Morning Highlights


Highlights

 

  • Robert Mueller will be testifying before congress today.

  • August crude oil was up $0.17 a barrel trading at $56.94 a barrel. Gold is off 10 points at $1,425.90 per troy ounce.

  • The US is sending a team of negotiators back to China next week after China gave 5 companies license to ship 3mmt of soybeans from the US.

  • Hot and dry weather has markets higher. A lack of rain in India has palm oil higher, while Europe is struggling with record high temperatures of 108 degrees in Paris today.

  • 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.

  • Stock markets were mixed this morning as US government is investigating large tech companies. The Dow was off 86 points at 27,095.90. Asian markets were higher, the Hang Seng was down 15 points at 28,521.0, the Nikkei was up 88.69 trading at 21,709.88, and the Shanghai composite was up 23.33 at 2,923.24.

     

Corn

  • Corn bounced off supports trading down to $4.24 and closing at $4.29 ½ . Concerns of dry weather in Iowa and Illinois have traders talking.

  • APK-Inform cut the Ukrainian corn crop from34.8 mmt to 33.8 mmt.

  • Corn on the Dalian exchange settled 1 ¾ cents higher at 1,920 yuan per tonne.

 Outlook:  2 to 4 cents higher.

 

Oilseeds

  • Soybeans traded higher on higher products. Soybeans meal was up $1.80 per ton trading at $308.20 a ton. Soybean oil was up 18 points at 28.19.  

  • China has granted a waiver to five companies to import 3 mmt of soybeans as a goodwill gesture to the US.

  • Malaysian palm oil traded 25 ringgits higher at 2,929 per tonne. A lack of monsoon rains has traders worried, pushing palm oil to a new high for the month.

  • Soybeans on the Dalian exchange traded 6 ¼ cents higher at 3,383 yuan per tonne. Soybean meal was off $2.40 per tonne at 2,789 yuan per tonne.

Outlook:  4 to 6 cents higher.

 

Wheat

  • The wheat complex traded higher overnight on hot, dry weather in Europe and technical support from tests of recent market lows.

  • The Wheat Quality Council’s Hard Spring Wheat and Durum Tour turned in its first days results 43.1 bushels per acre.  You can follow CHS Hedging’s tour participant on Twitter at our homepage CHS Hedging or Twitter .

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

  • SovEcon lowered their estimate for the Russian wheat crop 3.8% to 73.7 mmt.

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

     Outlook: 3 to 5 cents higher