Provided by Stewart-Peterson Inc.
CORN
- Sep corn down 7 @ 6.77
- USDA rated the corn crop 54% good to excellent (down 1% from last week)
- Corn is likely being pressured by sharply lower soybeans
- The French corn crop was rated the lowest in 11 years at 47% good to excellent
- There are rumors that Russia may not extend the export corridor deal with Ukraine (which is supposed to expire in October)
SOYBEANS
- Sep soybeans down 44 @ 14.90
- USDA rated the soybean crop 57% good to excellent (unchanged from last week)
- Taiwan has apparently fired live ammunition at a Chinese drone this morning
- The market is still concerned about export demand (especially to China)
- The USDA is estimating a 30 mmt increase in South American soybean production in 2023
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WHEAT
- Sep wheat down 14 @ 8.06, Sep KC down 11 @ 9.02, & Sep MNPLS down 18 @ 9.00
- USDA said 50% of the spring wheat crop is harvested (vs 71% average)
- USDA rated the spring wheat crop 68% good to excellent (vs 64% last week)
- Ukraine has exported only 1 mmt of wheat since July 1st
CATTLE
- Aug LC up 1.175 @ 142.725 & Sep FC up 1.825 @ 181.750
- Last trading day for August live cattle is on Wednesday
- Packers purchased some cattle ahead last week – that will likely continue this week
- Lower corn futures overnight should support feeder cattle
- Choice cuts up 0.28 and select up 3.99
- Cattle slaughter projected at 126K
- CME Feeder Cattle Index for 8/29: up 0.91 @ 183.16
HOGS
- Oct hogs up 1.475 @ 93.725 & Oct pork cutout up 0.575 @ 103.200
- There remains a small gap below the market in the October contract
- Hog futures may be correcting from an oversold situation
- Lower pork prices may stimulate more consumer interest
- National Direct Afternoon report declined 0.90
- Hog slaughter projected at 476K
- CME Lean Hog Index for 8/30: down 2.73 @ 113.32