CORN

• Dec down 10 @ 5.12
• US corn harvest expected to pick up this week in southeast
• 95% of Brazil’s second corn is harvested and 10% of new is planted
• China’s internal prices low at 9.68 a bu.
• Market uncertain ahead of Friday’s USDA report
• Funds last reported to be 304K contracts long as of 8/31
• Preliminary changes in futures as of 9/3: down 334 contracts

SOYBEANS

• Nov down 10 @ 12.81
• US Coast Guard confirmed lower Mississippi is back up and running
• More soybean sales to China expected this week
• China’s internal price still above $19.00 a bu.
• Last week’s rains were beneficial to western soybean states
• South American planting is still a week or so out
• Funds last reported to be 81K contracts long as of 8/31
• Preliminary changes in futures as of 9/3: down 2,347contracts

WHEAT

• Dec wheat down 7 @ 7.18,  Dec KC down 5 @ 7.18, Dec MNPLS down 6 @ 9.06
• USDA report expected to drop world wheat supplies
• More adjustments may come to the Russian estimate currently 72.5 mmt
• Trade starting to focus on planting conditions for winter wheat
• USDA still estimating wheat supplies at their lowest level in 8 years
• Funds last reported to be 42K of KC wheat contracts long as of 8/31
• Preliminary changes in futures as of 9/3: down 5,400 contracts for SRW

CATTLE

• Oct LC down .05 @ 124.75 & Oct FC down .82 @ 164.95
• Mad cow confirmed in Brazil – putting a halt to shipments to China
• Choice cuts down 1.50 & select down .84
• Traders disappointed in lack of higher cash trade last wk
• Cattle slaughter projected at 119K
• CME feeder cattle Index for Sept 2: down .20 @ 157.74

HOGS

• Oct hogs down .92 @ 86.85 & Oct pork cutout down .70 @ 102.52
• Hogs may be building support as supplies are plentiful
• Cutouts down $1.12 last Friday
• Hog futures holding their own despite cattle falling
• Hog slaughter projected at 478K
• CME lean hog index for Sept 2: down 1.26 @ 100.06

Author

Amberlee Bratcher