AgriVisor Morning MarketWatch

Tuesday, July 02, 2019
***** Corn futures down 1 to 2 cents ahead of the break; soybeans off 2 to 3; Chicago wheat lower by 5 to 6. *****

Grains try to turn around after a tough start to the short holiday week. Uncertainty lingers from Friday’s acreage report and keeps buyers at bay. Monday’s Crop Progress report is lending some support after conditions did not improve as expected. Recent progress reported for U.S./China trade talks is a friendly influence. 

* Late planting progresses under mostly clear skies
* Scattered showers in the forecast rest of the week
* Hedge funds trimming newly-built corn long
* Monday selloff inflicts technical damage to soybeans
* Outside markets quiet, oil futures facing technical pushback
* Corn rated 56% Good/Excellent
* Record Brazilian safrinha crop to put total output near 100 mt
* Managed money estimated net-long 105,000 contracts
* CZ19 tests support from 50-day moving average ($4.18 3/4)
* Soybeans rated 54% Good/Excellent 
* U.S. plantings called 92% complete thru Sunday evening
* USDA daily export reporting system eyed for China purchases
* May bean crush slight better than expected at 165.3 mt
* Winter harvest 30% complete versus 48% average
* Top-buyer Egypt tendering for wheat this week 
* Early yields strong; quality a concern
* Nearby Chicago futures approach key tech test at $5.00
* Choice beef prices up 3.7% from year ago, select down 1.5$
* Traders watch holiday weather for guidance on demand
* Hogs supported by hopes of returning interest from China