CORN
- Dec down 1 @ 5.36
- Weekend rains in the western Corn Belt underwhelming
- Rumors of EPA recommending a lower biofuel mandate
- Weakness in crude oil continues to pressure corn
- China’s internal prices falling recently adds pressure
- Supportive news is US corn is still well discounted to Brazil’s
SOYBEANS
- Nov up 7 @ 12.97
- Increasing COVID-19 delta variant worldwide adding pressure
- So far, for the first time in 12 days no daily exports to China
- In August, sales have totaled over 90 million bushels
- US soybeans nearly 50 cents cheaper than Brazil
- Veg oil markets back up today lending support
WHEAT
- Dec wheat up 8 @ 7.36, Dec KC up 7 @ 7.23, Dec MNPLS up 2 @ 9.04
- Wheat recovering today after last week’s selloff
- Paris milling futures are higher for 4th day in a row
- Russian wheat prices rose last week for 6th week in a row
- Ukraine’s wheat 985 harvest – 32 mmt collected thus far
- French wheat harvest at 91%
CATTLE
- Oct LC up 2.95 @ 132.00 & Sep FC up 3.45 @ 168.95
- On feed number was 98% with trade expectation 98.3
- Placements of 92% compared to expectation of 96.5%
- Lower marketings could mean near-term supplies are plentiful
- Larger issue is the disparity between cash & beef prices
- Choice cuts jumped 3.43 Friday, while select gained 2.12
- Cattle slaughter projected at 118K
- Feeder Cattle Cash Index for Aug 18, up 18 @ 155.42
HOGS
- Oct hogs up 0.30 @ 88.92 & Oct pork cutout up 0.52 @ 102.70
- October hogs still trying to close gap in charts
- Expectation for cutouts trending higher hasn’t happened
- Packers continue to find sufficient hogs
- Cutouts declined Friday by $2.14
- Hog slaughter projected at 477K
- Cash Lean Index for Aug 18: down 0.99 @ 108.18
Author
Amberlee Bratcher