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Closing Comments

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Closing Comments

Corn traded lower today and not any fresh news to rally prices in the day.  The lower US dollar after yesterday’s FED meeting also was not able to help the grains much as far as trading higher.  Export sales today for corn were good this morning but within expectations.  Weather still looks good overall for finishing the crop with slightly above average temperatures and decent chances of moisture also.

Soybeans had some cancellations on old crop and took prices lower in the morning session when exports were released.  Also without anything to hit the news wires, beans were unable to recover and exports in general were below expectations.  457,000 mt of soybean sales were announced a little later in the morning with some moving to China and other “unknown” destinations.  The US continues to be the cheapest source for demand, and soybean exports for August look to continue with possible record numbers.

Wheat is still reluctant to move much of the recent lows.  For now a double bottom formation is in place on many of the charts, but may be in danger of making a new one from the technical aspect.  Still continuing to hear stories out of the Black Sea areas on poor conditions for crops and that prices there are on rapid incline.  Minneapolis wheat had limited losses as Wheat Council crop tour released their 2016 Spring Wheat yield of 45.7 bpa, below last year’s 49.9 bpa.

Cattle have ran back toward the top end of recent trading ranges and it showed with strong resistance.  Overall news is quiet right now but packers may slowly looking to buy cattle in the near term. Wednesday’s wholesale beef prices setback and profit taking following the four days of markets in previous sessions.  

 

Hogs extended into another new low today as cash hogs prices were steady to 50 cents per cwt lower.  Inventories are enough and as prices have declined, packers have been discouraged from buying right now.  Exports for the week ended on July 21 showed pork sales at 10,700 tonnes compared to 11,300 the previous week.

 

Closing Market Snapshot

 

All opinions expressed in this commentary are solely those of Water Street Advisory. This data and these comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. There is significant risk of loss involved in commodity futures and options trading and may not be suitable for all investors.

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