TFM Midday Update 08-24-2021

CORN

  • Dec up 7 @ 5.43
  • US corn declined to 60% good/excellent
  • US corn 85% in dough stage – 41% dented
  • Supplies remain tight and US still cheap globally
  • China’s internal price fallen to 9.84
  • Brazil’s crop 79% harvested

SOYBEANS

  • Nov up 35 @ 13.28
  • US soy conditions fell to 56% good/excellent
  • US soy 97% in bloom – 88% setting pods
  • Friendly weather ahead for northern Plains & upper Midwest
  • China reports zero new Covid cases on Monday
  • Domestic soybean basis

WHEAT

  • Dec wheat down 1 @ 7.32, Dec KC down 1 @ 7.17, Dec MNPLS up 2 @ 9.08
  • Storms in nothern Plains adding pressure to futures
  • Paris milling futures down today
  • Russian wheat harvest yield down 12.5% from last yr
  • Concern for dryness to Argentine wheat
  • Drought in US still in full effect for northern Plains

CATTLE

  • Oct LC up 0.32 @ 132.35 & Sep FC up 0.52 @ 167.82
  • Cattle futures finding support from Cattle on Feed report
  • Packers expected to bid higher to keep plants running
  • Boxed beef continues to increase
  • Choice cuts up 2.97 & select cuts up 0.87
  • Choice cuts jumped 3.43 Friday, while select gained 2.12
  • Cattle slaughter projected at 121K
  • Feeder Cattle Cash Index for Aug 20: down 0.06 @ 155.73

HOGS

  • Oct hogs down 0.62 @  88.85 & Oct pork cutout down 0.60 @ 100.57
  • Hogs trying to borrow support from cattle, but failing
  • Cutouts fell 6.00 yesterday
  • Trade concerned about supply issues or lack thereof
  • Hog slaughter projected at 477K
  • Cash Lean Index for Aug 18: up 0.34 @ 107.90

Author

Amberlee Bratcher

Sign up to get daily TFM Market Updates straight to your email!

back to TFM Market Updates