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