CORN
- Dec up 1 @ 5.11
- Ethanol production expected to be higher than last week
- FSA reported corn prevented planting up by 17,346 acres from Aug.
- Fears of increased corn plantings in tomorrow’s report keeps trade nervous
- CONAB reported Brazil corn production at 85.7 mmt versus USDA’s estimate of 87 mmt
- Preliminary changes in futures as of 9/8: up 6,085 contracts
SOYBEANS
- Nov down 3 @ 12.75
- Daily export sale of 132K mt of soybeans to China reported
- Brazil truckers block highways – due to social & political unrest
- FSA reported soybean prevented planting up by 20,176 acres from Aug
- CONAB estimated 20-21 crop at 135.9 mmt versus USDA’s estimate of 137 mmt
- Demand still strong and China continues to buy with US beans still competitive
- Preliminary changes in futures as of 9/8: up 3,314 contracts
WHEAT
- Dec wheat down 11 @ 6.98, Dec KC down 15 @ 6.89, Dec MNPLS down 26 @ 8.68
- Wheat trade afraid USDA may increase estimate of US ending stocks tomorrow
- World’s biggest canola reserves plunging
- FSA reported wheat prevented planting unchanged at 292,881 acres from Aug
- Egypt’s wheat purchases are running 28% behind last year
- Preliminary changes in futures as of 9/8: down 31 contracts for SRW
CATTLE
- Oct LC up .45 @ 123.55 & Oct FC down .02 @ 159.25
- Increasing Covid cases has the market nervous about demand
- Cash prices reported $1 higher than last week
- Choice cuts down .33 & select down 3.73 yesterday
- Cattle slaughter projected at 121K
- CME feeder cattle Index for Sept 7: up .10 @ 157.47
HOGS
- Oct hogs down .32 @ 87.05 & Oct pork cutout up .65 @ 103.10
- Packers looking for hogs as plants running need demand satisfied
- Cutouts jumped 4.73 yesterday
- Discount of hog futures to cash still concerning
- Hog slaughter projected at 480K
- CME lean hog index for Sept 7: down .56 @ 98.74
Author
Amberlee Bratcher