AgriCharts Market Commentary

Corn

Corn closed lower. Profit taking after yesterday’s rally and positioning ahead of the long holiday weekend were the bearish features. Weekly export sales of 628,431 were a little larger than expected. The weather forecasts show 1-2 inch rains over much of the Corn Belt over the next 5 days, which will interfere with some fieldwork but also keeps the stress level down on rapidly growing corn. July -2 ¾ at 7.46.

Soybeans

Soybeans closed higher. Bull spreading was the feature as July set a new record top. Weekly export sales of 642,423 were above estimates. There was substantial old crop business to China confirmed, as well as the largest weekly soybean meal export shipments of the year. The Argentines are still shipping beans, as the Congress has not yet voted on the Rule 125 tariff, and the farmers don't want to go back on strike as long as there is a decent chance that they can win the vote or achieve concessions. July +12 ¼ at 16.58. Meal +6.70 at 450.50. BO -44 at 67.33.

Wheat

Wheat closed higher. Wheat was higher on technical buying and short covering. The rally was choppy though as harvest pressure weighs along with selling ahead of the holiday weekend. Japan bought 202,000 tonnes of wheat from their consortium. Weekly export sales of 668,126 tonnes, slightly above estimates. July +7 ½ at 8.72 ¾. K.C. +20 ½ at 9.05. MPLS -20 at 10.80.

Cattle

Cattle closed mixed. Wholesale prices continue higher, cash prices are called at $100 per cwt and futures are following cash higher. Trading is light with a half day of trading due to the holiday weekend. Afternoon boxes were higher – choice up 41 cents, at $171.58; select up 54 cents, at $165.13. Aug -20 at 103.80. Aug feeders -57 at 111.57.

Hogs

Hogs closed mixed. Weak cash values overhang the market but a short covering rally is pushing futures’ values higher. The pork cutout values was up 65 cents, at $79.39 per cwt. today. Packers will need hogs on Monday, but many will be dark tomorrow and hoping that the holiday downtime will improve price leverage in the products by restricting the supply. July +45 at 72.27.

Cotton

Cotton closed mixed. Cotton traded mostly lower on fund selling and weakness in corn and strength in the dollar. Weekly export sales at 108,388 rb and shipments were at 378,508 rb. July -10 at 68.02.

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: www.bruglermktg.com