TFM Midday Update 08-26-2021

CORN

  • Dec down 1 @ 5.50
  • Corn export net sales of 6,600 mt – 975 from last week
  • Heavy rains headed for Dakotas, MN, WI & IA
  • Daily export sales of 100K mt to Columbia
  • Bearish for corn is sharp fall in ethanol production last wk
  • Despite rains, most analysts agree corn yields will drop (172-174)
  • Preliminary changes in futures as of 8/25: up 169 contracts

SOYBEANS

  • Nov down 8 @ 13.24
  • Soybean export net sales of 75,100 mt – up 11% from last wk
  • Daily export sales of 133K mt to China & 132K to unknown
  • Veg oil markets slightly lower today
  • Resistance still holding strong at 13.40-13.50 area
  • Tropical storm could bring rains to Gulf states & Delta
  • Concerns brewing for La Nina to turn Argentina very dry
  • Preliminary changes in futures as of 8/25: down 2,197 contracts

WHEAT

  • Dec wheat up 8 @ 7.33,  Dec KC up 8 @ 7.10, Dec MNPLS up 3 @ 9.11
  • Wheat export net sales of 116 mt
  • Wheat firming back up today due to holding support levels
  • Paris Milling futures back up today after losing 30 cents
  • Concern still remains on quality of French wheat due to rains
  • Russia remains too hot & dry
  • Marketing awaiting Monday’s report out of Canada for drop in production
  • Preliminary changes in futures as of 8/25: down 796 SRW contracts

CATTLE

  • Oct LC down 0.80 @ 129.50 & Sep FC down 0.70 @ 164.40
  • Boxed beef runs out of momentum ahead of holiday
  • Choice cuts declined 0.69 & select down 1.21
  • Higher grain prices pressure feeder cattle
  • Exports 10,440 mt – down 5% from last week
  • Cattle slaughter projected at 119K
  • CME feeder cattle Index for Aug 24: up 1.37 @ 158.07

HOGS

  • Oct hogs down 0.20 @ 88.55 & Oct pork cutout up 0.20 @ 101.80
  • Hog market still choppy without any real direction
  • Cash down 0.71 – cutouts continue to suffer
  • October futures cannot get enough buyers to fill gap
  • Exports 24,100 mt – up 21% from last week (China 4th buyer)
  • Hog slaughter projected at 476K
  • CME Lean Hog Index for Aug 24: up 1.37 @ 158.07

Author

Amberlee Bratcher

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