All the commodity markets struggled today after yesterday's big move up. Corn appears to be suffering from 80 weather, adequate moisture, and pollination happening all at the same time. This is the coolest July in over 100 years and in 4 of the last 5 coolest July's since 1960, above trend line corn yields where achieved. Corn basis is steady to strong as the futures declines have limited new cash sales.
New crop soybeans were down today in sympathy with corn and overall good growing conditions. Crop conditions on Monday afternoon will be watched next week and weather forecast changes over the weekend will also give direction to the crops.
USDA cattle report released this afternoon showed June placements 92% of last year and a 13 year low and July 1 on feed were 95% of last year and a 10 year low. The 2009 calf crop is estimated to be 98.6% of last year and the smallest since 1950.
Scott Meyer
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