’s outlook, along with NOAA, projects ongoing heat across the Central Plains and below normal precip across a bulk of…
Mid-to-late summer dry-to-drought conditions common in southern Europe will try to expand eastward to the Black Sea region.
