CORN
- Dec up 4 @ 5.49
- Rains expected for much of the Corn Belt over the next 7 days
- Yesterday 125K mt of corn sold to Mexico
- No sales to China recently – internal corn falling to 9.86
- Argentina’s corn harvest 95% complete
- Ethanol production for week ending 8/20 933K bpd – down 4% last week
- Preliminary changes in futures as of 8/24: down 3,106 contracts
SOYBEANS
- Nov up 1 @ 13.32
- Yesterday 132K mt of soybeans sold to China
- Soybeans still supported by veg oil markets
- Export demand expected to pick up with US beans cheapest on the market
- China’s 2nd busiest port has reopened
- Good rains expected in US for ND, WI, MN & IA
- Preliminary changes in futures as of 8/24: down 2,060 contracts
WHEAT
- Dec wheat down 4 @ 7.27, Dec KC down 1 @ 7.15, Sept MNPLS down 1 @ 9.09
- Paris milling futures are down, adding pressure to wheat
- Stats Canada, expected to be a large fall in Canada’s wheat production #’s
- Brazilian wheat expected to get much needed rains this week
- La Nina effects still a grave concern for Argentine wheat
- Canadian farmers make smallest canola delivery since ‘13
- Ukraine harvested record 32m tons of wheat
- Preliminary changes in futures as of 8/24: down 1,374 contracts
CATTLE
- Oct LC down 0.60 @ 131.10 & Sept FC down 0.05 @ 165.72
- Boxed beef prices may keep packers from bidding higher
- Choice cuts down 0.45 & select down 2.50
- Buyers overreact on Cattle on Feed report yesterday
- Cattle slaughter projected at 120K
- CME feeder cattle Index for Aug. 20: unavailable due to submission delays
HOGS
- Oct hogs up 0.95 @ 87.92 & Oct pork cutout up 1.02 @ 101.65
- Market focused on further weakness of cutouts
- Cutouts declined 2.25 yesterday
- Oct futures still historically discounted to index
- Hog slaughter projected at 476K
- CME lean hog index for Aug 23: unavailable to due packer submission issues
Author
Amberlee Bratcher