10:30 a.m. Market Snapshot | Sept. 13, 2021

Corn futures are 3 to 6 cents lower at midsession and trading within narrow ranges.

Futures were under pressure, but trading within last week’s range, after the market was unable to extend Friday’s post-USDA report gains.
USDA reported 138,189 metric tons (MT) of corn was inspected for export during the week ended Sept. 9, down from 278,294 MT the previous week and below trade expectations ranging from 250,000 to 600,000 MT.
USDA raised its U.S. corn crop estimate by 1.7% from an August forecast to 14.996 billion bu., about 54 million bu. above trade expectations. The U.S. crop will generate an average nationwide yield of 176.3 bu. per acre, USDA estimated, up from 174.6 bu. per acre in August.
Large speculators cut their net long positions in corn futures and options for the third week in a row to the smallest since mid-July, according to CFTC data.
December corn fell as low as $5.07 1/2 a bushel earlier today after gaining 7 1/2 cents Friday following USDA’s crop report. Chart levels to watch include the 200-day moving average around $5.05 1/2 and Friday’s low at $4.97 1/2.

Soybean futures are narrowly mixed. Soymeal is $1.10 to $1.90 higher. Soyoil is choppy to higher.

Soybeans were initially under profit-taking pressure following Friday’s rally, which was triggered in part by a USDA harvest forecast that was slightly under the average analyst estimate.
USDA raised its forecast for the U.S. soybean harvest 0.8% to 4.374 billion bu., about 3 million bu. under the average trade estimate.
Export hopes continue underpin soybean futures. Earlier today, USDA announced a daily sale of 132,000 metric tons (MT) of soybeans to “unknown” destinations for the 2021-22 marketing year, which followed similarly-sized sales to China last Thursday and Friday.
Since the beginning of August, USDA has reported over 3.8 million MT of U.S. soybean sales to China or unknown destinations.
USDA reported 105,638 MT soybeans were inspected for export during the week ended Sept. 9, up from 90,603 MT the previous week. Expectations ranged from 75,000 to 300,000 MT.
November soybeans fell as low as $12.77 earlier after dropping 5 1/2 cents last week.

Wheat futures are mixed, with HRW 4 to 7 cents higher and SRW and spring wheat steady to 3 cents lower.

Easing concern over global supplies weighed on wheat futures overnight, though the HRW market erased initial decline to post gains by midsession.
In its latest Supply and Demand report Friday, USDA estimated U.S. wheat ending stocks at 615 million bu. for 2021-22, down from 627 million bu. in the August report. But USDA also raised its estimate for global wheat ending stocks to 292.56 MMT for 2020-21, from 288.83 MMT in the August report.
USDA reported a larger-than-expected 547,943 MT of wheat inspected for export during the week ended Sept. 9, up from 412,649 MT the previous week. Expectations ranged from 200,000 to 500,000 MT.
December SRW wheat futures fell as low as $6.79 overnight after reaching a seven-week low Friday. December HRW fell as low as $6.74 1/2 overnight, before rallying to an intraday high of $6.88 1/4.

Cattle futures are lower, with live cattle dropping to the lowest levels in over three months.

Live cattle extended a two-week selloff driven by chart breakdowns and slumping beef markets.
Choice cutout values Friday fell $5.36 to an average of $327.22, down 2.7% for the week and the lowest since $324.83 Aug. 13, USDA data showed.
Cash trade softened late this week, with live steers in five top feedlot regions averaging $124.73 Friday, down from $125.73 a week earlier.
Meatpackers slaughtered an estimated 577,000 head of cattle during a holiday-shortened week, down from 684,000 the previous week.
A fire over the weekend forced a partial shutdown at a JBS beef plant in Grand Island, Nebraska. The plant’s fabrication and slaughter A and B shifts will not be working today, local new outlets reported, citing a company Facebook post.
October live cattle fell as low as $120.85, the lowest intraday price since June 1.

Lean hog futures are lower, with October futures sinking to the lowest levels in over two months.

October lean hog futures extended last week’s 8% decline amid technical selling and weakness in wholesale pork markets.
The latest CME lean hog index was $97.96, the lowest since March 26 but still over $15 above October futures.
Pork carcass cutout values fell $3.60 Friday to $105.10, down 2.8% for the week and the lowest daily average since $103.26 on March 22.
Slaughter during the holiday-shortened week was an estimated 2.27 million head, down 5% from 2.39 million the previous week.
October lean hogs fell as low as $80.975, the lowest intraday price since June 24.

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