Corn futures rallied 6 1/4 to 9 1/2 cents on Tuesday. The national average cash corn price from cmdtyView was up 9 cents today to $3.17. In the WCB cash corn was listed at $3.09, and cmdtyView had ECB’s average cash price at $3.26. USDA announced another 408,000 MT of corn sold to China for 2020/21 delivery. Private exporters also sold 100,000 MT of new crop corn to Japan reported under the daily system. CONAB estimates Brazil will produce 112.9 MMT of corn in 2020/21 – split 23% first crop, 74% second, and 3% third. That is 11.8% higher yr/yr, citing 7% expected acreage expansion because of high prices in Real terms. The winter or second corn (aka safrinha) crop was reported at 86% harvested, compared to 99% harvested last year.
Sep 20 Corn closed at $3.40 3/4, up 9 cents, |
Dec 20 Corn closed at $3.54 1/2, up 9 1/2 cents, |
Mar 21 Corn closed at $3.66 1/4, up 9 1/4 cents, |
May 21 Corn closed at $3.72 3/4, up 8 1/2 cents, |
--- provided by Brugler Marketing & Management
Futures closed with gains of 11 1/4 to 14 1/2 cents and settled near the highs. Nov beans rallied to highs last seen BC (before COVID), as in March. Soymeal futures ended the day with $2.50 to $3.00/ton gains. Bean oil futures closed up by 32 to 33 points. USDA announced a private export sale of 204,000 MT of new crop beans to China. Private exporters also sold 142,500 MT of new crop beans to unknown. China’s Vice Premier Liu He met via video conference with Lighthizer and Mnuchin on Monday evening to discuss Phase One progress. The U.S. recognized the steps taken by Beijing to open China’s markets, and China noted intentions to honor commitments signed in January, hinting at significant purchase increases. CONAB estimates 2020/21 Brazilian bean production to total 133.5 MMT – up significantly due to expected acreage increase. As planting is set to begin next month, CONAB estimates about 40% of new crop production is already sold; compared to 20% sold prior to 2019/20’s planting.
Sep 20 Soybeans closed at $9.13 3/4, up 14 cents, |
Nov 20 Soybeans closed at $9.20 1/4, up 14 1/2 cents, |
Jan 21 Soybeans closed at $9.27 1/4, up 14 1/4 cents, |
Mar 21 Soybeans closed at $9.29 1/2, up 13 3/4 cents, |
Sep 20 Soybean Meal closed at $291.60, up $2.50 |
Sep 20 Soybean Oil closed at $31.98, up $0.32 |
--- provided by Brugler Marketing & Management
Domestic wheat futures faded midday highs but still ended the session higher. Chicago SRW wheat closed the day with gains of 6 1/4 to 7 3/4 cents. KC wheat closed the session 9 to 9 3/4 cents higher in the front months. MPLS wheat held on to the double digit gains closing 8 3/4 to 11 cents higher. Coceral, a private European firm, estimates EU wheat production at 129.1 MMT, down from their previous estimate of 129.7 MMT. USDA has EU wheat output at 135.5 MMT. Egypt’s GASC purchased 530,000 MT of Russian wheat. Taiwan purchased 109,00 MT of U.S. milling wheat.
Sep 20 CBOT Wheat closed at $5.27 1/4, up 6 1/2 cents, |
Sep 20 KCBT Wheat closed at $4.44 1/4, up 9 cents, |
Sep 20 MGEX Wheat closed at $5.16 1/2, up 11 cents, |
--- provided by Brugler Marketing & Management
With a week left to trade, August futures closed at $105.50. OI for August fats was 2,311 contracts as of Monday. There have been no new delivery notices, MTD deliveries are still 42 contracts. The other front months ended the Tuesday session 67 to 87 cents higher. Feeder cattle futures closed with gains limited to 25 cents. The Feeder Cattle Index from CME was down 42 cents, at $143.62 on August 24. Tomorrow’s FCE auction has 1,545 head listed so far. USDA confirmed more $105 trade in TX on Tuesday, and noted there was some light KS trades from $105 - $107. USDA reported wholesale Choice boxes were $229.68 cwt. this afternoon, up by $2.21. Select boxes were $1.01 higher, widening the Chc/Sel spread to $17.42. The Chc/Sel spreads for rib and loin primals were $42.16 and $57.01 respectively, but choice rounds were a 73 cent discount. USDA estimated Tuesday’s federally inspected cattle slaughter at 118,000 head, setting WTD at 235k. That is up 3k head wk/wk but trails the same week last year by 1,000.
Aug 20 Cattle closed at $105.500, down $0.075, |
Oct 20 Cattle closed at $108.775, up $0.850, |
Dec 20 Cattle closed at $111.700, up $0.875, |
Aug 20 Feeder Cattle closed at $142.250, up $0.250 |
Sep 20 Feeder Cattle closed at $143.075, up $0.225 |
Oct 20 Feeder Cattle closed at $143.075, up $0.250 |
--- provided by Brugler Marketing & Management
Front month lean hog futures closed at levels not seen since May, with triple digit gains in Oct and Dec. The other front months ended 47 to 90 cents higher. The August 20 CME Lean Hog Index was up a dime to $55.51. USDA’s National Average Afternoon Base Hog price for Monday $42.28, up $0.98. In the WCB the weighted average base hog price was $42.26, and in ECB it was $42.29. USDA’s National Pork Carcass Cutout value was $0.24 higher in the PM update, at $74.81. Hams were down by $8.10 cwt. but all other primals strengthened (most by + $1). USDA estimated Tuesday’s FI hog slaughter at 484,000 head. After revising Monday lower, WTD kill is running at 953k head. That is down 10,000 wk/wk, but 15k above the same week last year.
Oct 20 Hogs closed at $55.950, up $1.350, |
Dec 20 Hogs closed at $56.675, up $1.075 |
Feb 21 Hogs closed at $62.775, up $0.900 |
--- provided by Brugler Marketing & Management
Cotton retreated some on Turnaround Tuesday after gaining triple digits to start the week. Futures were 11 to 24 points in the red at the closing bell. Hurricane Laura is expected to make landfall in Louisiana on Thursday. Cotton sold on The Seam for Monday was 6,607 bales at an average gross price of 59.39 cents/lb. The Cotlook A index was 70.10 cents/lb on August 24, down by a quarter of a cent. The cotton AWP for the week is 48.60 cents/lb. The LDP is 3.40 cents/lb through Thursday.
Oct 20 Cotton closed at 64.98, down 18 points, |
Dec 20 Cotton closed at 65.58, down 24 points |
Mar 21 Cotton closed at 66.42, down 21 points |
May 21 Cotton closed at 66.99, down 18 points |
--- provided by Brugler Marketing & Management