TFM Midday Update 8-12-21

CORN

  • Sept up 17 @ 5.75 @ 5.48 & Dec up 19 @ 5.78
  • USDA 21-22 ending stocks 1.242B bu vs 1.432B bu in July
  • USDA adjust US corn yield to 174.6 bpa
  • Weekly export sales of 377.6K mt – below trade guess of 600K mt
  • US ethanol stocks fall 1.6% to 22.276M bbl
  • Brazil boosts imports as crops wilt
  • Drought expected to affect Argentine crops into next year
  • Flooding in China & frost/freeze in Brazil still supportive for US prices
  • Preliminary changes in futures open interest as of 8/11, up 4,972 contracts

SOYBEANS

  • Sept up 17 @ 13.63 & Nov up 18 @ 13.58
  • USDA adjust US soybean yield to 50 bpa
  • Ending stocks reported at 155 unchanged from July
  • China may be closing a its number 1 port due to Covid
  • Weekly export sales of 96.9K mt – well below trade guess
  • China cuts 2020-21 import estimates on crushing margins
  • Scattered rains across Midwest helpful to filling beans
  • Preliminary changes in futures open interest as of 8/10, down 2,692 contracts

WHEAT

  • Sept wheat up 22 @ 7.49, Sept KC up 20 @ 7.31, Sept MNPLS up 6 @ 9.19
  • USDA cuts US wheat production by 50M bushels
  • Weekly export sales of 293.1K mt
  • Weekly export sales of 293.1K mt
  • French wheat quality suffers with low specific weight
  • Europe soggy wheat fields drive Paris milling futures to 8-yr high
  • Dryness in Northern Plains will help harvest move quickly
  • Preliminary changes in futures open interest as of 8/10, down 3,566 contracts SRW

CATTLE

  • Oct LC up .10 @ 127.67 & Sept FC up .97 @ 166.27
  • Cattle in sideways trade until higher cash can be seen
  • Skyrocketing boxed beef prices still not bring packers to buy
  • A few cash trades in the south at 121.00 – same as last week
  • Weekly export sales at 13,600 mt – down 9% from last week
  • Cattle slaughter projected at 121K
  • Feeder Cattle cash index for Aug 10, down .14 @ 156.19

HOGS

  • Oct hogs up .07 @ 86.82 & Aug pork cutout up .45 @ 123.50
  • Futures gain some footing as cutouts stabilize
  • Technical support holding and futures look oversold
  • Weekly export sales at 14,600 mt – down 62% from last week
  • Hog slaughter projected at 475K
  • Cash lean index for Aug 10, down .32 @ 110.45

Author

Amberlee Bratcher

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