Top Farmer Opening Calls 7-31-18
Stewart-Peterson Commentary - SPC - Tue Jul 31, 8:49AM CDT

CORN: Corn futures are higher as weather premium trickles into the market amid a warmer and drier forecast. Dec is up 5-1/2 cents to 3.86-3/4 and is now trading at a six-week high, further defining a bottom to the market. On the upside, 3.89-3/4 represents the 50% retracement of the May-July sell-off, after traders pushed prices above resistance at 3.80-1/2 where that level now becomes near-term support followed by Friday's low at 3.73-1/2 acting as another layer of key corn support.

SOYBEANS: Soybean futures are making new highs for the move with Nov up 17-1/2 cents to 9.07-1/2 while charging through the psychological $9.00 price level for the first time since late June. The action is positive and reveals eager bean buyers on the dip to 8.57, which is new support for the actively traded contract. For now, politics aside, weather is the main market topic and is friendly for prices.

WHEAT: Wheat futures are higher as specs look to continue building their new net-long position in SRW wheat. Sep CBOT wheat is up 12 cents to a new two-month high of 5.58-1/2. From here, bullish traders will eye the May 29 high of 5.70-1/2. Sep KC wheat is up 7-1/2 cents to 5.55-1/4, which is a new six-week high, and Sep MPLS wheat is up 7 cents to 6.08.

CATTLE: Cattle futures are mixed as traders exhibit caution over strong technicals and rising feed costs. Aug live cattle opened 0.150 lower to 108.275. Oct is unchanged at 109.850. Aug feeders, up 0.100 to 151.600, are respecting upward trend-line support, but may ease below should corn continue to rise.

HOGS: Hog futures are lower with nearby Aug gapping lower to a new contract low of 62.700. The next two contracts are on the verge of making new lows, too. Oct is off 0.400 to 50.825, and Dec is down 0.475 to 46.125.

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