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AgriVisor Morning MarketWatch

 
Wednesday, July 03, 2019
It is a thinly traded overnight session across most markets as traders gear up for the holiday. Grain futures are green with help from light technical buying. Fresh fundamental news is limited. The forecast is mostly conducive to improved crop conditions. There has been no further progress announced regarding U.S./China trade talks, but traders expect additional Chinese soy business could come any day. Uncertainty over the government acreage estimates continues to hang over the market. The next crop report is on July 11th, but results from the acreage resurvey won’t be made available until August 12th.  

Highlights 
* Happy 4th of July!
* Grain markets close at noon central, re-open at 8:30 Friday
* Trading volume light, grains stage technical rebound overnight
* USDA official says prevent plantings could exceed 10 mln acres
* Oil rebounds after sharp Tuesday tumble; demand is a concern
Corn
* CZ19 approaches test of Monday’s high at $4.35 ¾
* Ethanol production report released mid-morning
* Managed money still net-long more than 100,000 contracts
* Farmdoc analysts project negative farmer returns in N IL
Soybeans
* China’s African swine fever problem a worry for soy demand
* SX19 attempts to retake support from $9.00
* SX19/CZ19 multiple rebounds to 2.1
* Soyoil futures lagging the complex with pressure from palm oil
Wheat
* European production potential strong this year
* Australia dealing with drought issues
* Harvest highly variable; high yields on fields not flooded
Livestock
* China will promote large scale hog production to combat ASF
* Cattle traders eye possible seasonal bottoming of cash trade
* Friday export numbers key to near-term livestock direction
 

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