Midday
In The Markets
GRAINS
Grains are trading mixed after yesterday’s losses as the
market continues its attempts to ration demand. Beans are slightly higher after
mixed trading and strong demand by processors. Domestic soybean crushers
processed 137.4 million bushels in July which is about 6mb higher than analysts
expected. Soybeans continue to receive relief from cooler weather and more
rainfall forecasted in the coming days. August bean futures expire today. After
trading higher overnight wheat is currently lower as it follows in the
footsteps of corn. Corn is currently a few cents firmer after trading mixed.
LIVESTOCK
Live cattle are trading mixed on tightening supplies,
strengthening demand, and profit taking after reaching three month contract
highs. Feeder cattle are stronger on stable corn prices. Cash cattle markets aren’t
expected to trade until late this week with no bids or asks currently. Lean
hogs are mixed with August futures expiring today and profit taking after
yesterday’s rally. October hog futures are higher on the wide discount to cash
prices. Cash hogs are expected to weaken on rising supplies. Pasture conditions
were mostly stable in yesterday’s report due to the fact that they can’t get
much worse than they already are.
ENERGY & FINANCIALS
US stocks are higher after an unexpected strong July retail
sales report this morning showed that consumers are still spending in all major
categories. Retail sales rose by the most in five months at 0.8% in July. This
is after a 0.7% drop in June. Greece held its largest debt sale in two years as
it raised $5 billion in short term debt in order to pay off a bond that matures
next week. Crude oil is up again today on the positive news from the
retail sales report while the US dollar also turned higher after the report was
released.
Lance Kuhlmann
800-328-6530
The Right Decisions for the Right Reasons
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