Corn:
Dec corn tested the gap at 468 1/4 overnight and bounced. Russia hit 3 Ukrainian cargo ships and a missile landed in Poland. Ukraine struck a Russian grain export facility near the Kerch Strait with significant damage. Ethanol production hit a new weekly high at 1.133 million barrels per day. Bearish weather limits upside but geopolitical risk is providing a floor.
Soybeans:
Nov beans closed below $12.00 yesterday, breaking last week’s gap support. Funds sold an estimated 18,000 contracts. India looking for alternative vegoil sources after Ukraine’s attack on a Russian sunoil facility near the Kerch Strait. Retracement support at 1177, 100 day at 1169. The 1200 to 1205 area is now resistance.
Wheat:
Sep Chicago wheat up over 20 cents overnight after Ukraine hit a Russian grain export facility and Russia struck 3 Ukrainian cargo ships near Odessa. Ukraine says they’ve hit 205 Russian vessels since July 6th. LSEG cut US wheat production to 40.9 million tonnes, below USDA’s 41.8. Managed money still net short near 20,000 with more short covering likely.
Livestock:
October cattle hit a 2 week high yesterday despite stock market weakness. Beef export sales well above the 4 week average at 15,100 tonnes. October hogs broke below the 200 day at 87.20, Chinese hog prices at new contract lows, cutout down to $101.39. Bearish August seasonals taking hold.
Energy:
Ukraine attacked a Russian sunoil export facility near the Kerch Strait, disrupting oilseed exports with delays up to 60 days. India, the world’s top vegoil buyer, says they’re looking for alternatives. Iran and US attacks escalating across the Middle East overnight but crude is slightly lower this morning.
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