CORN
- Sept down 4 @ 5.51 & Dec down 3 @ 5.53
- Grain inspections for week ending 8/5 – 667.2K mt
- Trade waits to see if USDA finally starts to project “real” Brazil production numbers Thurs.
- Funds increased positions last week to 246,500 contracts
- Beneficial rains fell for much of grain belt over the weekend
- DTN Digital Yield Tour will start today in NE & SD
- Analysts see lower corn yields for US from USDA’s report – 177.4 bps
- Preliminary changes in futures open interest as of 8/6, down 21,602 contracts
SOYBEANS
- Sept down 4@ 13.40 & Nov down 5 @ 13.31
- Grain inspections for week ending 8/5 – 114.2K mt
- Higher 2021 carryout due to lower crush & exports could be revealed on Thursday
- Private exported reported a daily export sale of 104K mt of soybeans to unknown
- Funds decreased positions last week to 78,286 contracts
- Brazil exports the highest volume of soybean meal in 17 years
- Analysts see lower soybean yields for US from USDA’s report – 50.3 bpa
- Preliminary changes in futures open interest as of 8/6, up 2,353 contracts
WHEAT
- Sept wheat down 8 @ 7.10, Sept KC down 6 @ 6.99, Sept MNPLS down 2 @ 9.13
- Grain inspections for week ending 8/5 – 605.7K mt
- Weather remains dry in Black Seas & Russia for spring wheat
- USDA should lower world wheat production in Russia & Canada on Thursday
- Analysts see lower wheat production both for all wheat & spring wheat in US
- Funds increased their positions last week to 15,308 Chi & 38,166 KC
- Preliminary changes in futures open interest as of 8/6, up 3.064 contracts SRW
CATTLE
- Oct LC down .80 @127.07 & Sept FC down .27 @ 16.05
- Last week cash cattle were 2.00 higher
- Hug disconnect between cash & cutouts
- Packers trying not to spend too much hoping prices drop after holiday
- Cattle slaughter projected at 119K
- Feeder Cattle cash index for Aug 5: up .75 @ 156.55
HOGS
- Oct hogs down 3.00 @ 84.65 & Aug pork cutout down 1.20 @ 121.00
- Uncertainty remains over demand
- Hog numbers expected to tighten as year progresses
- Oct futures closed gap on chart – gives more confidence to buyers
- Hog slaughter projected at 459K
- Cash lean index for Aug 5: down .43 @ 112.05
Author
Amberlee Bratcher