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Stewart-Peterson Market Commentary

Closing Commentary - July 7th, 2020

 

Top Farmer Closing Commentary

CORN HIGHLIGHTS: Corn futures finished weaker with July closing down 1-1/2 cents at 3.45 and December down 3-3/4 cents at 3.52-1/2. Prices were under pressure throughout most of the session as timely rains in parts of the Midwest fell over the last 24 hours and more is forecasted for later in the week. Bulls argue the market is doing little more than consolidating as the longer-range forecast in the 6-to-10 day as well as the 8- to-14-day outlook suggest warmer and drier. A lack of fresh friendly news likely allowed for prices to drift lower today. If rains are timely prices may come under additional pressure or if forecasters change their view on temperatures. Some forecasters were noted to reduce some of the heat for next week in today’s weather updates. 71% of the crop is rated good to excellent, down 2% points from last week. Yet, for time of year, the crop is likely still on track for trend-line yields. It was interesting to see that despite an early start to the planting season, corn in the silk stage at 10% was behind the five-year average of 16%. The 100-day moving average at 3.52 on December futures held as support today.

SOYBEAN HIGHLIGHTS: Soybean futures finished weaker, losing 1-3/4 to 3-3/4 cents as November led today’s drop, closing at 902-1/2. Some forecasters are indicating more rain in the near-term outlook and consequently beans were on the defensive today as was corn futures. The longer-range forecast remains the same and that is above normal temperatures and below normal precipitation for nearly the entire Midwest. New news was lacking today, and this allowed prices to drift. Technical resistance at the 50% retracement as well as 200 day moving average held prices in check for the second consecutive session. Farmer selling was said to have picked up as well. Lacking are big purchases from China yet wording from trade officials continues to suggest china will be fulfilling phase one of the trade agreement. The current reality is they have not stepped up to the plate in a big enough way. Weather will be the dominant factor in the days and weeks ahead. Crop ratings indicate it a 2% decline in the good and excellent category to 71%.

WHEAT HIGHLIGHTS: Sept Chi futures up 2, closing at $4.95 1/4. Sept KC wheat futures up 2 ¼ closing at $4.40 3/4. Today’s little uptick in wheat is a bit of a head scratcher, considering grains were down with little to no bullish news for the wheat market. Dollar was up today, currently trading at 97.00. Winter wheat harvest continues to move along without issue. Kansas is 80% harvested. Rains are still expected in Nebraska and eastern Kansas, which may very well slow down spring wheat harvest later this week, however should be any significant delays. Crop progress report regarding wheat markets (released at 3:00 p.m. yesterday). Winter wheat harvested 56% (market was expecting around 50%, no surprise) . Winter wheat condition 51% (down 1% from last week). Spring wheat headed 63% (5% behind 5 year average). Spring wheat condition 71% (up 2% from last week, this was expected due to timely rains last week).

CATTLE HIGHLIGHTS: Cattle markets posted mostly lower closes today as overbought technicals take their toll on upward momentum. August lives were down 0.10 to 100.00, October lives closed 0.25 higher to 104.17 and December lives closed 0.02 lower to 107.02. August feeders closed 1.22 lower to 134.92 and September feeders closed 0.90 lower to 136.32. Choice beef values closed 0.02 higher yesterday afternoon to 205.46 and were up another 0.58 this morning to 206.04. Early week cash trade has been very light thus far, and the few head traded in Kansas were sold at prices steady with late last week. The stabilization ion beef values seen so far this week is welcome, though will be difficult to sustain. Slaughter last week was 1.5% higher than the same week last year and beef production was up 5.3% from the same week last year due to heavy weights. With restaurant demand in question due to the spread of coronavirus, it could be difficult to expect beef values to continue stabilizing. Slaughter so far this week is running about 1.7% behind the same week last year. August live cattle traded within a very tight, two way range today and held the upper Bollinger band level as support. Stochastics are very close to overbought territory. August feeder cattle fell back within their Bollinger band range and finished just off the lows of the day.

LEAN HOG HIGHLIGHTS: Hog markets made slightly lower closes today, keeping with the recent trend of very quiet trading sessions. July hogs were down 0.42 to 44.52, August hogs were down 0.40 to 48.87 and October hogs were down 0.42 to 48.62. The CME Lean Hog Index was up 0.64 to 45.66. Carcass cutout values were down 2.12 yesterday afternoon to 64.34 but were up 1.14 this morning to 64.48. Both the cash Index and cash pork prices have not been able to put together a sustained rally (or downtrend) lately, contributing to the choppy price action in the futures market. The current export pace is keeping prices supported, and a slower start to this week’s kill may help to push pork prices higher. Slaughter on Monday came in 4.5% behind last Monday and 6.4% behind the same day last year. The best traded August contract tested and failed to break through the 10-day moving average resistance level today for the second session in a row. Stochastics are still in oversold territory, and a bullish crossover could push prices through the 10-day resistance.

  

The scale at the Clutier location will be down for replacement June 29th-July 27th. Sorry for the inconvenience!

 

Tama-Benton Cooperative Locations and Office Hours 

 

Dysart- 319-476-3666

Office Hours

Monday-Friday 8:00-4:30

 

Vinton 319-472-4791

Office Hours

Monday-Friday 8:00-4:30pm

 

Clutier 319-479-2242

Office Hours

Monday-Friday 8:00am-4:30pm 

 

All Grain Settlements are now completed at the Dysart Office. For your convenience Grain Checks and Contracts may be printed at the Vinton or Clutier locations. 


 CR PROCESSOR HOURS   

WEDNESDAY JULY 8TH

ADM  CLOSED

INGREDION  5am-2:30pm

STARCH  7am-3pm

CARGILL BEANS  BY APPOINMENT

 

THESE HOURS ARE POSTED FOR YOUR CONVENIENCE.SUBJECT TO CHANGE WITHOUT NOTICE.

BE PREPARED FOR EARLY CLOSING WITHOUT NOTICE DUE TO WEATHER, FLOODING, OR DOWNTIME.

Please report Direct Shipment Loads Promptly to the Dysart Office in Order to Maintain Delivery Schedules and to Final Price Contract Overfills and Underfills. Thank You 

 

 

 

   

 

 

Market Snapshot
Quotes retrieved on July 08, 2020, 01:57:30 AM CDT
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