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