The CME and Total Farm Marketing offices will be closed Monday, September 6, 2021, in observance of Labor Day.
CORN
- Dec up 1 @ 5.23
- US corn is $253 per ton & Argentina is $227
- Corn exports for this week reported with cancellations of 300.8K mt
- US corn used for the ethanol at 449.1M bu in July
- Efforts are being made to get barge traffic going in on Mississippi River
- Corn supplies are expected to increase in 2021-22 and should remain supportive for prices
- Preliminary changes in futures as of 9/1: down 1,452 contracts
SOYBEANS
- Nov up 5 @ 12.83
- Private exporters reported export sales of 126K mt to China
- US soybean prices $513 per ton vs Brazil’s $537
- Late August rains expected to help improve US soybeans
- Soybean exports for this week reported with sales of 68.2K mt
- US soybean crushing at 166M bushels in July
- Preliminary changes in futures as of 9/1: down 890 contracts
WHEAT
- Dec wheat up 4 @ 7.18, Dec KC up 3 @ 7.07, Dec MNPLS down 4 @ 8.94
- Wheat exports reported today at 295.3K mt
- Wheat still positioned well due to global production numbers tightening
- Lack of moisture should not be a problem for SRW wheat planting this fall
- Rains falling today in NE & SD – TX & OK stay dry
- Dec Chicago still holding 7.00 support levels for now
- Preliminary changes in futures as of 9/1: up 5,503 contracts for SRW
CATTLE
- Oct LC down 0.67 @ 126.92 & Oct FC down 2.57 @ 165.47
- Argentine farmers weigh grain strike over beef export cap
- Demand for beef may not fall off as much as anticipated after holiday
- Weekly export sales reported at 15,600 mt
- Choice cuts down 3.66 & select down 4.46
- Cattle slaughter projected at 121K
- CME Feeder Cattle Index for Aug 31: down 1.19 @ 158.35
HOGS
- Oct hogs down 0.22 @ 89.92& Oct pork cutout down 0.30 @ 103.05
- Germany faces long-term fight against ASF
- Weekly export sales reported at 33,500 mt
- Large discount to cash still remains in Oct cash
- Hog slaughter projected at 477K
- CME Lean Hog Index for Aug 31: down 0.96 @ 102.67