CORN
- Dec down 3 @ 5.26
- Futures lower ahead of what should be a good harvest weekend
- It’s estimated by Sunday 8-9% of the US crop will be harvested
- Reports of disease and disappointing yields starting to circulate
- China’s internal corn prices continue to stay low
- Argentina has begun planting what it has projected as a record crop
- Preliminary changes in futures as of 9/16: down 6,314 contracts
SOYBEANS
- Nov down 12 @ 12.83
- Futures pressured by fall in veg oil, palm oil, bean oil & canola
- Exports were decent but Gulf exports are still struggling
- China’s internal price of soybeans at an all-year high close to $20 pbu
- Soybean planting has begun in Brazil – but still too dry
- Drought in Argentina & Brazil expected with the arrival of La Nina
- Preliminary changes in futures as of 9/16: down 1,240 contracts
WHEAT
- Dec wheat down 4 @ 7.08, Dec KC down 5 @ 7.14, Dec MNPLS down 1 @ 9.06
- Wheat down slightly for the morning but still strong for the week
- Trade still digesting news that the EU’s milling wheat could be low
- In comparison to Russian Ag Minister’s projection of 69.3 mmt – other Russian Ag’s are projecting 74-76 mmt
- Russian harvest at 71% complete – the verdict will be in soon
- Preliminary changes in futures as of 9/16: down 4,243 SRW contracts
CATTLE
- Oct LC down 0.85 @ 122.75 & Oct FC down 0.45 @ 156.65
- Cash trade $1 lower than last week on falling boxed beef prices
- Rebound from lows not able to hold, more selling could be ahead
- Choice cuts down 1.82 & select down 3.62 yesterday
- Cattle slaughter projected at 119K
- CME Feeder Cattle Index for 9/15: down 0.18 @ 154.02
HOGS
- Oct hogs down 0.70 @ 73.75 & Oct pork cutout down 0.90 @ 89.10
- Exports weaker than anticipated but China was back as a buyer
- Cutouts up 0.27 – 3rd consecutive day higher
- Lower cash indicated packers are getting sufficient hogs for demand
- Hog slaughter projected at 473K
- CME Lean Hog Index for 9/15: down 0.90 @ 94.45
Author
Amberlee Bratcher