Lakefront Morning Briefing

Lakefront Morning Briefing

Corn:
Dec corn up 2 overnight with open interest up 10,138. French conditions fell another 2% to 29% G/E and private analysts see the crop falling by half from last year, the smallest since 1976. Friday’s close above resistance opens a run at the July highs at 492, then 506 1/2: pullbacks to 480 should find support.

Soybeans:
Nov beans up 4 and testing $12.00 resistance as the Pro Farmer tour starts in muddy conditions from Iowa through Ohio. NOPA crush is out this morning, expected at 221.5 million bushels vs 214.3 in June, and China needs to keep buying after taking a few cargoes at a time last week. Pullback support at 1176, retracement resistance at 1210.

Wheat:
Sep Chicago wheat hit 680 overnight, the 0.618 retracement of the July highs, before easing. IKAR expects August Russian wheat exports down 55% from a year ago and a vessel was hit in the Odessa port over the weekend. HRS conditions out this afternoon after a major 3 week jump in drought area: bulls have a shot at the July highs at 711.

Livestock:
Oct live cattle bounced well off Friday’s lows after hitting the lowest level since early December: support at 217.75, resistance 219.95. Southern cash traded 223 to 228, down $6 to $10, with the cutout at $375.30, up from $364.36 the prior week. Oct hogs hit a new monthly low with open interest up 2,100: tested the July low at 81.02, next support 80.00, lean hog index 95.87 is the lowest since July 20.

Reports Coming Out Today

Export Inspections 10:00 AM
Crop Progress 3:00 PM