CORN
- Dec up 8 @ 5.28
- Ethanol production averaged 937K bpd – up 1.52% from last week
- Buying in corn as some of the trade thinks yields will be closer to 170
- Cash basis on corn continue to push higher as pipeline gets thin
- Argentina raises next year’s corn crop to record 55 mmt
- US weather mainly favorable for harvest
- Preliminary changes in futures as of 9/14: up 3,203 contracts
SOYBEANS
- Nov up 3 @ 12.85
- World veg oil markets are lending support to futures this morning
- China cancelled open soybean sales – demand expected to stay firm
- Argentina lowers next year soybean crop to 43 mmt
- Cargill restarts Westwego, Louisiana grain export terminal after Ida
- Brazil importing 15,000 mt of soybean oil from Argentina
- Preliminary changes in futures as of 9/14: up 598 contracts
WHEAT
- Dec wheat up 5 @ 7.05, Dec KC up 7 @ 7.09, Dec MNPLS up 6 @ 8.93
- Wheat continues to trade higher on lower Canada supplies
- Weather in southern Plains could get too dry to slow planting
- Argentina raises next year’s wheat crop to 20 mmt
- Russian wheat 87% harvested
- Canadian crop lowered to 21.7m tons – drop of 1.2m tons
- Preliminary changes in futures as of 9/14: down 1,733 SRW contracts
CATTLE
- Oct LC down 0.10 @ 124.02 & Oct FC down 1.22 @ 156.92
- Weakness in futures today not supportive after yesterday’s rally
- Cash trade still quiet but not expected to trade higher this week
- Choice cuts down 3.04 & select down 1.54 yesterday
- Cattle slaughter projected at 120K
- CME Feeder Cattle Index for 9/13: down 0.70 @ 154.39
HOGS
- Oct hogs up 1.82 @ 82.20 & Oct pork cutout up 1.37 @ 98.37
- Dec hogs trading at levels not seen since February
- Large rebound of cutouts lending support this morning
- Hog supplies plentiful so packers don’t have to bid aggressively
- Hog slaughter projected at 477K
- CME Lean Hog Index for 9/13: down 0.63 @ 96.77
Author
Amberlee Bratcher