CORN
- Dec down 2 @ 5.15
- Weekly export inspections at 138K mt versus 275 last week
- Corn broke $5 on Friday, but so far holding above key area
- Effects from Ida not reflected in USDA August report
- Conditions in US mostly favorable for maturation and early harvest
- Preliminary changes in futures as of 9/10: down 6.562 contracts
SOYBEANS
- Nov up 1 @ 12.88
- Weekly export inspections at 105K mt versus 86K last week
- USDA reported private sale of 132K mt of soybeans to unknown destination
- China’s appetite for US soybeans has yet to waiver
- Rosario lowers Argentina 2022 output to 48.8M mmt
- Isolated showers will fall through the Midwest this week
- Preliminary changes in futures as of 9/10: up 1,243 contracts
WHEAT
- Dec wheat down 1 @ 6.86, Dec KC up 3 @ 6.85, Dec MNPLS down 4 @ 8.74
- Weekly export inspections at 547K mt versus 381 last week
- Russia harvested 70M tons of wheat so far this year
- Russian wheat exports expected to slow as export taxes rise
- Dry conditions in Pacific NW delaying winter wheat planting
- Dry and hot conditions in central & southern Plains delaying early winter wheat planting
- Preliminary changes in futures as of 9/10: down 2.355 SRW contracts
CATTLE
- Oct LC down .65 @ 122.80 & Oct FC down 1.05 @ 156.65
- USDA estimated beef consumption per capita to 58.6 lbs
- Cash trade will struggle to trend higher this week
- Choice cuts down 3.08 & select down 3.08 on Friday
- Cattle slaughter projected at 113K
- CME feeder cattle Index for Sept 9: down 1.83 @ 155.00
HOGS
- Oct hogs down .90 @ 81.57 & Oct pork cutout down 1.82 @ 96.92
- Technical support broken Friday and down again today
- USDA estimated pork consumptions this year at 50.3 lbs
- Cutouts also fell by 3.06 on Friday
- Hog slaughter projected at 478K
- CME lean hog index for Sept 9: down .23 @ 97.73
Author
Amberlee Bratcher