Favoring Dryness First Half of July Great Plains Although Midwest Can Be Wet
The patter CAUTIOUSLY favors dryness (and heat) for the central and western Plains the first half of July. The dryness misses the Midwest.
CBOT Mixed At Midday Awaiting Crop Condition Report and July US Weather Pattern
** CBOT values are mixed this AM with prices back to trading within their recent ranges. Wheat is resting on the topside of its range as funds continue to cover their shorts, but the structural corn short has liquidated allowing it to slide lower. Going forward, the funds will need some kind of adverse weather…
Funds Slash Bearish Positions amid Crop Stress
The Commitment of Traders report showed that managed money funds are still holding a combined short position in Chicago wheat, corn and soybeans worth 180,461 contracts, a huge decrease from 339,631 contracts during the previous week. Funds dumped 120,829 contracts of corn last week, the second-ever biggest round of short-covering in that market. Managed funds as of last Tuesday held a combined…
Brazil Soybean Commitments A Record & Up 8% From Year Ago BUT Lagging Pace Needed to Meet USDA’s Projection
Bottom Line: Brazil’s export commitments are up 8.2% from last year but USDA is projecting annual exports to rise 23%. Export commitments are lagging the pace that “on average” is needed to meet the USDA’s projection. This suggests that Brazil’s ending stocks could be 3-5 MMT larger than the 6.35 MMT that USDA is currently…
Cattle Called Steady as Support is Tested; Cool/Dry Central US Weather
** AgResource Daily Cattle Analysis: A steady outlook is offered for early trade in the cattle markets at the start of the week. August cattle were sharply lower for the week, but at the low were more than $10 under the previous week’s high, and also $10-15 under the week’s cash business. The market started…
