CORN
- December down 0.8 1/4 @ 3.70, March down 0.8 1/4 @ 3.3.79, May down 0.8 1/4 @ 3.84
- Good weather may be encouraging farmer selling
- Export Inspections reported 755K mt for this week, down from last
- China still number 1 buyer for corn
- Pushing into harvest, corn could see a set-back
- Gap left to be filled on Dec corn @ 3.48-3.45
SOYBEANS
- November down 0.1825 @ 10.2525, January down 0.1775 @ 10.30, March up 0.12 @ 10.18
- Weather remains friendly for harvest
- Planted Progress report today may indicate harvest ahead of schedule
- Inspections report 1.310M mt down from last week
- China still #1 buyer of soybeans, 132K mmt sold to China this a.m.
- Seasonal trends indicate soybeans may pull back
- Technically still very over bought
WHEAT
- December CHI down 0.1575 @ 5.5925, December KC down .1225 @ 4.92, December MPLS down 0.1225 @ 5.3925
- USDA Grain Inspections 469.939 mmt down from last week’s
- Favorable weather pushes winter wheat planting along
- Drought expected to expand, threat to HRW crop
- US dollar is higher @ 93.76
- Corn & soybeans put pressure on all wheat markets
CATTLE
- October lives down 1.00 @ 106.35, December lives down 1.77 @ 110.07
- October feeders down 1.35 @ 141.07, November feeders down 1.55 @ 140.97
- Carcass weights are increasing and slaughter counts are picking up as well
- Cash cattle markets have continued to firm
- Today’s move lower, likely profit taking from last week’s gains
- October feeders are couldn’t break above 50-day moving average last week, trending closer to 200 moving day average at 140.00
HOGS
- October down 0.20 @ 66.32, December down 0.80 @ 62.72, February down 0.47 @ 68.07
- Cash Index is up 1.42 @ 67.84
- Firm gains in pork cutout values
- Cash hog values lower last Friday
- Bans on German pork products will likely boost US exports
- Hog futures are overbought technically
- Tight supplies still expected for 2021