Market to Market - Market Analysis

For the week, September wheat fell 21 cents while the nearby corn contract plummeted 24. Bulls are fighting over a struggling U.S. crop and cheaper South American options in the soy complex. The August soybean contract decreased 12 cents. August meal declined $3.60 per ton. December cotton improved 39 cents per hundredweight. Over in the dairy parlor, August Class III milk futures improved 13 cents. The livestock sector was mixed. October cattle lost $1.48. September feeders sold off $2.75. And the October lean hog contract rose $5.70. In the currency markets, the U.S.

Traders appeared to shake off the USDA report as weather concerns linger in the market. For the week, September wheat gained 8 cents while the nearby corn contract bumped 16 cents higher. The government lowered yield projections for the new crop helping offset less buying by the Chinese. The August soybean contract jumped higher by 37 cents. August meal improved $9 per ton. December cotton plummeted $4.14 per hundredweight. Over in the dairy parlor, August Class III milk futures declined 36 cents. Livestock was in the green again.

Even with uncertainty over acres and the hope of progress in the ongoing trade war with China, the grain markets were mixed. For the week, September wheat dropped 12 cents while the nearby corn contract bumped 14 cents higher. USDA’s concern their numbers don’t reflect what’s really out there countered optimism over progress in Chinese trade talks. The August soybean contract plummeted 29 cents. August meal lost $9.50 per ton. December cotton gained 74 cents per hundredweight. Over in the dairy parlor, August Class III milk futures added 33 cents. Livestock was in the green.

The looming question of acreage lost to bad planting weather was answered on Friday when acreage and stocks reports were released. For the week, September wheat dropped 4 cents while the nearby corn contract plummeted 23 cents. Funds and private estimates of a bearish stocks report have been pushing the price of soybeans lower. USDA estimates a 10 percent reduction in planted acres. The news helped the August contract claw its way back to a 4 cent loss. August meal closed $1.70 per ton. December cotton gained 52 cents per hundredweight.

Friday was the first day of summer. Rains continue to keep the last of the unplanted fields just out of reach. For the week, July wheat cut 13 cents while the nearby corn contract lost 11 cents. An unknown number of unplanted acres and the prospect of a sideline meeting between Presidents Trump and Xi gave a boost to the soybean complex. The July soybean contract grew by 6 cents. July meal lost $7.90 per ton. December cotton dropped 19 cents per hundredweight. Over in the dairy parlor, July Class III milk futures added 24 cents. Livestock took it on the chin. August cattle lost $2.05.

Corn traded in territory not seen since May 2014 as the USDA came to the realization the 2019 crop may be in trouble. For the week, July wheat jumped higher by 34 cents while the nearby corn contract rocketed up 37 cents. Spec funds joined weather in running the soy complex higher. The July soybean contract improved 41 cents. July meal gained $11.20 per ton. July cotton increased 41 cents per hundredweight. Over in the dairy parlor, July Class III milk futures added 21 cents. Another mixed week in the livestock market. August cattle gained 98 cents. August feeders declined $1.72.

Trade talks, planting progress and private acreage estimates pushed the markets lower. For the week, July wheat slipped 2 cents while the nearby corn contract declined 11 cents. Improving weather conditions for planting pressured the soy complex. The July soybean contract dropped 22 cents. July meal dropped $9 per ton. July cotton shrank $2.49 per hundredweight. Over in the dairy parlor, July Class III milk futures fell a penny. Another mixed week in the livestock market. August cattle gained 22 cents. August feeders improved $4.12. And the July lean hog contract cut $2.58.

Threats of a Mexican trade war failed to pull out the massive weather gains in the market. For the week, July wheat gained 14 cents while the nearby corn contract shot 23 cents higher. The soy complex was bolstered by poor planting weather. The July soybean contract skyrocketed 48 cents. July meal tagged along moving up $20.80 per ton. July cotton shrank 31 cents per hundredweight. Over in the dairy parlor, June Class III milk futures fell a dime. The livestock market felt pressure from higher grain prices. August cattle lost $4.87. August feeders shed $10.10.

The weather leads the trade war for dominance in the commodity markets. For the week, July wheat gained a quarter while the nearby corn contract rocketed 21 cents higher. The soy complex fought a see-saw battle as prevent plant, weather and the MFP decision pushed the market around. The July soybean contract gained 8 cents. July meal bumped up $6.20 per ton. July cotton gained $2.40 per hundredweight. Over in the dairy parlor, June Class III milk futures fell 16 cents. The livestock market had a down week. August cattle lost $3.33. August feeders shed $2.27.

Traders apparently noticed that four major corn producing states report single digits of corn planting progress. For the week, July wheat gained 40 cents while the nearby corn contract jumped 32 cents. The soy complex went along for the ride much of week before another selloff Friday as the prospect of more acres became a stronger possibility. The July soybean contract improved 13 cents. July meal increased $7 per ton. July cotton fell $2.46 per hundredweight. Over in the dairy parlor, June Class III milk futures went up 15 cents. The livestock market was mixed. June cattle lost $1.17.

The trade dispute with China, wet weather, and the WASDE report all were unfriendly to the commodity markets. For the week, July wheat dropped 13 cents while the nearby corn contract plummeted 19 cents. Unresolved trade negotiations with China and lower export sales cut the legs from under soybeans as the July contract plunged 33 cents. July meal lost $10.90 per ton. July cotton fell $7.23 per hundredweight. That's almost 10%. Over in the dairy parlor, June Class III milk futures lost 31 cents. The livestock market remained mixed. June cattle lost 98 cents. August feeders put on 45 cents.

Wet fields, an announcement that a trade deal was close and a lower priced South American product were a mixed bag for the grain markets. For the week, July wheat fell a nickel while the nearby corn contract bounced a dime higher. Another week promising the end to the trade war, coupled with lower priced Brazilian soybeans continued to drag prices lower. The July soybean contract plunged another quarter. July meal lost $5.50 per ton. July cotton fell $2.02 per hundredweight. Over in the dairy parlor, June Class III milk futures improved 23 cents.

17th century English author Thomas Fuller coined the phrase “the darkest hour is just before dawn”. Many in the trade are hoping first light appeared in the form of late-week gains. For the week, July wheat fell 6 cents while the nearby corn contract also dropped 6 cents. The broken record of no trade deal with China and a nearly-complete South American harvest impaired upward movement. The July soybean contract plummeted 27 cents. July meal lost $3.10 per ton. July cotton declined 57 cents per hundredweight. Over in the dairy parlor, May Class III milk futures improved 62 cents.

The markets deflated as trade news diminished and drier weather patterns returned. For the holiday-shortened week, July wheat plummeted 20 cents while the nearby corn contract dropped 2 cents. The South American crop got larger and the amount of news from the U.S. and China negotiating table got smaller.  The July soybean contract fell 15 cents. July meal lost $4.80 per ton. July cotton declined 59 cents per hundredweight. Over in the dairy parlor, May Class III milk futures weakened seven cents. The livestock market ended mixed. June cattle added $1.23. August feeders put on $1.98.

Midwestern weather, a potential trade deal and a WASDE report did little to move the commodity markets. For the week, May wheat lost 3 cents while the nearby corn contract dropped 2 cents. Lower than expected export sales, a large South American crop, and reduced Chinese buying pulled the May soybean contract 4 cents lower. May meal lost a dime per ton. May cotton declined 14 cents per hundredweight. Over in the dairy parlor, May Class III milk futures lost a penny. The livestock market ended mixed. June cattle added $1.10. May feeders put on 27 cents.