Unseasonably hot weather blanketed much of the West and Northeast during the week, promoting rapid summer crop development. Elsewhere, temperatures in portions of the Tennessee and middle Mississippi Valleys averaged more than 6°F below normal. Rainfall was scattered across the country during the week, with portions of the West accumulating much-needed moisture. Similarly, areas east of the Mississippi River received beneficial rainfall. Most notably, rainfall totaling more than 4 inches fell on many Southeastern locations. Corn: 6% of the nations crop was at or beyond the silking stage. Most of the corn belt benefited from warmer drier weather that boosted crop development. There were reports that in Iowa, some fields would soon need some rainfall. Roughly 68% of the corn crop was reported to be in good to excellent condition. July Corn pushed up 0.82% to finish the day at 709.75c/bu. Technically the gap has been closed but the price needs to break the 716.73 level to remain bullish. This will be determined upon the next USDA data release, my prediction is that prices will not hold this level and we could see a pull back to around the 674 level. Soybeans: 95% of the national soybean crop was at or beyond the silking stage. Illinois had warm weather and good soil moisture, this aided crop development but progress was still lagging. 10% of the national crop hit blooming stage. It is estimated that 67% of the crop was in good to excellent condition. /ZSX3 contracts have come under a lot of pressure but the sellers look to have run out of momentum. I anticipate prices to run back up to 1357-1365. Wheat: 57% of the national wheat crop has been harvested by July 7th. In Kansas, dry weather spurred harvest in northern locations, while producers in central and southern areas finished harvesting. Elsewhere, additional rainfall in portions of the eastern Corn Belt and Southeast left producers struggling to harvest wet fields. I feel as though the low has been found at 652.25 and the Doji confirms the change in the immediate trend. A close above 692.45 will confirm a change in trend. Chinese demand for pork has sent Hogs futures rallying today. Chinese pork prices went up 0.3% last week. Hog Futures for August delivery rallied 1.2% today to 96.275c/pound at 10am on the CME. -By New York corrospondent Kyle McCulloch bullsnbears.co.za/2013/07/unseasonably-hot-weather-blanketed-much-of-the-west/#/vanilla/discussion/embed/?vanilla_discussion_id=0 globalgrains1agrihedge.wordpress/2013/07/10/unseasonably-hot-weather-blanketed-much-of-the-west/
Posted on: Wed, 17 Jul 2013 14:03:03 +0000
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