CORN
- Sept down 1 @ 5.63 & Dec up 1 @ 5.69
- US weekly crop condition down 2% rated 62% good/excellent
- US inspected 755K mt for week ending 8/12
- Pro-Farmer Tour reports 140.1 bu/acre for parts of SD (3 year average 170.4)
- Brazil corn harvest at 70% as of Aug. 12
- Preliminary changes in futures open interest as of 8/16, up 3,488 contracts
SOYBEANS
- Sept up 7 @ 13.83 & Nov up 7 @ 13.75
- NOPA July soy crush @ 155.105 mb – below all estimates
- US weekly crop condition down 3% rated 57% good/excellent
- US inspected 278K mt for week ending 8/12
- Pro-Farmer Tour reports pod count 1,131.4 per 3X3 square (3 year average 1,036)
- Preliminary changes in futures open interest as of 8/16, down 1,499 contracts
WHEAT
- Sept wheat down 22 @ 7.38, Sept KC down 18 @ 7.18, Sept MNPLS down 15 @ 9.27
- US weekly crop condition same as last week – 11% good/excellent
- US spring wheat harvest at 58% well ahead 36% average
- US inspected 441K mt for week ending 8/12
- German wheat – crop estimate cut following heatwave to 22.4M tons
- SovEcon lowers Russian production from 76.4m tons to 76.2m tons
- Preliminary changes in futures open interest as of 8/16, up 6,422 SRW
CATTLE
- Oct LC down .10 @ 129.02 & Sept FC down .50 @ 161.50
- Futures in limbo until cash trade is seen
- Feeder cattle similar to fats, impacted little from grains
- Higher boxed beef prices continue, but packers are still on sidelines
- Cattle slaughter projected at 121K
- Feeder cattle cash index for Aug 13: down .29 @ 155.54
HOGS
- Oct hogs down 1.02 @ 87.97 & Oct pork cutout down .87 @ 101.37
- October may move higher in order to close chart gap from 8/5
- Cutouts fell 6.33 & cash fell 2.29 – very bearish for pork market
- Traders still look ahead to tighter supply & increased demand
- Hog slaughter projected at 476K
- Cash lean index for Aug 13, down .23 @ 109.67
Author
Amberlee Bratcher