Market Snapshot | September 8, 2023

Corn is trading near unchanged at midmorning.

Corn futures are chopping around unchanged in directionless trade ahead of the weekend.
For week ended Aug. 31, USDA reported net sales of 949,700 MT for 2023-24. Traders expected sales to range from 400,000 MT to 1.0 MMT for 2023-24.
Ukrainian farmers have started the 2023 corn harvest, according to the agriculture ministry. The ministry has stated Ukraine is likely to harvest 56.4 MMT of grain this year, up from 55.3 MMT in 2022.
December corn is trading narrowly within Thursday’s range, with initial resistance remaining at $4.88 3/4, while support lies at $4.83 1/2.

Soybeans are mostly 1 to 2 cents higher, while December meal futures are around $3.00 higher. December soyoil is modestly lower.

Soybean futures have firmed from earlier lows, led by strength in meal futures.
USDA reported daily export sales of 121,000 MT to China during 2023-24.
USDA reported weekly export sales of 1.783 MMT for 2023-24. Traders expected sales to range from 1.4 to 2.0 MMT for 2023-24.
November soybeans have firmed from earlier lows and are trading mostly between the 20- and 40-day moving averages of $13.57 3/4 and $13.61 1/4, respectively.

SRW wheat futures are fractionally to a penny lower, while HRW futures are around 1 cent higher. HRS contracts are chopping around unchanged.

Wheat futures are directionless in light trade ahead of the weekend.
World Weather Inc. states rain in U.S. hard red winter wheat production areas Saturday into Tuesday of next week will help improve planting conditions, though some areas will see limited amounts. Improved germination and emergence are expected as well, though additional rain will be needed.
USDA reported net weekly sales of 370,300 MT for 2023-24, which were up 13% from the previous week, but down 11% from the four-week average. Traders expected sales to range from 250,000 to 600,000 MT.
Romania approved a plan to upgrade road infrastructure around the Black Sea port of Constanta, part of wider investments in the port that could help bring in more Ukrainian grain for shipment.
December SRW futures breached support at $5.93 3/4 before rebounding from the intraday low. The 10-day moving average of $6.04 3/4 continues to serve as solid resistance.

Live cattle and feeders are narrowly mixed.

Some live cattle contractsare facing pressure amid mild profit-taking efforts following two days of solid gains.
Cash cattle activity picked up on Thursday with trade ranging from $179 to $187.
Boxed beef prices weakened Thursday, with Choice $1.91 lower to $311.66, while Select fell $1.44 to $286.17. Movement improved to 167 loads.
USDA reported net beef sales of 11,900 MT for 2023, down 34% from the previous week and 20% from the four-week average.
October live cattle are trading within Thursday’s range, with resistance at $184.71, while support lies at $182.41.

Lean hogs are marking moderate to heavy losses at midsession.

Nearby lean hogs are trading lower amid pressure from wholesale pork prices.
The CME lean hog index is up 18 cents to $86.19, snapping the string of daily declines since late July. Seasonally, the cash market tends to strengthen over the next two to six weeks before facing heavier seasonal pressure into winter.
The pork cutout value fell $4.12 on Thursday to $94.21, led by a near $20 drop in bellies and more than $7 decline in hams.
USDA reported net port sales of 26,300 MT for 2023, down 29% from the previous week and 13% from the four-week average.
October lean hogs have edged below support at $81.66, though additional support lies at the 20-day moving average of $80.85.

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