CORN
- Dec down 4 @ 5.29
- Waiting to see if China buys corn to add to their reserves or bring down their domestic prices
- USDA might lower corn export estimate due to the slow start caused by Hurricane Ida
- Pre report yield estimate at 175.9 bpa (vs 176.3 bpa in September)
- Pre report carryout estimate at 1.421 bb (vs 1.408 bb in September)
SOYBEANS
- Nov down 13 @ 12.15
- China’s Dalian exchange showed losses in meal and oil, but gains in soybeans
- China still has crushing plants taking downtime due to coal shortages
- Rumors overnight China may have bought US and Brazilian soybeans
- Pre report yield estimate at 51.1 bpa (vs 50.6 bpa in September)
- Pre report carryout estimate at 289 mb (vs 185 mb in September)
WHEAT
- Dec wheat down 4 @ 7.28, Dec KC unchanged @ 7.35, Dec MNPLS up 1 @ 9.47
- Supporting wheat is the rise of Russian wheat prices and tight supplies of European milling wheat
- Paris milling futures trading close to last week’s contract high
- Australian August wheat exports were at a 9 year high of 2.1 mmt
- Pre report carryout estimate at 581 mb (vs 615 mb in September)
CATTLE
- Oct LC down 0.300 @ 125.325 & Oct FC down 0.725 @ 158.600
- Cattle futures holding near gains from last week despite concern around demand and boxed beef weakness
- Market may have already factored in higher cash
- Choice cuts down 2.15 and select up 0.90
- Cattle slaughter projected at 121K
HOGS
- Oct hogs down 0.825 @ 89.125 & Oct pork cutout unchanged @ 108.525
- There is a large gap on the charts below current levels (though with current weakness it is starting to be filled)
- Talk out of China about their hog futures rallying – their sow inventory might be down
- National Direct Afternoon report declined 0.64
- Hog slaughter projected at 478K
- CME Lean Hog Index for 10/12: down 0.35 @ 91.60