Profit taking Monday diminished the wet weather forecasts that provided support to our wheat markets for most of the trading session. All areas in the HRW and SRW regions saw 0.20 - 2.00 inches over the weekend. Eastern Oklahoma saw up to 3 inches. The extended forecast shows below normal temperatures and above normal precipitation.
New highs were reached for the July and August lean hog futures on Monday. The trade is still discussing the idea of slackened demand from end users for beef at these higher prices and a little more interest in pork. As we noted a few weeks ago, there is not as much switching between the two than analysts thought years ago but there is something there. It has also been shown in the weekly feature numbers.
Among the euro pairs, the EUR/JPY is the one which has caught my attention of late. This pair has surged higher in recent times, breaking through several levels of resistance, including 124.10, which was the prior swing high. Mind you, it has had difficulty breaking through this level, but while above it, the short-term bias would have to be bullish.
Crude oil prices came off the year high after a terror attack in England and as President Donald Trump continues to make history on his Middle East trip. First, President Trump cut a slew of business deals with Saudi Arabia and then he opened the door with a peace plan in Israel when he went to the wailing wall in Jerusalem and held a closed-door meeting with Prime Minister Benjamin Netanyahu and then delivered remarks in a joint press conference.