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Market Commentary from the Northern Ag Network: 6/26/2017 3:00 PM
July K.C. wheat closed down 11 1/4 cents and July Chicago wheat was down 9 3/4 cents, both pressured by recent harvest progress and generally favorable wheat conditions outside of North America. July Minneapolis wheat was up 2 1/2 cents, the one bullish trend in grains where prices are still pushing higher while conditions in the northwestern Plains remain seriously dry. Harvest reports from the Kansas Wheat Commission and other sponsors continue to show reports of solid 60 to 70 bushel an acre yields in central Kansas, which appear to be taking the steam out of last week's new three-month highs. Friday's CFTC data showed noncommercials covered all but 11,083 net shorts in Chicago wheat as of June 20, leaving them with their smallest bearish holding since February. As usual, commercials took advantage of wheat's new highs and reduced net longs from 58,560 to 11,743. Winter wheat prices could still get bullish help from spring wheat problems, but it may be difficult to top last week's highs without added help from other wheat regions and so far, outside problems seem minimal. For now, all three wheats remain in uptrends. DTN's National SRW index closed at $4.40 Friday, priced 20 cents below the July contract and down from its highest price in a year. DTN's National HRW index closed at $4.03, down from its highest price in a year.
December corn closed up 1 3/4 cents Monday, ending last week's five-day selling streak, but not by much. After Friday's new 6-month low and another seven-day forecast promised rain over most of the Midwest, traders are finding it difficult to stay long corn and have been letting go of their long trades. Friday's CFTC data showed noncommercials reducing net longs from 85,258 to 41,900 as of June 20 as prices tumbled lower. Friday's Cattle on Feed report was slightly friendly for corn with USDA counting 11.1 million head on June 1, up 2.7% from a year ago and more than expected. USDA said 38.0 million bushels of corn were inspected last week, a lower total that is bullish enough to keep total corn inspections up 41% in 2016-17 from a year ago. Friday's Acreage and Grain Stocks reports will certainly be interesting and may hold a surprise for corn prices. So far, December corn is back in a downtrend as forecasts seem to be holding more sway than this year's crop concerns. DTN's National Corn Index closed at $3.19 Friday, priced 38 cents below the July contract and at its lowest price in 12 weeks. In outside markets, other commodities were mixed with August cattle limit up and the September U.S. dollar index up 0.08.
Ag Center – Cattle Report
Livestock Marketing Information Center
Kansas State – AgManager.info
North Dakota State – Livestock Economics
University of Missouri – Farm Marketing