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New month/new money. Follow through buying is seen this morning for corn (Sep. above 100-day MA) and soybeans (Aug highest since April fools’ day). Chicago and KC wheat are higher following corn. Rain forecast for the northern Plains is pressuring MN wheat. USD and WTI crude were firmer and US equities lower. Japan is in for feed wheat and Algeria bought 300,000 tons of food wheat. China cash crush margins improved from yesterday and China soybean meal futures were up 1.8 percent. Malaysian palm snapped a 5-day losing streak by trading 30 MYR higher. Rotterdam vegetable oil and meal prices are sharply higher from this time yesterday morning. Today we get Brazilian trade data and EIA ethanol production. US crush and corn use will be out after the close. We don’t expect much in the way for Chinese demand. Look for the trade to remain focused on the drier pattern for the WCB post July 4.
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International │190 S LaSalle St., Suite 410│Chicago, IL 60603
W: 312.604.1366
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Skype: fi.treilly
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foreign-pricesFI070120.pdf
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