Tonight’s Futures Closes:

(Futures contracts highlighted in green were the bull leaders today; futures prices highlighted in red were the bear leaders today.)

July 17 Corn $3.9175 +9.5 July 17 Soybeans $10.2025 +24.25

Sep 17 CH Wheat $5.50 +15.0

Sep 17 Corn $4.02 +9.5 Aug 17 Soybeans $10.2475 +23.75 Dec 17 CH Wheat $5.74 +16.25

Dec 17 Corn $4.1475 +10.0 Nov 17 Soybeans $10.3925 +23.75

Sep 17 KC Wheat $5.5725 +14.25

Mar 18 Corn $4.2375 +10.0 Jan 18 Soybeans $10.4675 +23.5

Dec 17 KC Wheat $5.8325 +14.5

May 18 Corn $4.28 +9.75 Mar 18 Soybeans $10.43 +24.25 Sep 17 MN Wheat $7.975 +30.75

Dec 17 Oats $2.9025 +4.25 Nov 17 Rapeseed $530.4 +13.1 Dec 17 MN Wheat $7.905 +29.75

Dec 17 Meal $345.6 +7.6 Oct 17 Cotton $67.72 -2.03 Sep Dollar Index 95.810 +0.018

Dec 17 SB Oil $34.17 +0.85 Dec 17 Cotton $67.29 -1.30 Aug Crude Oil $44.49 +0.26

Oct 17 Cattle 113.425 -0.400 Mar 18 Cotton $67.19 -1.19 June Gold $1217.2 +3.9

Oct 17 Feeder

143.425 -0.500 July 17 Rice $1202.5 +3.0 Sept S&P 2425.00 +2.40

Oct 17 Hogs 69.950 -1.025 Nov 17 Rice $1222.0 +1.5 Sept Dow Jones 21360 -10

Monday, July 10, 2017

The weather market is on!! Today was the 10th straight

higher close for soybeans, & the 7th straight higher close

for corn. November ’17 soybeans topped their February

peak ($10.34 ½), and then their November (previous)

contract high ($10.43). December ’17 corn broke above

its June high ($4.09) and traded to its highest level in 13

months! But Minneapolis wheat was again the upside

leader after giving up more than a dollar from its high last

week. Minneapolis September ’17 wheat found

excellent support at its 9-day moving average Friday, and

bounced sharply off of that support line today.

Diana Klemme said today, “This isn't just a US rally today.

China futures were higher, Canada canola futures gapped

higher today, & French wheat gapped higher and is just

fractionally below the contract high set about a week

ago. Palm oil futures were also at a 6-week high today.”

I know these weather markets can run for some time – at

least until the forecast changes. But with one eye on the

weather, also keep an eye on technical indicators like the

RSI & stochastics. The RSI on December ’17 corn is at 68,

nearing overbought, while the RSI on November ’17

soybeans is at a whopping 81! Consider defending price

by hedging, buying puts, or minimum price (hedge & buy

calls) strategies.

Friday’s Commitment of Traders Report showed that

managed funds are continuing to cover short positions in

corn & soybeans, have now gone LONG WHEAT for the

first time in two years, and continue to sell off their

length in cotton. These folks ARE the dominant factor in each of these markets right now! And since they still have soybean shorts to

cover, this market can go higher despite being a month away from when the soybean crop is typically “made”. I’m cautious in wheat that

they could end their buying spree any day, & corn will need continued hot & dry weather forecasts to keep them buying.

Analyst Average Estimates for July 12 USDA Supply/Demand Report

Crop Progress Here are some of the “highlights” & “lowlights” from this week’s Crop Progress report:

Corn condition 65% good/excellent – down 3%

Soybean condition 62% good/excellent – down 2%

Cotton condition 61% good/excellent – up 7%

Spring Wheat condition 35% good/excellent – down 2%

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2017 Production Ending Stocks