- Oliver Sloup on RFD-TV (7.16.18)
Oliver Sloup joins RFD-TV to discuss his outlook for the grain and livestock markets.
- Grain Break, week 7
Dry weather may be developing, no
- Daily Market Comments
I wish there were something rousing in the news to begin this new week that would invigorate buyers to return and send the overconfident bears scattering...
Agricharts Market Commentary
Corn futures posted fractional to 2 cent gains in most contracts to start the week. Spill over from soybeans and a little short covering helped, but losses in wheat limited those gains. The Monday morning Export Inspections report indicated corn exports in the week of 7/12 were 1.217 MMT. That was down 17% from the prior week, but 8.41% larger than the same week in 2017. YTD shipments are 4.73% behind the same time last year, with just over a month and a half left in the MY. NASS reported corn silking progress blowing past the normal pace of 37% at 63%. Condition ratings were reported at 72% gd/ex, down 3% from last week and a little below trade expectations, The Brugler500 index was down 6 at 381 points.Sep 18 Corn closed at $3.41 3/4, up 1/2 cent,Dec 18 Corn closed at $3.55 1/4, up 1/2 cent,Mar 19 Corn closed at $3.67 1/4, up 3/4 centMay 19 Corn closed at $3.74 1/4, up 1 cent
Wheat futures ended the Monday session with most CBT and KC contracts down 7 to 9 cents, as MPLS was steady to 3 1/2 cents lower. Pressure was from higher than expected yields in some HRW areas and rains forecast for the Northern Plains in the 5-day QPF. Export inspections of all wheat during the week of July 12 were reported at 469,529 MT by the USDA this morning. That was a jump of 75.05% from the previous week but still 21.05% lower than the same week in 2017. The winter wheat harvest was 74% complete as of Sunday, 3% faster than the average. The spring wheat crop was reported at 93% headed, with the normal pace at 85%. Good/ex conditions were steady at 80%, with the Brugler500 down 1 point to 388.Sep 18 CBOT Wheat closed at $4.88 1/2, down 8 1/2 cents,Sep 18 KCBT Wheat closed at $4.84 1/2, down 7 1/4 cents,Sep 18 MGEX Wheat closed at $5.28 1/4, down 3 1/2 cents
Soybean futures received help from a short covering rally, and saw 10 to 12 cent gains on Monday. Nearby soy meal was up $3.10/ton, with soy oil down 33 points, pressured by crude oil. Export Inspections for soybeans were shown at 635,429 MT for the reporting week that ended last Thursday. That was down 4.88% from the week prior, but more than double the same week last year. Of that total, 54,998 MT was headed for China. This morning’s NOPA report indicated that their members crushed 159.228 mbu of soybeans during June. That was just under expectations and down from May, but still a record for the month. NOPA member soy oil stocks were below trade estimates at 1.766 billion pounds. The afternoon’s Crop Progress report showed 65% of the crop blooming, with the average at 45% for this date and 26% of the crop already setting pods. It also indicated condition ratings down 2% to 69% gd/ex, with the Brugler500 index at 375, 3 points lower on the week.Aug 18 Soybeans closed at $8.29 1/2, up 10 3/4 cents,Sep 18 Soybeans closed at $8.35 1/4, up 10 3/4 cents,Nov 18 Soybeans closed at $8.45 3/4, up 11 1/2 cents,Mar 19 Soybeans closed at $8.65 1/2, up 12 cents,Aug 18 Soybean Meal closed at $329.10, up $3.10,Aug 18 Soybean Oil closed at $27.64, down $0.33