The CME and Total Farm Marketing offices will be closed Monday, September 6, 2021, in observance of Labor Day.
CORN
- Dec up 1 @ 5.25
- US corn crops in areas of moderate/intense drought dropped 6% to 32%
- StoneX projects US yield at 177.5 bpa – versus USDA’s 174.6 bpa
- Scattered rains of the weekend will be good for filling corn – but hampers early harvest
- This week marks 4th week in a row for a drop in ethanol production
- Argentina corn still undercutting US corn prices but supplies starting to run thin
- Preliminary changes in futures as of 9/2: down 1,432 contracts
SOYBEANS
- Nov up 10 @ 12.93
- Private exporters reported export sales of 130K mt to China today
- US soybean crops in areas of moderate/intense drought dropped 4% to 28%
- StoneX projects US yield at 50.8 versus USDA’s 50 bpa
- Brazil Mato Gross soy planting delayed on drought
- Bounce in crude lending support to futures today
- Scattered showers in US moving through Midwest over the weekend
- Preliminary changes in futures as of 9/2: down 1,388 contracts
WHEAT
- Dec wheat up 3 @ 7.20, Dec KC up 3 @ 7.12, Dec MNPLS up 8 @ 9.07
- Argentina rains boost wheat crop 59% of fields good/excellent versus 48% last wk
- Rains in Canadian Prairies delaying harvest
- Dry conditions in Pacific Northwest delaying winter wheat planting
- US production is likely to fall in future reports due to abandoned acres on the rise
- Preliminary changes in futures as of 9/2: down 5,607 contracts for SRW
CATTLE
- Oct LC down .92 @ 125.10 & Oct FC down 1.92 @ 163.05
- Feeder cattle severe break, spilling over into LC market
- Cash refusing to trade higher
- Choice cuts down .53 & select down 2.60
- Cattle slaughter projected at 116K
- CME feeder cattle Index for Sept 1: down .42 @ 157.94
HOGS
- Oct hogs down .02 @ 89.82 & Oct pork cutout up .32 @ 103.25
- Hogs holding on despite cattle falling apart
- Discount of futures to cash continues to lend supports
- Stronger cutouts yesterday with prices up 2.73
- Hog slaughter projected at 463K
- CME lean hog index for Sept 1: down 1.35 @ 101.32
Author
Amberlee Bratcher