Stewart-Peterson Market Commentary

Closing Commentary - July 23, 2019

Top Farmer Midday Update 7-23-19

CORN: Corn futures are trading steady to slightly weaker. Softer bean prices and a lack of new positive news is weighing on futures today despite a 1% drop in the good and excellent category on last evening's Crop Ratings report. Expectations for continued conducive weather in the week ahead is also a factor.

SOYBEANS: Bean futures are weaker today losing anywhere from 2-1/2 to 5 cents at mid-session. Aug is leading the way lower closing at 8.83-1/4. Futures are holding support, but a poor close yesterday below the 10 and 40-day, as well as 20-day moving averages is setting up a technical negative picture for bean futures.

WHEAT: Wheat futures have traded mixed most of the morning and trading near steady at mid-day. The technical picture looks very challenged with prices trading at or below the 100-day moving average on Sep futures. Harvest pressure is likely going to continue to pressure prices this week as good weather in the forecast should allow combines to run nearly wide open.

CATTLE: Cattle futures are trading with small gains of 7 to 32 cents on expectations for steady to stronger cash. Mixed cutout values are offering little direction.

HOGS: Hog futures are trading 45 to 1.60 higher on continued ideas of stronger ash. Slaughter numbers are remaining large, but today's move above the 50-day moving average in August looks supportive. The Oct contract, gaining 1.35, is up against the 100-day moving average at 80.85.

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