Provided by Stewart-Peterson Inc.
CORN
- Dec corn down 3 @ 6.93
- Corn yield came in at 172.5 bpa
- US 22/23 corn carryout came in at 1,218 mb
- USDA rated the corn crop at 53% good to excellent (vs 54% last week)
- USDA said 5% of the US corn crop is harvested (vs 4% average)
- Parts of Brazil could see rain next week
- CPI data showed inflation is still high at 8.3%
SOYBEANS
- Nov soybeans up 1 @ 14.89
- Soybean yield came in at 50.5 bpa
- US 22/23 soybean carryout came in at 200 mb
- November soybeans closed yesterday at the highest level in two months
- Argentina soybean / meal / oil prices are currently cheaper than the US
- USDA rated the soybean crop at 56% good to excellent (vs 57% last week)
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WHEAT
- Dec wheat up 7 @ 8.66, Dec KC up 9 @ 9.36, & Dec MNPLS up 6 @ 9.33
- USDA increased wheat crop estimates for both Russia and Ukraine
- USDA said spring wheat is 85% harvested (vs 89% average)
- USDA said 10% of winter wheat is planted (vs 7% average)
- Despite the USDA still showing them exporting wheat, India will be banning wheat and flour exports (and will also ban future rice exports)
- It is still dry in the US southern Plains but could see some showers next week
CATTLE
- Oct LC down 0.675 @ 145.075 & Sep FC down 1.825 @ 179.700
- Higher corn futures yesterday impacted feeder cattle
- Anticipation of packers being more aggressive this week
- Live cattle held well yesterday in the face of higher grain prices
- Boxed beef is lacking support to trend higher
- Choice cuts up 1.68 and select up 1.03
- Cattle slaughter projected @ 126K
- CME Feeder Cattle Index for 9/12: down 0.33 @ 180.91
HOGS
- Oct hogs up 1.750 @ 93.625 & Oct pork cutout up 1.100 @ 103.025
- October hog futures remain at a steep discount to the index
- Slaughter pace is picking up due to demand
- Sufficient hogs are available to packers, causing them to be less aggressive
- A gain of 2.84 in cutouts was supportive
- National Direct Afternoon report declined 1.85
- Hog slaughter projected at 481K
- CME Lean Hog Index for 9/13: down 1.28 @ 98.29
Author
Brandon Doherty