Grain markets supportive early Monday morning ahead of pivotal data from government reports. Weather situation remains problematic as the 6 to 10 day outlook shows continued above average rainfall. The trade expects a 1-3% drop in crop conditions in the Monday USDSA crop progress report. Tuesday at 11am CDT, the USDA releases the June 30 acreage and stocks reports, both of which could cause a large market move in either direction. Greece has shut down their banks for the week and put a limit on withdrawals. The US Dollar index is down .77 to 95.60. July corn futures gained 4 cents to $3.89/bushel early Monday morning, while December was up 4.5 cents to $4.065.
The soy complex is trading mixed at the start of the week. Crop condition ratings and acreage estimates and stocks will be the main focus going forward as the markets assess how much weather has impacted the crops . Focus will be on how many acres have been lost due to wet fields in addition to how much yields will be affected. July soybeans gained 3.25 cents to $10.0525/bushel at dawn Monday morning, while July soyoil edged lower .21 cents to 33.01 cents/pound, and July meal climbed $2.1 to $343.4/ton.
Wheat futures are also stronger to start the week after surging on Friday. Winter wheat harvest has hit hard by rain and final impact remains to be seen. July CBOT wheat futures gained 5.75 cents to $5.68/bushel early Monday morning, while July KC wheat advanced 4.25 cents to $5.635/bushel, and July MWE climbed 2.25 cents to $5.98.
Live cattle futures traded mixed Friday after a larger breakdown in the proteins this week. The supply-demand picture is sure to take new shape in the coming weeks and months as the markets put the 4th of July in the rear view mirror and anticipate Labor Day demand. Retail competition with poultry and pork may impact production decisions going forward. August cattle futures rose .02 cents to 148.62 cents/pound at the close Friday, while December futures dropped .15 cents to 152.32. Meanwhile, August feeder cattle futures dropped 1.87 cents to 217.62 cents/pound, and November feeders lost .67 cents to 213.12.
Lean hog futures firmed up on Friday perhaps on bullish sentiment ahead of the Hogs and Pigs report to be released this afternoon. Full coverage and reaction to this report coming shortly. The average estimates reported for the report are: 107.8 percent for all hogs and pigs, 102% for kept for breeding, and 108.6% for kept for market. August hog futures gained .80 cents to 72.78 cents/pound, while December dropped .50 cents to 61.12.