CORN
- Dec down 16 @ 5.27
- US corn 60% good/excellent – unchanged
- US corn dented 59% & corn maturity at 9%
- Corn used in ethanol production expected to be up 448.8 m bu
- Ethanol lobby urges EPA to expand E15 to curb Ida price spikes to fuel
- Trade awaiting Sept 10th USDA report – new yield numbers will be released
- Demand expected to stay strong but China staying quiet for now
- Preliminary changes in futures as of 8/30: down 17.798 contracts
SOYBEANS
- Nov down 17 @ 12.86
- US soybeans 56% good/excellent – unchanged
- Soybean dropping leaves 9%
- Analysts forecast US July crush numbers at 165.2m bu
- Harvest concerns seem to be wavering due to Ida, adding pressure to market
- Soybean exports remain aggressive – China still aggressive
- Preliminary changes in futures as of 8/30: down 4,998 contracts
WHEAT
- Dec wheat down 6 @ 7.17, Dec KC down 2 @ 7.10, Dec MNPLS down 7 @ 9.02
- Wheat being drug down by Ida concerns & fall in corn & soy
- US spring wheat harvest at 88% – 66% a year ago
- Canada reports lowest wheat production in 14 years – 22.9 mmt
- Russian yields down from last year – 3.51 tons/hectare last year and current is 3.03
- Preliminary changes in futures as of 8/30: down 4,664 contracts for SRW
CATTLE
- Oct LC down 1.17 @ 127.15 & Oct FC down 1.02 @ 167.90
- August live cattle expire today
- Cattle supplies expected to tighten in the long-term
- Cattle have more than eliminated gains from Cattle on Feed
- Choice cuts fell 2.56 & select down 2.97
- Cattle slaughter projected at 121K
- CME feeder cattle Index for Aug. 27: up .23 @ 159.56
HOGS
- Oct hogs down 1.47 @ 88.67 & Oct pork cutout down 1.47 @ 102.00
- Lower cash & falling cutouts do not bode well for futures
- Prices may rebound as trade looks beyond holiday
- Hog slaughter projected at 476K
- CME lean hog index for Aug 27: down .13 @ 103.49