Provided by Stewart-Peterson Inc.

CORN

• Dec corn up 7 @ 6.73
• Corn inspections at 18.1 mb with total 22/23 inspections now at 63 mb
• USDA said 12% of the corn crop is harvested (vs 14% average)
• US Dollar index hit a new 20-year high yesterday which pressured markets, but today at midday prices are recovering
• US Midwest should be mostly dry for harvest
• The decline in crude oil futures (and gasoline use) has impacted ethanol demand
• Grain Stocks report will be released on Friday

SOYBEANS

• Nov soybeans up 15 @ 14.26
• Soybean inspections at 9.5 mb with total 22/23 inspections now at 43 mb
• USDA said 8% of the soybean crop is harvested (vs 13% average)
• November crude oil closed yesterday at the lowest level since January, which pressured soybean oil
• Concern over demand with South American soybean meal and oil prices lower than the US
• The palm oil market has closed lower for four days in a row

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WHEAT

• Dec wheat up 28 @ 8.86, Dec KC up 27 @ 9.57, & Dec MNPLS up 23 @ 9.53
• Wheat inspections at 19.1 mb with total 22/23 inspections now at 286 mb
• USDA said 31% of the winter wheat crop is planted (vs 30% average)
• USDA said 96% of the Spring wheat crop is harvested (vs 97% average)
• The European Union is estimating the Russian wheat crop at 95 mmt (vs the USDA at 91 mmt)
• 231 vessels carrying a total of 5.3 mmt of grain have left Ukraine so far in the export deal (which is set to expire in late November)

CATTLE

• Oct LC up 0.825 @ 144.300 & Sep FC down 0.950 @ 175.925
• A somewhat bearish Cattle on Feed report does not provide support
• Concern about lower consumer demand due to higher prices
• Slaughter pace remains strong
• Feeder cattle are technically oversold and due for a correction
• Choice cuts down 0.79 and select up 4.04
• Cattle slaughter projected at 127K
• CME Feeder Cattle Index for 9/26: down 1.44 @ 178.71

HOGS

• Oct hogs down 0.875 @ 89.500 & Oct pork cutout down 0.350 @ 99.425
• No support in hogs yesterday (despite higher cash and cutouts)
• Outside market pressure is spilling over into hog futures
• Quarterly Hogs & Pigs report will be released on Thursday
• Packer margins are improving – this may lead to a higher trend in cash
• National Direct Afternoon report increased 5.54
• Hog slaughter projected at 482K
• CME Lean Hog Index for 9/27: down 0.60 @ 96.99

Author

Brandon Doherty