CORN
- Dec down 8 @ 5.45
- Heavy rains from hurricane expected to move out of SE by Wednesday
- Rains will make early harvest difficult for many
- Corn export sales have been active but China’s level of demand remains mystery
- China’s internal corn price currently 9.74 per bu
- Preliminary changes in futures as of 8/27: down 31,309 contracts
SOYBEANS
- Nov down 15 @ 1308
- Could be logistical issues along Mississippi due to Ida
- Rains over the weekend beneficial to soybeans but won’t repair all previous damage to yield
- China has worked through Brazil soybeans – US soybeans are good candidates for future business
- Ahead of US harvest soybeans are still historically tight on the balance sheets
- Preliminary changes in futures as of 8/27: down 6,804 contracts
WHEAT
- Dec wheat up 3 @ 7.35, Dec KC up 2 @ 7.26, Dec MNPLS up 1 @ 9.19
- Wheat supported by Paris Milling futures today
- Light & heavy rains expected for SRW wheat areas this week
- Harvest expected to make nice progress, with little disruption last week
- Trade awaits the numbers from Canada today to see how much production is cut
- SovEcon sees Russian wheat exports at lowest in 4 years
- Preliminary changes in futures as of 8/27: down 13,820 contracts for SRW
CATTLE
- Oct LC down .55 @ 128.57 & Oct FC down .12 @ 168.30
- Cash trade underwhelming last week
- Choice cuts down 1.93 & selects cuts fell 4.07
- Due to holiday slaughter schedules will be disrupted
- US beef productions falls 2.1% from last week
- Cattle slaughter projected at 119K
- CME feeder cattle Index for Aug. 26: up .60 @ 159.39
HOGS
- Oct hogs down .30 @ 90.42 & Oct pork cutout down .47 @ 103.25
- October futures closed gap in charts on Friday
- October still a huge discount to cash
- Packers not aggressive in cash market as they can satisfy demand
- US pork production down .2% from last week
- Hog slaughter projected at 473K
- CME lean hog index for Aug 26: down .84 @ 103.62
Author
Amberlee Bratcher