CORN

• Sep up 2 @ 5.69 @ Dec up 2 @ 5.75
• Light chance of moderate rain in western Corn Belt
• Day 4 of DTN yield tour – IL yield at 203.5, IN at 190, OH at 187
• Coronavirus delta variant is a concern for demand
• China’s internal corn prices still above $10
• Preliminary changes in futures open interest as of 8/12, up 20,136 contracts

SOYBEANS

• Sep up 15 @ 13.62 & Nov up 16 @ 13.57
• USDA old crop ending stocks jumped from 135 mb to 160 mb
• Uncertainty around final ending stocks number until September 30th report
• August soybeans expire today
• Export sales 6 days in a row – today 326K mt to unknown & 126K mt to China
• DTN Yield Tour – IL yield at 61, IN at 58, and OH at 57
• Preliminary changes in futures open interest as of 8/12, down 592 contracts

WHEAT

• Sep wheat up 15 @ 7.69, Sep KC up 9 @ 7.48, Sep MNPLS up 17 @ 9.50
• KC wheat trading new contract highs
• USDA lowered wheat stocks from 665 mb to 627 – lowest in 8 years
• World ending stocks went from 291.68 mmt to 279.06 mmt – lowest in 5 years
• Record crop still projected but now lowered to 776.91 mmt
• Rains expected in Montana but enough to slow harvest
• USDA’s ending stocks for HRS is lowest in 14 years
• Preliminary changes in futures open interest as of 8/12, up 9,454 SRW

CATTLE

• Oct LC down 0.35 @ 128.15 & Sep FC down 0.67 @ 162.87
• Boxed beef prices are up over $20 so far this week
• Cash trade has been mostly steady in the south at $121
• Cattle able to hold support despite rally in grains
• Cattle slaughter projected at 121K
• Feeder Cattle Cash Index for Aug 10, down 0.14 @ 156.19

HOGS

• Oct hogs down 1.05 @ 85.42 & Oct pork cutout down 0.52 @ 99.55
• Yesterday’s weak exports putting pressure on futures
• Higher cash yesterday may indicate packers need to increase buying
• Traders so far have been buying the break
• Hog slaughter projected at 475K
• Cash Lean Index for Aug 11, down 0.26 @ 110.19

Author

Amberlee Bratcher