Skip to Main Content
Print

MARKET TREND Lower CU down 1, SQ up 3, WU unchanged

July 17, 2017 07:02 AM

HIGHLIGHTS

·       MARKET TREND—Lower: CU: down $.0250; SQ: down $.0050; WU: down $.0250; KWU: down $.0475 

·       MACRO:  Global markets are mixed, following Friday’snew highs in NY; Q2 PRC growth at 6.9%, above forecasts. ASIA—Higher: Nikkei, closed; Shanghai, -1.42%; Hang Seng, +0.31%. EUROPE: Mostly higher—DAX, -0.17%; FTSE, +0.57%; CAC, +0.07%.   WALL STREET—Futures, firm—DOW, +20; S&P, +2.00 NAS, +10.  EXTERNALS:  $ Index:+.065 @ 95.955; Aug Gold+$1.70 @ $1,230 Sep crude:+$.11@ $46.86/bl.  Del’ys: SBM, 25; SBO, 94; RR, 9; C, 147; ETOH, 0; HRW, 65; SB, 40; SRW, 0

·       T-storm Weather: Heat affects the southwest third to half of the central U.S. over the next week with maximums in at least the mid-90s for one-third to one-half of corn & soy.  Numerous waves flow along the edge of heat, causing thunderstorms to focus on the northeast two-thirds of the Corn Belt and adjacent areas of the central and northern Plains over today-Sat. followed by scattered rain to the south July 23-25; 0.50”-1.50” for most corn and soybeans, higher amounts of 1.50”-3.00” in MN & WI

·       CU, down $.0250 @ $3.7375; CZ, down $.04 @ $3.8650.  Fund buying on Friday was estimated at 7 K

·       SQ, down $.0025 @ $9.8875; SX, down $.0050 @ $9.9225.   Funds: bought 5 K SB, 4 SBM, 1 SBO. Board Crush: $.89, +1; LY, $.80

·       WU, down $.0250 @ $5.0825; WZ, down $.0275 @ $5.32.  The funds were even in Friday’s trade        

CORN/SORGHUM

·       Co​nsultant: Today’s USDA Crop Progress report is expected to peg U.S. corn Good/Excellent at 64-66% compared to 65% last week and 76% last year 

·       ATI Research: The 5-year average for U.S. corn silking increases approx. 20% from July 9-16 to 47%

·       T-storm Weather: Uncertainty is very high for U.S. weather from July 25 forward with the location of the high critical, but very difficult to determine.  A drier-warmer period is most probable, but it will take many days to determine

·       Export Inspections released at 10 am CDT; Corn, 33.3 mbu needed; 39.8 last week.  Milo—2.8 needed; 4.4 last week 

SOYBEANS/WHEAT

·       Consultant: Today’s USDA Crop Progress report is expected to peg U.S. soybean Good/Excellent at 61-63% compared to 62% last week and 71% last year 

·       ATI Research: The 5-year average for U.S. soybean blooming increases approx. 19% from July 9-16 to 51%

·       Export Inspections released at 10 am CDT; Soybeans, 19.1 mbu needed; 17.5 last week

·       Export Inspections released at 10 am CDT; Wheat, 18.1 mbu needed; 19.6 last week

·       ATI Research: The 5-year avg. for U.S. winter wheat harvest progress increases approx. 8% from July 9-16 to 73% 

·       T-storm Weather: Rainfall amounts of 0.50”-1.50” affect ~40% of U.S. spring wheat July 17-25

ENERGY

·       Up: CLU17+$0.11 @ $46.86; EBU+$0.20 @ $49.11;EBU-QCLU+.09; RBU+.0009; NGU+.027; HOU, +.0029

·       A firmer trend was noted in cash ethanol markets on Friday: Chicago and Gulf gained 1 ¾; New York added 2 1/8; Tampa and Dallas increased 1 ½; and LA was 4 higher at $1.80 ½ per gallon

·       Ethanol RINs were higher on Friday: 2016’s and 2017’s climbed 2 ¾ to 76 ½-79 

·       The Aug RBOB/Aug ethanol spread widened further on Friday, up $.0085 to +$.02250/gallon, premium ETOH 

  LIVESTOCK/POULTRY                                     ​

·       Choice boxed beef values eased 50-cents on Friday to $209.35, and are $9.49 lower compared to a week ago 

·       August live cattle futures on Friday closed at $117.80, the highest settlement price for the contract since June 26

·       USDA mandatory pork carcass cutout firmed 69-centson Friday to $103.97, but is still down 70-cents vs. last week

·       CME Lean Hog Index fell $0.06 on Fri. to $92.78.  July futures declined $0.15 and are $0.18 below the index

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather

 



The information contained in this e-mail is subject to a disclaimer. Please follow the link below to view. http://www.advance-trading.com/#!disclaimer/c16dt

 

Back

 

936 South Moore Road, Rochelle, IL 61068
(815) 562 - 8723 | Fax: (815) 562 - 7543 | Privacy Policy

facebook twitter gplus LinkedInyoutube

© Maplehurst Farms. All Rights Reserved. Disclaimer | View Mobile Site
The risk of loss in trading commodity futures contracts can be substantial.
You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.

Market, News and Weather information provided by

image001

 

close (X)