CORN
- Dec down 11 @ 5.23
- Ethanol production for week ending 8/27 averaged 906K bpd – down 3% from last week
- Since Ida hit Dec corn has dropped from 5.58 to 5.32
- Brazilian corn exports will be closer to 17 mmt versus USDA’s 23
- Brazil still dry but Argentina seeing some rains this week
- Farm Futures projects US corn acres at 94.3M acres
- China’s corn buying minge may fall short as bumper harvest looms
- Preliminary changes in futures as of 8/27: down 1,279 contracts
SOYBEANS
- Nov down 18 @ 12.74
- Since Ida hit Nov beans dropped from 13.36 to 12.85
- July crush expected to be 165 mb
- Farm futures projects US soybean acres to be 90.8M acres
- Concern over soybean shipments after Ida pressure futures
- Preliminary changes in futures as of 8/27: up 5,982 contracts
WHEAT
- Dec wheat down 4 @ 7.18, Dec KC down 6 @ 7.06, Dec MNPLS down 5 @ 8.98
- Since Ida hit Dec Chicago wheat dropped from 7.45 to 7.19
- Farm futures projects US wheat acres 49.7M acres
- SovEcon cuts Russian wheat crop to 75.4m tons
- EU soft wheat exports rose 12% through Aug. 29
- Preliminary changes in futures as of 8/27: up 564 contracts for SRW
CATTLE
- Oct LC up .80 @ 127.67 & Oct FC up .82 @ 168.57
- Liquidation of cattle has left market ready for a bounce
- Expected slower demand after Labor Day has trade selling
- Choice cuts were down .67 & select down .52 yesterday
- Cattle slaughter projected at 121K
- CME feeder cattle Index for Aug. 30: down .02 @ 159.54
HOGS
- Oct hogs up 1.42 @ 90.22 & Oct pork cutout up 2.00 @ 104.02
- Hogs are still in an uptrend that began after lows of Aug 10
- Packers have been able to purchase hogs with little difficulty
- US pork production down .2% from last week
- Hog slaughter projected at 477K
- CME lean hog index for Aug 30: up .23 @ 103.72
Author
Amberlee Bratcher