Morning Highlights


Highlights

  • Tropical storm Barry is expected to make landfall either tonight or tomorrow. The National Hurricane Center indicated that Barry could make the change from a tropical storm to a category one hurricane.
  • The CFTC COT report will be released at 2:30 PM Central today.
  • Today is the last trading day for July grains and oilseeds. Monday is the last trading day for July lean hog futures and options is Monday, July 15th.
  • As of 7:05 AM CST August crude oil was 60.28 up 0.08, the US dollar index was 96.994 down 0.056, and the E-mini S&P was 3,010.50 up 6.50.

 Corn

  • Corn traded lower in a narrow range overnight as the market works to digest the numbers from the USDA WASDE report.
  • The French corn crop was rated 78% good to excellent versus 79% the week prior.
  • There were 128 corn deliveries.
  • Spreads: U/Z 3 ¾ cent carry; Z/H 6 cent carry; U/H 9 ½ cent carry; Z/N 10 ¼ cent carry.

 Outlook:  Mixed to higher to start the day.

 Oilseeds

  • Soybeans traded lower overnight but are still above their 100-day moving average. The November soybean 100-day moving average is $9.09 ½.
  • China’s soybean imports were reported at 6.51 million tonnes in June, down from 7.36 million tonnes in May. January through June total imports were 38.27 million tonnes, down from 44.88 million tonnes in the year prior.
  • European traders reported that South Korea’s Agro-Fisheries and Food Trade Corporation purchased 11,000 tonnes of non-gmo soybeans, with prices between $619.87 and $637.00 per tonne.
  • September Malaysian palm oil closed at 1944 ringits, up 3. Chinese soybeans settled at 3398 yuan per ton down ½, soymeal settled at 2795 up 0.90, and soyoil settled at 5416 down 20.
  • There were 120 bean deliveries, 87 meal deliveries, and 40 oil deliveries.
  • Spreads: Q/X 18 cent carry; X/F 11 ½ cent carry; Q/F 29 ½ cent carry; X/N 37 ½ cent carry.

 Outlook: Mixed to lower to start.

 Wheat

  • The wheat markets were mostly lower following impressive gains after yesterday’s report.
  • European traders reported Friday morning that South Korea’s MFG rejected offers in a tender for 60,000 tonnes of wheat stating prices that were too high.
  • The French soft wheat crop was rated 73% good to excellent this week, versus 75% the week prior. This is still above last year’s 72% good to excellent at this time. 9% of the crop was reported harvested versus 1% in the prior week.
  • There were no Chicago wheat deliveries and 2 Kansas City wheat deliveries.
  • Spreads: Chicago U/Z 11 cent carry; Kansas City U/Z 18 ½ cent carry; Minneapolis U/Z 13 ¼ cent carry.

  Outlook: Lower on profit taking after yesterday’s gains.