TFM Midday Update 09-16-2021

CORN

  • Dec down 1 @ 5.31
  • Weekly export sales 246.6K mt
  • Rumors of disappointing early US yields & poor quality
  • Big question on demand is in China’s hands who still has been quiet
  • 2nd week in a row ethanol in the US has recovered
  • Weather mostly beneficial for harvest this week
  • Preliminary changes in futures as of 9/15: up 3,194 contracts

SOYBEANS

  • Nov down 1 @ 12.92
  • Weekly export sales 1.2642M mt – bullish sales number
  • Daily export sale of 132,000 mt of soybeans to China
  • NOPA August soybean processing falls to 158.8M bu
  • Veg oil demand could shift US farmers to soybeans over corn
  • Damage from Ida resulting in short-term cancellations from China
  • Preliminary changes in futures as of 9/15: up 6,445 contracts

WHEAT

  • Dec wheat down 3 @ 7.09,  Dec KC up 1 @ 7.16, Dec MNPLS down 1 @ 9.03
  • Weekly export sales of 617.1K mt – bullish sales number
  • Wheat taking a breather after a strong week thus far
  • Russia’s crop 71% harvested with yields much lower than last year
  • Russian Ag still projects crop at 69.9mmt versus 72.5 from USDA
  • EU soft wheat production continues to drop to 129.1 mmt
  • Preliminary changes in futures as of 9/15: down 671 SRW contracts

CATTLE

  • Oct LC down 0.55 @ 123.62 & Oct FC up 0.35 @ 156.95
  • Weekly export of beef sales 15,300 mt up 24% from last week
  • Beef trade still delayed between China & Brazil on disagreements on mad cow
  • Choice cuts down 3.07 & select down 6.73 yesterday
  • Cattle slaughter projected at 121K
  • CME Feeder Cattle Index for 9/14: down 0.19 @ 154.20

HOGS

  • Oct hogs up 2.75 @ 85.05 & Oct pork cutout up 2.60 @ 101.10
  • Weekly export sales of pork 25,300 mt down 25% from last week
  • Cutouts up and hams increased 9.51 yesterday
  • Trade starting to question whether a bottom has been found in futures
  • Hog slaughter projected at 478K
  • CME Lean Hog Index for 9/14: down 1.42 @ 95.35

Author

Amberlee Bratcher

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