CORN
- December up 2 @ 3.67
- Export inspections reported at 806K mt up from last wk’s 755K mt
- Export sales of 207K mt of corn – delivery unknown & 112K mt of corn – delivery Japan
- Argentina received much needed rains in the south but north left hot & dry – 15% harvested
- Corn futures lower as harvest expands & China demands appears to be slowing
- 6-10 forecast, U.S. weather supportive for harvest for most
- Managed money net positions: Long 95,912
- Preliminary Open Interest saw corn up 1,800 contracts
SOYBEANS
- November down 7 3/4 @ 9.94 3/4
- Export inspections reported at 1.21M mt down from last wk’s 1.31M mt
- Exports sales 218K mt of soybeans – delivery unknown
- Brazil’s center west & center south crop areas will be dry into Oct, further delaying early planting for soybeans
- Managed money net positions: Long 211,143
- Preliminary Open Interest saw soybeans up 380 contracts
- Soybean futures lower & appear destined for the 5th lower close in the last 6 trading days
- China buying appears to be slowing
- Aggressive soybean harvest should be expected within the next 10 days – soy harvest expected to be at 15%
WHEAT
- December CHI up 3 3/4 @ 5.48, KC Dec up 3 3/4 @ 4.75 1/2 MNPLS Dec up 4 ¾ @ 4.80
- Export inspections reported at 563K mt up from last wk’s 469K
- U.S. HRW wheat will be dry for the next 10-14 days and excessive heat & dryness has already depleted soil moisture
- Russia’s Southern Region remains too dry for winter crop planting
- Choppy trade as trade monitors global stocks
- Managed money net positions: Long 14,543, KC wheat Long 18,463
- Preliminary Open Interest saw SRW Wheat futures down roughly 2,100 contracts; HRW Wheat down 445
- Timely rains in Argentina & Ukraine
- USD down today @ 94.38
CATTLE
- • October Live Cattle up .30 @ 107.87 & October Feeders down .12 @ 140.2
• Feedlot placements up 0.2%, highest weight since Nov 2015
• Dow Jones projected slaughter 120K head vs last wk’s 121K
• Friday’s Cattle on Feed report was deemed slightly bearish, on-feed numbers 4% above a year ago
• Country is quiet today, with both buyers & sellers taking inventory
• Bids & asking prices not established, trade volume may be delayed un Wednesday
• Beef cutouts are expected to be mixed with light box movement
• Cash index for FC @ 142.23 down $.36
• Open interest added 529 positions for LC & 236 positions for FC on Friday
HOGS
- October up .75 @ 72.50
- Short-term news positive, market looking top heavy
- Long term bearish forces but ash news is supportive
- Down Jones projected slaughter 483K head vs last wk’s 481K
- October cattle higher with continued buying based on short-term needs
- Highest price since Feb 2020
Author
Bryan Doherty