Corn:
Dec corn down 12 3/4 overnight after Putin suggested peace talks with Ukraine are possible, ending the string of higher daily lows. Russia still hit 2 cargo ships at Odessa and struck Kiev with a heavy missile barrage, and private analysts pegged US yield at 178.7 BPA vs USDA’s 180.7. Close in support 527 with the 510 to 517 area a buy zone ahead of the September 11 WASDE.
Soybeans:
Nov beans down 12 3/4 as profit taking continues with managed money near the record long. Nov took out the prior day’s low overnight for the first time in 6 sessions, raising the odds of a deeper pullback: support near 1265. Another morning flash sale to China, and private analysts see yield at 52.6 BPA, just under USDA’s 52.7.
Wheat:
Dec Chicago wheat down 30 and Dec KC down 26 on Putin’s peace comments, even as Russia struck 2 cargo ships at Odessa overnight. Saudi Arabia is tendering for 535,000 tonnes. A pullback toward the July highs near 730 looks like a buying opportunity: port repairs and export normalization would take significant time even with a ceasefire.
Livestock:
Oct live cattle tested last week’s lows on strong volume but held 209.52: a break of yesterday’s low could start a new leg lower, with resistance at 212.10 and 213.30. The Justice Department announced a probe into 8 major grocery retailers over beef price manipulation and a new screwworm case turned up in Crockett County, Texas. Oct hogs tested the August high at 84.90 then faded: a pullback to 82.00 is a buying opportunity, pork cutout down $3.33 to $95.37.
Energy:
Natural gas storage data due this morning. The Baltic Dry Index hit a 2 year high this week on rising shipping rates, lifting freight costs on grain movement. Bean oil is the crude linked pressure point today: Putin’s peace comments knocked the vegoil complex lower on reduced Black Sea supply risk.
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