Soybean oil gave back last week's gains due to mixed weather forecasts. The GFS model predicts rain for the Midwest through July 16th, while the Euro model suggests less rain through July 19th, with more moisture in Nebraska and northern Kansas. Despite the favorable forecast, drought and heat in Ukraine and southwestern Russia are severely impacting the spring wheat and corn crops, hurting global supply and increasing the potential for price spikes similar to 2010 when Russia's crop failure led to significant price increases. The stronger US dollar currently affects export potential, but anticipated interest rate cuts by the fall might reverse this trend.
Wheat prices are variable, with Kansas City wheat looking weak and likely to retest May lows, while Chicago wheat performs better, potentially offering a trading opportunity by buying Chicago and selling Kansas City wheat. Soybean oil prices are expected to stabilize around 45-46. 

Crude oil is showing a wave pattern, indicating potential short-term support at $79.
In the cattle market, despite a strong cash market, there are signs of a top. Live cattle and feeder cattle are facing resistance and potential downward trends. The August feeder board reflects bearish sentiments despite the strong current market. Market participants should watch for key support levels and potential breaks.

>>>>>>>Click here to sign up to receive our videos and information every day for free! <<<<<<<