CORN
- Sep up 2 @ 5.69 @ Dec up 2 @ 5.75
- Light chance of moderate rain in western Corn Belt
- Day 4 of DTN yield tour – IL yield at 203.5, IN at 190, OH at 187
- Coronavirus delta variant is a concern for demand
- China’s internal corn prices still above $10
- Preliminary changes in futures open interest as of 8/12, up 20,136 contracts
SOYBEANS
- Sep up 15 @ 13.62 & Nov up 16 @ 13.57
- USDA old crop ending stocks jumped from 135 mb to 160 mb
- Uncertainty around final ending stocks number until September 30th report
- August soybeans expire today
- Export sales 6 days in a row – today 326K mt to unknown & 126K mt to China
- DTN Yield Tour – IL yield at 61, IN at 58, and OH at 57
- Preliminary changes in futures open interest as of 8/12, down 592 contracts
WHEAT
- Sep wheat up 15 @ 7.69, Sep KC up 9 @ 7.48, Sep MNPLS up 17 @ 9.50
- KC wheat trading new contract highs
- USDA lowered wheat stocks from 665 mb to 627 – lowest in 8 years
- World ending stocks went from 291.68 mmt to 279.06 mmt – lowest in 5 years
- Record crop still projected but now lowered to 776.91 mmt
- Rains expected in Montana but enough to slow harvest
- USDA’s ending stocks for HRS is lowest in 14 years
- Preliminary changes in futures open interest as of 8/12, up 9,454 SRW
CATTLE
- Oct LC down 0.35 @ 128.15 & Sep FC down 0.67 @ 162.87
- Boxed beef prices are up over $20 so far this week
- Cash trade has been mostly steady in the south at $121
- Cattle able to hold support despite rally in grains
- Cattle slaughter projected at 121K
- Feeder Cattle Cash Index for Aug 10, down 0.14 @ 156.19
HOGS
- Oct hogs down 1.05 @ 85.42 & Oct pork cutout down 0.52 @ 99.55
- Yesterday’s weak exports putting pressure on futures
- Higher cash yesterday may indicate packers need to increase buying
- Traders so far have been buying the break
- Hog slaughter projected at 475K
- Cash Lean Index for Aug 11, down 0.26 @ 110.19