CORN
- Sep up 14 @ 5.60 & Dec up 10 @ 5.57
- Corn exports 830.2K mt for ’22 and 68.2K mt for ‘21
- Corn exports reported at 830,200 mt for 2021-22
- DOE: U.S. Ethanol stocks fall 0.4% to 22.649 Bbl
- Argentine truck strikes over wages halts exports
- EU corn ethanol crush margins hit 8-year low
- U.S. fertilizer costs expected to hit near-record highs in 2022
- Preliminary changes in futures open interest as of 8/3, down 6,017 contracts
SOYBEANS
- Aug up 11 @ 14.14 & Nov up 13 @ 13.39
- Soybean exports at 424.8K mt for ’22 & 11.4K mt for ‘21
- Flash sale of 300,000 mt of soybeans to unknown destinations
- Soybean exports reported at 424,800 mt for 2021-22
- Argentine farmer sales of 20/21 soy down 7.7% from last year
- Palm oil stockpiles to keep climbing despite production slowing
- Preliminary changes in futures open interest as of 8/4, down 2,771 contracts
WHEAT
- Sep wheat up 2 @ 7.19, Sep KC up 1 @ 6.95, Sep MNPLS up 2 @ 9.05
- Wheat exports no commitments for ’22 & 308.3K mt for ‘21
- French 2021/22 wheat shipments outside EU hit decade-low in July
- Falling Russian production continues to support futures
- Falling U.S. & Canadian production & EU harvest delays supportive
- Final crop could be 75-76 mmt in U.S. compared to USDA’s 85 mmt projection
- Preliminary changes in futures open interest as of 8/4, down 661 contracts SRW
CATTLE
- Aug LC down 0.67 @ 123.37 & Aug FC down 0.72 @ 158.47
- Packers had to bid up 1.00 higher to obtain cattle
- Steady weights & tighter supplies later in the year supportive
- Rise of boxed beef indicates strong demand
- Weekly exports low at 15,000 mt – down 33% from last week
- Cattle slaughter projected at 121K
- Feeder Cattle Cash Index for Aug 3: down 0.18 @ 155.97
HOGS
- Oct hogs down 3.00 @ 87.12 & Aug pork cutout down 0.67 @ 122.300
- Hogs weights are lighter, supplies continue to be of concern
- Pork exports were strong today at 38,800 mt
- China showing up as largest buyer today is supportive
- Market seems to be focused on weakness of cutouts
- Hog slaughter projected at 472K
- Cash lean index for Aug 3: up 0.19 @ 111.78
Author
Amberlee Bratcher