Stewart-Peterson Market Commentary

Closing Commentary - June 26, 2017

Top Farmer Opening Calls 6-26-17

CORN:Corn futures start the week in the green, up 2 cents to 3.68 (Sep) and 3.76-3/4 (Dec). Managed money is now estimated to be short 90,000 corn contracts after selling an addition 17,000 lots on Friday. Contracts are hovering above 9-month lows awaiting Friday’s Quarterly Grain Stocks and Acreage Data. Today, we’ll get Weekly Export Inspections at 10:00 am followed by crop ratings after the close. For now, The U.S. Midwest weather forecast has average to above average precipitation for the next week to 10 days. Temps will run below average for the first half the week before warming up. Outside markets offer support with crude up 30 cents and the dollar down slightly, slumping to a one-week low.

SOYBEANS:Soybean futures opened higher with Jul beans up 5-1/4 cents to 9.09-3/4 and, Nov up 6-1/4 cents to 9.17-1/4, about a dime off Friday’s new low of 9.07. Managed Money is estimated to be net short net short 113,000 Soybeans; net short 55,000 lots of Soymeal, and; net long 1,000 lots of Soyoil. In tender activity, USDA announced a sale of 110,000 tons (4 mil bu) of old crop beans going to Bangladesh.

WHEAT:Wheat futures are lower and at 1-1/2 week lows at the CBOT and KCBOT, higher at the MGE. Sep CBOT wheat is down 6 cents to 4.67—1/2; Sep KC is down 7 cents to 4.75-1/2. Sep MPLS wheat is up 6-1/4 cents to 6.72-1/2 as dry conditions prevail over the U.S. northern Plains. New highs were posted in the overnight trade with double-digit gains noted. In tender activity, Iraq seeks 50,000 tons of optional-origin wheat.

CATTLE:Cattle futures opened lower in reaction to Friday’s May ‘Placements’ figure coming in above trade guesses at 112% of last year’s number. This is pressuring contracts in early dealings, but not pushing them sharply lower. Jun live cattle are down .400 to 118.800. Aug is down .475 to 114.800. Aug feeders are steady at 144.950.

HOGS:Hog futures opened mostly higher with today’s cash hog trade slated to trade steady to $1.00/cwt higher. Jul hogs are up .400 to 85.700. The contract’s high from last Wednesday lies up at 86.400. Aug hogs are up .350 to 79.000.

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