Lakefront Morning Briefing

Lakefront Morning Briefing

Corn:
Sharp selling overnight as weather models shifted wetter for the central Plains and Midwest. Crude down nearly $6 on the Iran bombing pause. Funds bought nearly 50,000 contracts last week and are now caught long. Dec corn support at the gap near 468, which lines up with the 200 day.

Soybeans:
Nov beans down over 30 cents overnight on the forecast shift and crude oil collapse. Funds added 52,000 contracts to their bean longs last week and are getting squeezed. Gap support from last Sunday at 1204 is the level to watch. EU bean crop estimated down 8.1% year over year.

Wheat:
Weaker in sympathy but still inside Friday’s range. Russia attacked Ukraine ports again over the weekend. IKAR cut Russian production to 90 million tonnes and exports to 44.5 million on shipping disruptions. Ukraine talking about a new Black Sea export corridor.

Livestock:
USDA announced the Mexican border reopens in phases starting August 24 at Douglas, Arizona. That likely explains the relentless cattle selling. Cattle on feed was neutral, semiannual inventory up 0.2% year over year. October hogs hit a 2 month high Friday, managed money still net short 18,000 with pork cutout at $105.04.

Reports coming out today (CST)

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