USDA Stocks & Acreage Report
Presented by Heartland Investor Capital Management Inc. CTA
Corn:
USDA stocks came in nearly 100 million bushels below estimates.
Feed demand continues to exceed expectations.
Corn acreage remained unchanged at 95.3 million acres.
Trade still expects prevented planting to reduce acres later this summer.
Support sits near 408 September futures.
Resistance remains around 440-450.
Soybeans:
Quarterly stocks increased modestly from expectations.
Acreage was largely in line with trade guesses.
The 200-day moving average continues holding near $11.25.
Attention now shifts back to weather and possible China demand.
Mid-July remains an important seasonal turning point.
Wheat:
USDA reduced total wheat acreage by over one million acres.
Winter and spring wheat acres both declined.
Chicago and Kansas City wheat posted bullish reversal sessions.
An early seasonal harvest low may now be developing.
Watch July 6 as an important cycle date.
Cattle:
Live cattle remain under technical pressure below key moving averages.
Feeder cattle momentum has weakened considerably.
A close below 361 in August feeders would be technically negative.
Cash prices remain strong despite futures weakness.
Markets are watching post-July 4 beef demand closely.
Weather & Outlook:
Good U.S. growing conditions continue limiting corn rallies.
European corn prices remain elevated and support export opportunities.
Strong export demand could tighten new crop corn carryout.
Weather will remain the primary market driver through July.
Attention now turns toward the July WASDE report.
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.