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Attention Turns to Crop Ratings

31 мая 2017 года

Good Morning! Paul Georgy with the early morning commentary forMay 30, 2017.

Grain marketsare loweras tradersreturn from the long holiday weekend. Outside markets have a heavy data week in front of them, beginning today with PersonalSpending.

How is South America Impacting U.S. Prices?Allendale’s Ag Leaders Monthly Webinar Series recorded on Tuesday evening is worth your time to listen in. Get a first-hand look at how South American culture, politics, currency, and more impact agriculture there and abroad.View Here.

US Crop ratingsare expected at 3:00 PM CDT for corn and spring wheat. The five-year average for the first Good-to-Excellent rating of the year is 72%for corn, and a 70% for spring wheat. Average trader estimates for this afternoon's report will be out later this morning.

Chart picturefor soybeans looks weak after Fridays close. Fundamental issues remain heavy as Chinese markets are closed today and Brazil's political problems are not over.

Commitments of Traders, reported Friday afternoon, showed managed money funds net buyers of 27,406 corn contracts to reduce their net short position to 176,503 contracts through May 23rd. They were net sellers of 25,832 soybeans (now short 62,355), and buyers of 8,174 wheat (now short 113,211). Funds also bought 841 cattle, and 15,195 hogs to bring them net long 130,686, and 48,750 contracts respectively.

Russiahas exported 25.3 million tonnes of wheat in the current marketing year which ends June 30th according to the Institute for Agricultural Market Studies. The number represents a new record for Russia, but it is expected to quickly be broken with the 2017/18 crop.

FranceAgriMerestimates the French soft wheat crop is 76% good-to-excellent, a one percent increase from last week's 75%.

Argentina's Chief of Agricultureestimates the Argentine wheat crop at 20 million tonnes, a record for the country. He cites investment in better technology for the crop increase.

Managed money fundswere estimated buyersof 8,00 corn contracts, and 8,000 wheat in Friday's trading session. They were estimated sellers of 8,000 soybeans, 3,000 soymeal, and 3,000 soyoil.

Important Economic reportsout this morning includePersonal Income and Personal Spending at 7:30 AM CDT, and Consumer Confidence at 9:00 AM. Employment and earnings data out later this week will also be important tomonitor.

Cattle on Feedon Friday was viewed bearish by analysts. Placement, weresurveyed at 1.848 million head for April, the largest in 14 years.Marketings of finished cattle out of the feedlot in April came to 1.703 million head, 2.7% over last year.Cattle on Feed in the nation’s feedlots as of May 1 came to 10.998 million head. That was 2.0% over last year and over the 0.8% trade estimate.

June Live cattleoption expiration is Friday.

June live cattlefutures closed $2.10 lower on the week as funds continue to exit the June contract ahead of first notice day next Monday. June contract is caught in a trading range between 125.00 and 120.50. A break out of this range is likely to cause a further move in the direction of the breakout.

June lean hogfutures closed $2.32 higher last week posting new contracts highs on the close Friday. Managed funds were net buyers of over 15,000 contracts as reported on the CFTC's Commitment of Traders report. Technical support is now set at the $80.00 level in the June and July futures contracts.

Dressed beefvalues were lowerwith choice down .51and select down .53. The CME Feeder Index is 143.89. Pork cutout value is down .02.

Markets At-A-Glance – 5:00 AM

Jul Corn - 3 1/4
Jul Beans -1 1/4
Jul Wheat -3 1/2
Jul Soymeal +.80
Jul Soyoil -.10
Jun Dlr +.07
Jun S&P -1.30
Jul Crude -.15
Jun Gold-5.20
Technical Chart of the Day


Source: insidefutures.com  |  #all   |  Comments: 0   Views: 102

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