CORN
NOTE: Crop tour scouts will roll into an eastern Corn Belt that has taken a week of record rainfall and a western Corn Belt still working through drought. More than 100 crop scouts leave Columbus, Ohio, and Sioux Falls, South Dakota, this morning on planned routes. We’ll be providing real-time coverage of the Tour right here at ProFarmer.com and on the Pro Farmer app: Live Coverage: Pro Farmer Crop Tour scouts to sample fields across 7 states.
December corn rose 6 1/4 cents to $4.89 1/2, nearer the daily high and closed at a three-month high close. The corn futures market saw follow-through technical buying featured today after Friday’s technically bullish weekly high close. Major flooding in the eastern Corn Belt is also price-bullish, as some of the corn crop may be flooded out. USDA this morning reported weekly U.S. corn export inspections totaled 1.911 MMT during the week ended Aug. 13, up 150,596 MT from the previous week. This afternoon’s weekly USDA crop progress report is expected to show the U.S. corn crop in 61% good to excellent condition as of Sunday, the same as last week and compares to 71% in the same period last year.
SOYBEANS
November soybeans gained 23 1/2 cents to $12.16, nearer the daily high and hit a three-week high. September soybean meal rose $1.90 to $312.10, nearer the daily high. September soybean oil rose 200 points to 71.44 cents, near the daily high and hit a three-week high. The soybean market saw buying interest from notions major flooding in the eastern Corn Belt the past several days will cause some soybean crop damage. Concern around too much rain and severe weather in the heart of the Midwest will linger through the marketplace today, notes World Weather Inc., with drier and warmer conditions needed to protect soybean conditions and production potential. Near-term technicals have turned friendlier for the soy complex, which also prompted some chart-based buying to start the trading week. USDA this morning reported weekly U.S. soybean inspections totaled 270,201 MT during the week ended Aug. 13, down 139,308 MT from the previous week. This afternoon’s weekly USDA crop progress report is expected to show the U.S. soybean crop in 62% good to excellent condition as of Sunday, the same as last week and compares to 68% in the same period last year.
WHEAT
September SRW closed steady at $6.74 3/4, nearer the daily high and hit a three-week high. September HRW gained 4 1/2 cents to $7.58 3/4, nearer the daily high and hit a three-week high. September spring wheat futures fell 3 1/4 cents to $6.75, near the daily low . The winter wheat futures markets saw some profit taking and chart consolidation early on but then poked above unchanged as the corn and soybean markets extended their early price gains. USDA reported weekly wheat inspection totaled 493,401 MT during the week ended Aug. 14, up 7,476 MT from the previous week Bloomberg reported that major crop buyers across Asia are turning to other suppliers in response to the intensifying attacks. Ukraine’s grain exports in the first part of August slumped 75% from a year earlier, and Russian shipments this month are expected to be less than half the five-year average, the report noted. This afternoon’s weekly USDA crop progress report is expected to show the U.S. spring wheat crop in 50% good to excellent condition as of Sunday, compared to 51% last week to 50% in the same condition at the same time last year. Spring wheat harvested is expected at 37% complete as of Sunday, compared to 24% last week at the same time.
COTTON
December cotton futures closed up 68 points to 85.48 cents, nearer the daily high and hit a three-month high. Cotton futures today saw chart-based buying as near-term technicals lean bullish. Higher grain prices and a lower U.S. dollar index to start the trading week were also price-friendly outside markets for cotton futures. Traders will closely examine this afternoon’s weekly USDA crop progress reports.
CATTLE
October live cattle fell $0.10 to $218.775, nearer the daily low. September feeder cattle lost $1.60 to $332.95, nearer the daily low. October live cattle and September feeder futures today saw mild to modest follow-through technical selling pressure as the charts are significantly bearish. Lower cash cattle trading last week also limited buying interest in futures. USDA at midday today reported cash cattle trading last week averaged $228.52—down over $6 from the prior week’s average of $235.21. The noon report today showed higher boxed beef prices, with Choice grade up $2.36 at $377.66 and Select grade up $9.78 at $361.02. Movement at midday was light at 29 loads. The Choice-Select spread is presently plus $16.64.
HOGS
October lean hog futures fell $0.025 to $81.725, nearer the daily low. The lean hog futures market saw mild follow-through technical selling pressure today. Lower cattle futures prices today also spilled over into selling in hog futures. The cash hog market is still trending down, which also favors the bearish camp of futures traders. The latest CME lean hog index down 21 cents to $95.47. Tuesday’s projected CME index price is down another 19 cents at $95.68. The national direct five-day rolling average cash hog price quote for today is $95.80. The USDA’s noon pork report today showed cutout value was down $0.94 at $98.06, led by weakness in butts and bellies. Movement at midday was decent at 183.16 loads.