CORN
- Dec down 5 @ 5.03
- USDA estimates ending stocks increase from 1.242 MB to 1.408 MB
- USDA estimates US acres planted increased from 92.7 to 93.3
- USDA estimates US corn yields increased from 174.6 to 176.3
- Weekly export sales 905.8K mt new crop
- South America continues with early corn planting
- Preliminary changes in futures as of 9/9: down 2,281
SOYBEANS
- Nov up 3 @ 12.74
- USDA estimates ending stocks increase from 155 to 185
- USDA estimate US acres planted decreased to 87.2
- USDA raised soybean yields from 50 to 50.6 bpa
- Daily export sales of 132K mt to China today
- Basis levels have been flat to weaker in recent days
- All eyes on South American weather
- Weekly export sales of 1.479M mt
- Preliminary changes in futures as of 9/9: down 5,340
WHEAT
- Dec wheat down 7 @ 6.85, Dec KC down 2 @ 6.80, Dec MNPLS down 9 @ 8.62
- Weekly export sales of 388.4K mt – still a weak number
- USDA estimates US ending stocks at 615 mb
- USDA estimates world ending stocks at 292.6 mmt (old crop)
- USDA estimates world ending stocks at 283.2 mmt (new crop)
- Market still reacting to bigger Canadian stocks prior to report
- Ukraine to build new Black Sea export terminal to handle grains
- Argentina rains bolster wheat in top exporter
- Preliminary changes in futures as of 9/9: down 798
CATTLE
- Oct LC up .10 @ 123.85 & Oct FC down 1.67 @ 157.57
- Biden Adm. taking tougher stance on meat packing industry due to high consumer prices
- Packers refusing to pay more with boxed beef prices falling
- Choice cuts down 2.28 & select down 1.72 yesterday
- Cattle slaughter projected at 118K
- CME feeder cattle Index for Sept 8: down .64 @ 156.83
HOGS
- Oct hogs down 1.35 @ 84.17 & Oct pork cutout down 2.05 @ 98.30
- Hopes of higher cash diminished yesterday
- Cutouts also fell by 1.07 yesterday
- Hog slaughter projected at 475K
- CME lean hog index for Sept 8: down .78 @ 97.96
Author
Amberlee Bratcher