Lakefront Morning Briefing

Lakefront Morning Briefing

Corn: Heavy Midwest rain over the next week is keeping pressure on the market even with drought area jumping 9% to 29%. Dec corn slipped below last week’s gap support: a close under 468 opens the door to 459, possibly 451.

Soybeans: Nov beans are set to finish the week down nearly 70 cents as weekend rain hits at an ideal time for pod setting. New crop export sales were the best since 2022, but the path of least resistance looks lower: 1177 then 1169 are the next targets.

Wheat: Sep Chicago wheat is retesting the week’s lows after Thursday’s rally faded. HRS area under drought jumped 17% to 42%, but the market isn’t rewarding bullish news. A break below 650 1/2 targets 643, then 626.

Livestock: Oct live cattle keep correcting higher, nearing the 200 day average at 228.20 with the July 14th gap at 230.37 in sight. Oct hogs are the opposite story: the near term bull trend is over after heavy liquidation, with 80.17 the next downside target.

Reports Coming Out Today (CST)

Weekly Cattle Slaughter 1:00 PM

Weekly Hog Slaughter 1:00 PM

Cattle Report 2:00 PM

Commitment of Traders 2:30 PM