CORN
- Dec down 1 @ 5.31
- Weather forecasts are predicting rain next week in the western Corn Belt, which could slow harvest there
- The eastern Corn Belt is receiving rains today
- Ethanol production from last week increased 64,000 barrels per day to 978,000 barrels per day
- China comes back from their Golden Week holiday tomorrow – there are rumors they have been asking for US grain and ethanol prices
- USDA reported an increase of 49.8 mb of corn export sales
SOYBEANS
- Nov down 1 @ 12.41
- Board crush margins for soybeans are the highest since October 2020
- If soybeans close lower this week, it would be the lowest weekly close since late March
- Palm oil was lower overnight
- Concerns over inflation still abound, in part due to rising veg oil prices – the UN stated that global food prices are the highest in a decade
- USDA reported an increase of 38.3 mb of soybean export sales
WHEAT
- Dec wheat down 4 @ 7.42, Dec KC down 3 @ 7.42, Dec MNPLS up 4 @ 9.43
- India is expected to export between 4.2 and 4.4 mmt of wheat (the highest in eight years)
- Egypt bought 240,000 mt of Romanian and Russian wheat in their tender – they paid 5-8 dollars per ton higher than their previous prices
- Russian wheat seedings could see a reduction of 1-2 million acres due to dryness
- USDA reported an increase of 12.2 mb of wheat export sales
CATTLE
- Oct LC up 0.875 @ 124.700 & Oct FC up 1.700 @ 158.500
- Boxed beef weakness remains a concern
- Cash cattle have traded steady to $1 higher this week
- Choice cuts down 1.09 and select down 4.87
- CME Feeder Cattle Index for 10/6: up 0.09 @ 152.88
HOGS
- Oct hogs up 0.125 @ 89.750 & Oct pork cutout up 1.325 @ 110.200
- There is a large gap on the charts below current levels
- Tight hog supplies may have already been factored into futures price
- Packers are able to obtain hog numbers to fill demand without much trouble
- National Direct Afternoon report declined 1.25
- CME Lean Hog Index for 10/7: down 0.60 @ 93.51