CORN
- Dec down 8 @ 5.14
- USDA raised the corn crop rating 1% to 59% good to excellent
- Illinois corn crop rating jumped up 12%
- Export inspections continue to be low because of damage at the Gulf – some talk that more elevators might be up and running by October 1st
- 93% of the corn crop is denting vs 89% average
- 57% is rated mature vs 47% average
- 10% of the corn crop is harvested vs 9% average
SOYBEANS
- Nov up 3 @ 12.65
- USDA raised the soybean crop rating 1% to 58% good to excellent
- Illinois soybean crop rating jumped up 14%
- China is on holiday – we’ll see if they start buying US soybeans once they are back from holiday
- 58% of the soybean crop is dropping leaves vs 48% average
- 6% of the soybean crop is harvested vs 6% average
WHEAT
- Dec wheat down 13 @ 6.88, Dec KC down 12 @ 6.88, Dec MNPLS down 8 @ 8.86
- Wheat plantings are 21% done vs 12% last week
- Winter wheat areas in southern Russia have been dry for planting but have chances for rain this week
- Total inspections are at 283.4mb (down 11% from a year ago)
- Today’s weather map shows rains in the eastern Midwest and southern Plains – areas where SRW wheat will be planted
CATTLE
- Oct LC down 0.15@ 122.625 & Oct FC up 0.225 @ 156.90
- Feeder cattle might be developing a sideways trading range
- Next cattle on feed report comes out Friday
- Boxed beef prices finally showed some gains
- Cattle futures were able to hold yesterday despite losses in other markets
- Cattle slaughter projected at 120k
- Choice cuts up 1.19 & select up 1.00
- CME Feeder Cattle Index for 9/20: down 0.85 @ 153.75
HOGS
- Oct hogs down 0.45 @ 84.525 & Oct pork cutout down 0.625 @ 100.500
- Hogs could not find support yesterday
- China’s imports of pork have remained above last year
- Mexico pork imports have increased significantly
- Hog slaughter projected at 463K
- CME Lean Hog Index for 9/20: down 0.22 @ 94.04
Author
Brandon Doherty