The Fireworks Aren’t Only For Independence Day This Year
Presented by Heartland Investor Capital Management Inc. CTA
Corn
USDA’s June 30 report confirmed corn stocks are tightening.
July WASDE would already imply carryout near 1.86 billion bushels.
Additional acreage reductions could push carryout below 1.8 billion.
European corn prices continue making new highs.
Strong European demand could increase U.S. export opportunities.
Weather remains favorable, but the supply story is becoming more supportive.
Soybeans
Soybeans continue battling major moving average resistance.
China continues checking bids despite no official purchases announced.
Gene believes China may be accumulating futures ahead of purchases.
About 26 MMT still needs to be purchased this year.
Markets remain rangebound while waiting for Chinese demand.
Technical resistance continues limiting rallies.
Wheat
Gene believes the harvest low may already be in place.
Harvest has moved beyond the 50% complete mark.
European dryness continues supporting longer-term fundamentals.
International buying remains active from several importers.
Key resistance still needs to be broken before confirming a trend change.
The focus shifts toward building a longer-term price base.
Weather
Midwest weather remains favorable for pollination.
Heat is retreating back toward the Southwest.
France stays mostly dry despite brief cooling.
Germany, Poland and Ukraine still face moisture concerns.
European crop stress continues supporting corn prices overseas.
Long-term moisture deficits remain significant across key production areas.
Cattle
Live cattle continue breaking technical support levels.
The market has closed below key moving averages for several sessions.
Border reopening rumors continue circulating but remain unconfirmed.
Seasonal beef demand concerns may also be weighing on prices.
Feeder cattle are testing important longer-term technical support.
The next few sessions could determine whether a larger correction develops.
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.