CORN: Prices plunged yesterday and managed to work slightly higher overnight. Weekly crop progress indicated 81% of the crop in the dough stage, versus a 5-year average of 93%, reiterating just how late this crop is. The good-to-excellent category improved 1 point. Dec traded 2 higher to 3.63 with Tuesday’s new low at 3.60-1/2 in place. The U.S. Corn Belt looks to have ample rainfall and temperate conditions through the first half of September, the National Oceanic and Atmospheric Administration said Tuesday. Rain from Hurricane Dorian is expected to make its way into the Midwest this week, and no frost is expected for the next 14 days, NOAA said. This will keep pressure on prices with the crop roughly a month behind schedule. The dollar, meanwhile was down overnight after surging sharply higher.
SOYBEANS: Soybean futures were up 5 cents overnight after clawing their way back yesterday from losses throughout the session, finishing mixed. Crop ratings were unchanged. U.S. Soybeans setting pods was 86% versus 79% a week ago, 98% last year, and 96% average. Export inspections were seen as a positive for the market and indicated that beans are still making their way to China despite the Chinese government expressing intent to find other sources for their protein needs. A new tariff on Chinese imports valued at $111 billion went into effect Sept. 1. The two sides are expected to meet later this month. The USDA July soybean crush was 180 mil bu (trade estimate was 178.5 mil bu) versus 158 mil a month ago and 179 mil last year.
WHEAT: Wheat futures were up 3 to 5 cents overnight. Export inspections were solid yesterday, yet prices plunged as the U.S. dollar continued to move higher. U.S. Spring Wheat harvested was 55% (trade estimate was 57%) versus 38% last week, 86% a year ago, 78% average. Spring Wheat was rated 67% good to excellent (trade estimate was 69%) versus 69% last week, and 74% average; 25% fair (25% a week ago, 21% a year ago), and; 8% poor to very poor (6% last week, 5% a year ago).
CATTLE: Cattle futures are called mixed to higher. Small gains in futures yesterday, along with solid gains in feeders, suggest both the live and feeders are trying to find a bottom.
HOGS: Hog futures are called steady to higher after posting sharp gains on Tuesday including limit up in the nearby Oct contract. Pork cutouts also climbed, but cash is expected to trade lower today. Look for erratic behavior of the hog market to continue.