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CFE Grain Comments

7/20/2017

7-21-2017

Good Morning!

Corn futures are trading 6 cents lower and soybean futures are 9 cents lower with rains moving through the western Midwest.

Last week’s corn and soybean future high’s is going to be short term resistance. December 2017 corn futures traded to $4.17 and November 2017 soybean futures trade to $10.47 last week. This is the first time we had traded above the February 2017 future highs. This type of run up in the market needs to be rewarded.

Next week’s crop condition report should show continued deterioration of the weekly good to excellent ratings in corn and soybeans .There has been moisture received this week but only in scattered areas of the western Midwest.

These lower ratings are the norm through because of the time of the growing season with the western Midwest in the pollination phase of the growing season

Soybean height is being questioned for this time of the calendar. Remember tall soybeans does not guarantee high soybean yields.

The ethanol industry continues to grind corn at a record weekly rate and this should justify the USDA to increase the bushels of corn used for ethanol industry by 200 -250 million bushels in this grain fiscal year.

The weather forecast will continue to indicate which way the corn & soybean futures will perform until the first week of August.

Mike R.

This Marketing Information provided by


Wayne Kollis - Melissa Peters - Mike Rosenberg - Matt Zeman
 

CORN
Last High Low Change
Sep '17 3.7975 3.9100 3.7850 -0.1125
Dec '17 3.9350 4.0475 3.9250 -0.1125
Mar '18 4.0450 4.1550 4.0325 -0.1075
May '18 4.0950 4.2000 4.0875 -0.1050
Jul '18 4.1425 4.2450 4.1325 -0.1025
SOYBEANS
Last High Low Change
Aug '17 10.0900 10.1325 10.0175 -0.0425
Sep '17 10.1425 10.1825 10.0675 -0.0400
Nov '17 10.2225 10.2725 10.1525 -0.0475
Jan '18 10.3075 10.3550 10.2350 -0.0475
Mar '18 10.3350 10.3600 10.2600 -0.0275
SOYBEAN MEAL
Last High Low Change
Aug '17 329.7 331.1 326.7 -0.8
Sep '17 331.7 333.1 328.8 -0.8
Oct '17 333.6 335.0 330.7 -0.9
Dec '17 336.8 338.8 334.2 -1.3
Jan '18 338.7 340.0 336.1 -1.2
LEAN HOGS
Last High Low Change
Aug '17 81.100 82.000 81.000 0.000
Oct '17 67.225 68.350 67.025 -0.625
Dec '17 61.975 63.325 61.750 -0.975
FEEDER CATTLE
Last High Low Change
Aug '17 152.950 153.950 151.800 0.675
Sep '17 153.150 154.100 151.925 0.825
Oct '17 151.950 152.600 150.575 1.100
LIVE CATTLE
Last High Low Change
Aug '17 116.425 117.375 115.800 0.550
Oct '17 117.400 118.375 116.850 0.325
Dec '17 118.175 119.200 117.725 0.075
DTN Click here for info on Exchange delays.
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