CORN
- Dec up 2 @ 5.12
- Trade leery of what USDA might report on Friday’s report
- Crop Progress report says 21% is mature & 59% good/excellent
- USDA could show corn production near 15 bb – 2nd largest crop on record
- Corn planting underway in Brazil
- Grain inspections yesterday 276K mt versus 583 last week
- Preliminary changes in futures as of 9/7: up 9.975 contracts
SOYBEANS
- Nov up 1 @ 12.78
- Soybeans showing better support than corn due to tighter supplies
- Crop Progress report says 18% of soybeans are dropping leaves
- US crop rated 57% good/excellent versus 56% last wk
- Biggest question for soybeans is demand, but for now still looks strong
- Daily export sale of 106K mt of soybeans to China reported
- Grain inspections yesterday 68K mt vs 387 last week
- Preliminary changes in futures as of 9/7: up 2,685 contracts
WHEAT
- Dec wheat down 9 @ 7.10, Dec KC down 10 @ 7.07, Dec MNPLS down 16 @ 8.91
- Wheat in a sideways trade channel until something changes fundamentally
- Crop Progress report said 5% of winter wheat is planted
- SRW wheat areas in US look to be in good shape for planting
- 95% of winter wheat has been harvested, well ahead of normal pace
- Trade expecting lower crop estimates for Canada/Russia, but larger for Australia
- Grain inspections yesterday 382K mt vs 370 last week
- Preliminary changes in futures as of 9/7: down 44 contracts for SRW
CATTLE
- Oct LC up .50 @ 124.25 & Oct FC up .32 @ 160.37
- Rising Covid cases may hinder beef demand if restaurants limit capacity again
- Fall in boxed beef should stimulate retail demand
- Choice cuts down 1.23 & select down 2.23 yesterday
- Cattle slaughter projected at 121K
- CME feeder cattle Index for Sept 6: up .20 @ 157.37
HOGS
- Oct hogs up .60 @ 88.70 & Oct pork cutout up .80 @ 103.17
- Supplies available leaving packers unaggressive
- Cutouts down 2.48 yesterday
- Discount of hog futures to cash still concerning
- Hog slaughter projected at 480K
- CME lean hog index for Sept 6: down .86 @ 99.30
Author
Amberlee Bratcher