CORN
- Sept up 7 @ 5.57 & Dec up 5 @ 5.58
- Corn holding 100-day moving average of 5.45
- Not much rain on today’s weather map
- Analysts expect USDA to lower corn yield
- 7-day outlook – best chances for rain in northern IL & OH
- Day 2 of DTN tour – KS yield at 147, MO yield 171.
- China’s internal corn price still over $10.00 a bu
SOYBEANS
- Sept up 4 @ 13.53 & Nov up 5 @ 13.41
- Soybean oil helping to support futures today
- Daily sales of 132,000 mt to China
- Price of Brazilian soybeans, indicative that China has bought most of their supply
- DTN crop tour estimates KS yield at 43, MO yield at 50.
- Analysts expect USDA to lower US soybean yield tomorrow
- Chance for rain in western soybean states next week
WHEAT
- Sept wheat down 3 @ 7.23, Sept KC down 6 @ 7.08, Sept MNPLS down 7 @ 9.08
- Trade relatively quiet ahead of tomorrow’s report
- Analysts expect USDA to lower estimate of US wheat production & global
- Winter wheat prices have taken their cues from weather challenges in EU & Russia
- US western Plains remains dry for the next week
- Rains in northern Plains next week will help white wheat planting
CATTLE
- Oct LC down .42 @ 127.67 & Sept FC down .77 @ 162.27
- Weak cutouts continue to keep pressure on futures
- October futures continue to show severe discount to cash
- Concerning that pork demand not improving with beef prices higher
- Cattle slaughter projected at 120K
- Feeder Cattle cash index for Aug 9: up .03 @ 156.33
HOGS
- Oct hogs up .30 @ 84.17 & Oct pork cutout up .30 @ 98.20
- Weakness in hogs seems to be emotion based, not fundamental
- Oct hogs have price gap at 89.97 that needs to be filled
- Weaker trend in cutouts has trumped tighter supplies for now
- Hog slaughter projected at 475K
- Cash lean index for Aug 9: down .44 @ 110.77