CORN
- Sept down 4 @ 5.64 @ Dec down 6 @ 5.67
- Past weekend was hot/dry for most of northern/western Corn Belt
- Dakotas, MN, NE, & IA could see 1/2-1” of rains
- Crop Progress report expected to be unchanged from last week
- China’s internal corn still increasing now at 10.30
- Preliminary changes in futures open interest as of 8/13, down 10.052 contracts
SOYBEANS
- Sept up 3 @ 13.76 & Nov up 1 @ 13.66
- Hot & dry weather through Thursday supportive to futures
- NOAA stated the Earth has it’s hottest temp reading in 142 years in July
- Palm oil gapping higher today
- US soybean demand once again strong as S. American prices are higher
- Preliminary changes in futures open interest as of 8/13, up 10,751 contracts
WHEAT
- Sept wheat down 3 @ 7.58, Sept KC down 6 @ 7.35, Sept MNPLS down 5 @ 9.38
- Paris milling futures challenging contract high
- World wheat outlook still bullish
- Major wheat exporter stocks-to-use ratio is reported to be record low
- Russia’s wheat prices rallying to 20 mt last week
- Poor yields and weather still taking a toll on Russian & US crops
- Concerns still exist for French wheat due to rains
- Preliminary changes in futures open interest as of 8/13, up 3,763 SRW
CATTLE
- Oct LC up .87 @ 128.97 & Sept FC down .72 @ 162.35
- Boxed beef prices should push packers into buying cattle to meet demand
- Cattle futures are in sideways pattern
- Light cash last week with little increases – trade around 121
- Cattle slaughter projected at 118K
- Feeder Cattle cash index for Aug 12: down .42 @ 155.83
HOGS
- Oct hogs up 1.92 @ 88.45& Oct pork cutout up 2.35 @ 102.07
- Hog futures were able to bounce off support last week
- Cutouts showed impressive gain Friday
- October futures still hold large discount to cash
- Hog slaughter projected at 472K
- Cash lean index for Aug 12: down .29 @ 109.90
Author
Amberlee Bratcher