Morning Highlights


Highlights

  • Cooling temperatures will move through much of the Midwest this week with chances for showers increasing by the weekend. Rains of ½ inch to an inch in the Eastern

           Corn-Belt are expected by the weekend.

  • Boris Johnson will become the new Prime Minister of England. He takes formal control tomorrow from outgoing Prime Minister Theresa May.

  • August crude oil was off $0.28 a barrel trading at $55.94 a barrel. Gold is off 10 point sat $1,425.90 per troy ounce

  • August grain and oil seed options expire Friday July 26th.

  • CHS Hedging will begin using a new phone system today, there will be no hold music. Thank you in advance for your patience and understanding as the system is rolled out.

  • Outside markets as of 7:24am CT: Dollar up 0.310 at 97.567, the Dow up 17.70 at 27,171.90. Asian markets were higher, the Hang Seng was up 72 points at 28,531.0, the Nikkei was up 204.09 trading at 21,620.88, and the Shanghai composite was up 12.97 at 2,899.94.

     

Corn

  • Corn traded higher overnight after testing support yesterday trading down to $4.25 ½ and closing at $4.26 ¾. Declining conditions also lent support.

  • Despite improving weather, corn conditions declined 1% to 57% good to

    excellent. Corn silking was at 35% compared to the five-year average of 66%.

  • Corn on the Dalian exchange settled ½ cent higher at 1,915 yuan per tonne.

 Outlook:  1 to 2 cents higher on turn around Tuesday.

 

Oilseeds

  • Soybeans traded nominally higher on steady crop conditions and higher products. However, soybeans meal turned lower at the close, down $1.20 a ton at $307.20 a ton.  

  • Crop conditions for soybeans were unchanged at 54% good /excellent. However, soybean blossoming was at 40% compared to the five-year average of 66%.

  • Malaysian palm oil traded 21 ringgits higher at 2,004 per tonne.

  • Soybeans on the Dalian exchange traded 6 ¼ cents higher at 3,399 yuan per tonne. Soybean meal was off $0.40 per tonne at 2,807 yuan per tonne.

 Outlook:  2 to 4 cents lower.

 

Wheat

  • The wheat complex traded higher overnight on profit taking from yesterday’s decline.

  • The Wheat Quality Council’s Hard Spring Wheat and Durum Tour starts today.  You can follow CHS Hedging’s tour participant on Twitter at our homepage CHS Hedging or Twitter .

  • Winter wheat harvest is at 69% which was below expectations of 73% and below last year’s 79% harvested.

  • Spring crop conditions were at 79% good/excellent unchanged from the previous week.

  • UkrAgroConsult lowered their estimate for the Russian wheat crop from 80 mmt to 76.7 mmt.

  • Taiwan and Jordan are tendering for wheat this week, 90.65 and 120 tmt respectively.  

Outlook: 2 to 4 cents higher.