TFM Midday Update 09-02-2021

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

Author

Amberlee Bratcher

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