This week’s crop conditions showed stabilized corn and soybean yield potentials, as crop conditions were basically unchanged from last week for both crops.
Buyers have stepped in to help the soybean market.
Most wheat futures markets pushed into new contract lows last week, tugged lower by corn and sharp losses in the soybean complex.
So far, it looks like the bears will be controlling the markets this week.
Speculative investors raised net-short positions in corn and cut net longs in soybeans to the highest levels since April 15.
Beef supply has been large due to heavy placements of heavy calves and the beginning of more females coming to market as herd expansion may be slowing.
Signs of lower U.S. beef demand appear.
According to our cattle market analyst, kills are running larger than expected, but that doesn't change anyone's mind about supplies.
The week's kill was estimated at 598,000 head according to USDA's estimated kill report. That is just under last week's big 611,000 head run.
In the June Hogs and Pigs survey, pork producers told USDA they had increased the size of the breeding herd by 1% relative to year-ago levels.