Wheat Pop & Cattle Drop
Presented by Heartland Investor Capital Management Inc. CTA
Corn
Corn consolidated after failing at the 200-day moving average.
Weather remains supportive but not overly threatening.
Spain tariff concerns are viewed as temporary market noise.
Seasonally, corn often rebounds into mid-July.
Resistance remains near 475-485 if 465 is reclaimed.
Soybeans
Soybeans continue correcting after a strong rally.
China demand remains supportive despite profit-taking.
The market remains focused on August weather risk.
Yields below 53 bpa could quickly tighten supplies.
Technical outlook still favors another leg higher.
Wheat
Winter wheat production is expected to decline in Friday’s report.
Chicago and Kansas City wheat posted strong technical recoveries.
Both contracts closed above any June settlement.
Harvest pressure appears to be fading.
Charts continue pointing toward additional upside.
Cattle
Live cattle remain under severe pressure after an extended selloff.
Feeder cattle continue breaking important technical support.
Markets remain concerned about potential Mexican cattle imports.
Border reopening speculation remains unconfirmed.
Key support levels will be closely watched into next week.
Weather
Forecasts remain warm with modest rainfall opportunities.
No major changes developed from midday weather models.
Pollination weather remains an important market focus.
Forecast adjustments will likely drive next week’s trade.
Friday WASDE Preview
Trade expects only minor corn yield adjustments.
Soybean production estimates may edge higher.
Winter wheat production is expected to decline.
Corn and wheat carryout estimates are expected to tighten.
Markets will focus on any surprise demand revisions.
Provided by:
Eugene Graner,
Heartland Investor Capitol Management, Inc., CTA
(A separate entity from Heartland Investor Services)
Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable to Heartland Investor Capital Management, Inc. but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK of LOSS involved in trading futures and / or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. The information contained in this newsletter is privileged, confidential and protected from disclosure. Any further disclosure or use, distribution, dissemination or copying of this message or any attachment is strictly prohibited. Provided by Heartland Investor Capital Management, Inc. a registered CTA with the NFA, of which Eugene Graner is principal. This entity is a separate legal entity from the Introducing Broker Heartland Investor Services.