CORN
- Dec up 8 @ 5.47
- Grain Stocks report released today at 11am CST
- Quarterly stocks pre-report estimate at 1,167 mb
- CHS’s Myrtle Grove, LA export terminal is reported to be back up and running
- The US dollar is at one-year highs – likely weighing on exports
- EIA reported that ethanol production rose by 1% last week to 914,000 barrels per day
- Rains across the central US today will may move into the Midwest by the weekend
- USDA reported an increase of 14.6 mb of export sales for 21-22
SOYBEANS
- Nov up 6 @ 12.90
- Grain Stocks report released today at 11am CST
- Quarterly stocks pre-report estimate at 172 mb (lowest ending total in seven years)
- Chinese Dalian soybean oil rose 1.6% overnight
- China will be on Golden Week holiday starting Monday (so they will not be buying soybeans next week)
- USDA reported an increase of 40.2 mb of export sales for 21-22
WHEAT
- Dec wheat up 8 @ 7.18, Dec KC up 7 @ 7.19, Dec MNPLS up 7 @ 9.11
- Grain Stocks and Small Grains Summary released today at 11am CST
- Quarterly stocks pre-report estimate at 1,857 mb
- USDA expected to lower their estimate of US wheat production on today’s report
- Pre-report estimates are for a production number of 1.681 bb
- Argentina and Russia need more rain
- The 7-day US forecast shows .5 to 2 inches of rain for HRW areas
- USDA reported an increase of 10.7 mb of export sales for 21-22
CATTLE
- Oct LC down 0.650 @ 121.125 & Oct FC down 1.950 @ 152.675
- Continued boxed beef weakness is pressuring the market
- Feeder cattle futures closed yesterday at their lowest level since early June
- Cash cattle trade this week has been better than anticipated
- Choice cuts down 4.23 and select down 2.57
- Cattle slaughter projected at 121K
- CME Feeder Cattle Index for 9/29: down 0.15 @ 154.66
HOGS
- Oct hogs up 1.150 @ 91.950 & Oct pork cutout up 1.675 @ 110.90
- There is a large gap on the charts below current levels
- Cash continues its decline – packers don’t need to bid up to meet demand
- Technically, nearby hog contracts are overbought
- National Direct Afternoon report declined 0.13
- Hog slaughter projected at 476K
- CME Lean Hog Index for 9/30: up 0.77 @ 92.92
Author
Brandon Doherty