TFM Midday Update 9-4-20

The CME and Total Farm Marketing offices will be closed Monday, September 7, 2020, in observance of Labor Day

CORN

September up 0.0025 @ 3.4475, December up 0.035 @ 3.5725, March up 0.03 @ 3.6775
China has seen typhoon rains of up to 9 inches in growing areas
China sold 1.34 of 4mmt offered in a state auction this week
China has sold 56.8mmt (2.235mbu) of sorn in state auctions since May 28
Dec futures have held the 10-day moving average support level four sessions in a row this week, including today
Stochastics gave a sell signal crossover yesterday

September up 0.0125 @ 9.70, November up 0.0125 @ 9.6725, January up 0.005 @ 9.7275
Talk of cold weather in the US next week and developing La Nina conditions in South America
Talk that China bought 480,000 tonnes of beans from the US on Wednesday in addition to the sales yesterday of 132,000 tonnes to China and 318,000 tonnes to Unknown
November futures are trading at their highest levels today since January 15 after early weakness
Stochastics are sharply overbought

December CHI down 0.05 @ 5.4825, December KC down 0.0325 @ 4.7225, December MPLS down 0.025 @ 5.4475
Argentina growing areas got beneficial rains yesterday, Australia growing areas have rains in the forecast for next week
Russian wheat is still winning most of the international tender business
US dollar is stabilizing
CHI and KC futures are testing and holding the 10-day moving average support level
MPLS futures look weaker, trading below the recent consolidation range

October lives down 0.32 @ 103.60, December lives down 0.22 @ 107.60, February down 0.17 @ 111.57
September feeders down 0.57 @ 137.02, October feeders down 0.47 @ 137.85
Cash trade has been 1.00-2.00 lower so far this week
Average weights are running ~18 lbs above the average weight for this week
Sluggish export sales pace
October lives are extending the recent downtrend after a brief attempt at stabilizing early in the session

October up 0.25 @ 59.50, December down 0.02 @ 57.95, February up 0.22 @ 63.05
Producers are very current with marketings
Strong export sales this week
Huge surge in pork values yesterday to the highest level since June 1
October hogs tested and failed to break through the 200-day moving average resistance level earlier this morning
Stochastics are overbought

Bryan Doherty