TFM Midday Update 9-3-20

CORN

September down 0.0275 @ 3.47, December down 0.0325 @ 3.555, March down 0.03 @ 3.6625
China corn prices are near 5-year highs
Market seems to be trading 177-178 yield which could leave ending stocks near 2.3-2.4bbu
Ethanol production for the week ending August 28 came in at 922,000 barrels per day, down 0.97% from last week and down 8.98% from last year
US sold 95,800 tonnes of corn for the week ending August 27, down 65% from last week and down 53% from the previous 4-week average
December futures are still trading within yesterday’s range
Prices are currently testing and holding the 10-day moving average support

September unchanged @ 9.625, November down 0.015 @ 9.6025, January down 0.015 @ 9.6625
Talk that China bought at least 480,000 tonnes of US beans yesterday
Palm oil futures extended thier rally overnight to a 7-month high
Cold weather in the US may limit soybean yields
US sold 88,100 tonnes of beans for the week ending August 27, up 75% from last week and down 57% from the previous 4-week average
November futures traded at their highest prices today since January 15 in a choppy session so far
Stochastics are still sharply overbought

December CHI down 0.0575 @ 5.5275, December KC down 0.0275 @ 4.765, December MPLS down 0.0125 @ 5.4625
Egypt is tendering for wheat today and Russia currently has the lowest offers
Philippines are also tending for wheat
Talk of high Canadian yields and dryness in Australia and Argentina
US sold 585,400 tonnes of wheat for the week ending August 27, down 23% from last week but up 4% from last week
CHI futures have fallen lower through the entire morning, stochastics are close to making a bearish crossover
KC futures tested teh 200-day moving average resistance level and have since fallen back to push to new session lows
MPLS futures are trading in tight, inside ranges

October lives down 0.30 @ 104.17, December lives down 0.55 @ 107.90, February lives down 0.35 @ 111.65
September feeders down 1.30 @ 137.40, October feeders down 1.12 @ 138.32
Cash cattle markets have continued to drift below last week’s range
Beef prices made their lowest close yesterday since August 24
December lives have remained within yesterday’s range so far today
Stochastics are oversold and prices may be consolidating

October up 2.15 @ 58.55, December up 1.27 @ 57.77, February up 0.35 @ 62.72
Lower weights mean that producers are more current with marketings than expected
Pork values have been choppy to higher
US sold 53,600 tonnes of pork for the week ending August 27, up 36% from last week and up sharply from the previous 4-week average
October hogs are trading at their highest levels today since May 5

Bryan Doherty