CORN
- Sep down 9 @ 5.49 & Dec down 9 @ 5.50
- US crop conditions – 62% G/E vs 64% last week
- US corn silking 91% vs 79% last week
- US corn used for ethanol at 439.9M bu in June
- Grain inspections at 1,384k tons vs 1,184k last week
- Recent crop estimates have Brazil corn output at 77.5 mmt – 15.5 mmt below USDA
- Preliminary changes in futures open interest as of 8/2, up 4,510 contracts
SOYBEANS
- Aug down 36 @ 13.82 & Nov down 41 @ 13.12
- Soybeans down this morning as crop ratings improve
- US crop conditions – 60% G/E vs 58% last week
- Soybeans blooming 86% G/E vs 76% last week
- US soybean crushing at 162M bu in June
- Grain inspections at 181k tons vs 242k last week
- Preliminary changes in futures open interest as of 8/2, down 5,348 contracts
WHEAT
- Sep wheat down 8 @ 7.21, Sep KC down 4 @ 6.98, Sep MNPLS down 14 @ 9.08
- US spring wheat 10% G/E vs 9% last week
- US spring wheat harvest 17% vs 3% last week
- Winter wheat harvest almost complete in US at 91%
- Grain inspections at 388k tons vs 515k last week
- Russian wheat yields running lower – 3.48 tons/hectare versus 3.66 last year
- Russian internal wheat prices up on worsening crop outlook
- Preliminary changes in futures open interest as of 8/2, up 1,072 contracts SRW
CATTLE
- Aug LC up 1.17 @ 123.75 & Aug FC up 1.65 @ 159.90
- Labor Day orders are being placed amid strong demand
- Boxed beef moving higher as plants may struggle to meet demand
- Feedlots have a better chance at getting higher cash prices this week
- Cattle slaughter projected at 120K
- Feeder Cattle Cash Index for July 30: up 1.54 @ 155.58
HOGS
- Aug hogs up 0.50 @ 108.00 & Aug pork cutout up 1.87 @ 122.50
- Sharp increase of cutouts is a strong indicator of good demand
- Demand should spur packers to bid higher
- Will China’s backing off, cause supplies to back up to domestic market?
- Hog slaughter projected at 470K
- Cash Lean Index for July 29: up 0.06 @ 112.08
Author
Amberlee Bratcher