CORN
- Sept up 2 @ 5.60 @ Dec up 1 @ 5.64
- Corn up today trying to avoid a 4th day closing lower
- US corn is becoming competitive – cheaper than Black Sea & Brazil
- Argentina corn price is competitive, but river levels effect logistics of exports
- Crop Tour claims Indiana corn yield could beat 2020 averages, all-time high
- Preliminary changes in futures open interest as of 8/17 down 4,194 contracts
SOYBEANS
- Sept down 6 @ 13.62 & Nov down 4 @ 13.56
- Soybeans pressured today due to falling world veg oil markets
- Soybean oil futures have dipped below 50-day average
- US basis is falling as we transition into new crop
- Export sales 10 days in a row – today 131K mt to China
- Crop Tour claims soybeans are looking taller & better moving from OH to IA
- Preliminary changes in futures open interest as of 8/17 up 1,811 contracts
WHEAT
- Sept wheat flat @ 7.34, Sept KC up 3 7.20, Sept MNPLS up 2 @ 9.23
- Paris milling futures up
- Rumors of Russia impose future export restrictions
- Russian crop believed to 86 mmt in June – now projected 72.5 mmt
- Rains expected in northern Plains – possibly 2″
- Preliminary changes in futures open interest as of 8/17, down 6,952 SRW
CATTLE
- Oct LC up 1.22 @ 129.35 & Sept FC up 2.30 @ 163.22
- Futures up on big retail jump on the close yesterday
- Packers & feedlots remain in standoff
- Boxed beef prices jumped with choice up 8.26 & select up 3.22
- Cattle slaughter projected at 121K
- Feeder Cattle cash index for Aug 16: down .65 @ 154.91
HOGS
- Oct hogs up .35 @ 88.25 & Oct pork cutout down .02 @ 101.52
- Cash finally increasing up 2.65
- Cutouts were down again, declined 1.23
- If beef continues to surge higher, demand may shift to pork
- Hog slaughter projected at 476K
- Cash lean index for Aug 16: unchanged, 109.64
Author
Amberlee Bratcher