Provided by Stewart-Peterson Inc.
CORN
- Sep corn up 11 @ 6.26
- Corn is moving higher again following the drop in crop conditions and expectations for lower yields on Friday’s USDA report
- 16% of the corn crop is rated poor-to-very poor, with most of the poor corn in areas of the western Corn Belt and southern Plains that has suffered the most with heat and dryness
- The forecast over the next four days shows temperatures in the 90’s and 100’s in Kansas, Nebraska, Missouri, and southern Iowa
- CPI data came in at 8.5%, down from 9.1% in June and is giving a boost to the grain complex
SOYBEANS
- Sep soybeans up 39 @ 15.51
- August soybeans gapped higher this morning as meal continues to rally and reached new contract highs
- Demand is strong for soybean meal and crush value reflects product values at 2.76 above soybean futures driving August soybeans to new highs
- Private exporters reported another sale of 196,000 mt of soybeans for delivery to China during the 22/23 marketing year even as tensions over Taiwan loom
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WHEAT
- Sep wheat up 17 @ 7.99, Sep KC up 18 @ 8.70, & Sep MNPLS up 15 @ 9.08
- All three wheat products are higher with Chicago headed for a third consecutive higher close following a hot and dry forecast in the Pacific northwest and a drop in crop ratings
- At least 12 ships have left from Black Sea ports since the agreement was brokered and total exports from Ukraine are reportedly 2.66 mmt, up 22.7% from June
- So far, 412,000 mt of wheat, 183,000 mt of barley, 362,000 mt of sunseed products, and 1.1 mmt of corn have left Ukraine
CATTLE
- Aug LC up 0.775 @ 138.750 & Aug FC up 0.750 @ 179.550
- Both live and feeder cattle are higher with higher corn and asking prices in the South firm between 138 and 140, but still not established in the North
- Expectations are that packers will need to pay 1 to 2 dollars more this week, which would put futures in line with spot prices
- The hot weather has subsided in many areas, which should improve cattle performance and increase weights
- Choice cuts down 1.51 and select down 1.16
- Cattle slaughter projected at 125K
- CME Feeder Cattle Index for 8/9: up 1.09 @ 176.40
HOGS
- Aug hogs up 0.025 @ 122.225 & Aug pork cutout down 0.175 @ 124.500
- Hogs are higher this morning with Oct outpacing front month Aug, which is at a whopping 22-dollar discount as first notice approaches
- The higher move in futures follows a large jump in cash, but a decline in the cutout of 0.21
- Slaughter pace has been slowly increasing, while hog weights rise to become in line with a year ago
- National Direct Afternoon report rose 8.29
- Hog slaughter projected at 470K
- CME Lean Hog Index for 8/10: up 0.33 @ 122.25