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AgUpdate - Test
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Overnight CME Globex Futures 9/24
  @8:00 a.m. Change High Low
Dec corn 5.26 3/4 -2 1/2 5.28 3/4 5.25
Mar corn 5.34 1/2 -2 1/2 5.36 1/4 5.33
May corn 5.39 -2 1/4 5.40 1/2 5.37 1/2
Jul corn 5.38 -2 1/4 5.40 5.36 1/2
Nov beans 12.82 -2 1/4 12.90 12.79 1/2
Jan beans 12.90 3/4 -3 1/4 12.99 3/4 12.89 3/4
Mar beans 12.94 1/4 -3 1/4 13.02 1/2 12.92 3/4
May beans 12.99 3/4 -3 1/2 13.07 12.99
Oct soy meal 336.4 -0.2 337.5 336.0
Dec soy meal 339.8 -0.3 341.1 339.3
Jan soy meal 342.3 -0.5 343.7 342.0
Dec wheat 7.15 3/4 -2 7.19 3/4 7.11 1/2
Mar wheat 7.26 1/2 -2 7.30 1/4 7.22 3/4
May wheat 7.30 3/4 -1 1/4 7.33 3/4 7.26 1/2
Ethanol Futures settlements (preliminary)
  Settle Change High Low
Oct 2.207 UNCH
Nov 2.207 UNCH
Dec 2.207 UNCH
         

Chinese concerns weigh on grains

Financial and grain markets are lower over more concern with the Chinese Evergrande situation with talk that they missed an interest payment, according to Total Farm Marketing.

Soybean crushing plants including those owned by Louis Dreyfus and Bunge Ltd. in the Chinese coastal metropolis of Tianjin stopped operations earlier this week and may not resume production until next month. The units have a combined soy processing capacity of about 25,000 tons a day and Tianjin is one of the country’s crushing hubs, according to ADM Investor Services

Corn

Argentina has about 8% of its corn crop planted, while Brazil is closer to 20%, according to Total Farm Marketing.

Harvest weather looks to be open for the western Corn Belt while Illinois and east is expecting to see a chance of rain over the next couple of days, according to Bryant Sanderson of CHS Hedging.

Soybeans

The market is waiting for the Gulf to get back up and running to potentially see increased US soybean sales, according to Total Farm Marketing.

Reports on the wire suggest Chinese soy crush plants in Tianjin and Jiangsu shutdown due to tight coal supplies and the PRC’s stricter emission goals, according to Alan Brugler of Barchart.

Wheat

Winter wheat planting continues to chug along with a decent amount of rain coming for the Southern Plains at the end of the month, according to Bryant Sanderson of CHS Hedging.

The International Grains Council’s September data called for 1 MMT lighter wheat output. Their estimate is now 782 MMT, with 277 MMT of carryover, according to Alan Brugler of Barchart.

Cattle on Feed report higher than expected

Traders evened up positions ahead of this afternoon’s Cattle on Feed report, According to Total Farm Marketing.

The Cattle on Feed report showed on feed at 99% vs. 97.9% expected at 11.234 million head, placements at 102% vs. 99% expected and marketings at 100% vs. 100% expected, according to Bryant Sanderson of CHS Hedging.

Lean Hogs

In weighted average negotiated prices for barrows and gilts, USDA reported;

  • National carcass base up 40 cents to $76.93/cwt.
  • National live at $58.43/cwt.
  • Iowa-Minnesota carcass base not reported due to confidentiality.

USDA reported carcass cutout values this afternoon was up6.48 to $110.77/cwt.

Hogs and Pigs quarterly report this afternoon showed all hogs at 96.1% of last year vs. expectations of 97.3-99.8 with total head at 75.352 million vs. 77.101 million expected, according to Bryant Sanderson of CHS Hedging.

Pork sales were light through the week but other than some daily ups and downs on some primal cuts, mostly hams, daily pork steady helped profit margins for the packer with hog prices down, according to ADM Investor Services.

Cattle

Boxed beef cutout values this afternoon were lower on both Choice and Select, the USDA said.

  • Choice fell 2.28 to $303.32/cwt.
  • Select fell 46 cents to $274.53/cwt.

In negotiated cash sales in Nebraska, the USDA reported 376 head sold dressed at $193 and none sold live. In negotiated cash sales in Iowa/Minnesota, the USDA reported none sold live and 74 head sold dressed at $194.

USDA estimated FI cattle slaughter at 477,000 head for the week through Thursday. That was up 2,000 head from the same week last year but flipped to 6,000 head behind the same week last year, according to Alan Brugler of Barchart.

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These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Commodity trading involves risks, and you should fully understand those risks before trading.


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