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Midday Update

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Midday Update

<![if !supportLists]>·         <![endif]>USDA’s daily export reporting system today showed another sale of 4.4 million bushels of U.S. soybeans to China.

<![if !supportLists]>·         <![endif]>USDA will update its crop progress and condition ratings this afternoon at 3 p.m. CDT.

<![if !supportLists]>·         <![endif]>Export shipments for the week ending September 4 totaled 47.1 million bushels of corn (big), 2.5 million bushels of grain sorghum, 6.4 million bushels of soybeans and 19.5 million bushels of wheat.

<![if !supportLists]>·         <![endif]>Forecast models continue to favor a very limited frost event that would be significant for those impacted, but have little significant impact on overall U.S. production, with the highest risk area shifting east favoring more of Wisconsin and eastern Minnesota.

<![if !supportLists]>·         <![endif]>New model coming in right now, but it appears to be shifting Saturday morning’s cold a bit further east and reducing the risk somewhat.

<![if !supportLists]>·         <![endif]>Corn futures are down 6 on reduced freeze fears.

<![if !supportLists]>·         <![endif]>Soybean futures are down 8 on the same.

<![if !supportLists]>·         <![endif]>Wheat is down 4 cents on showers in Australia, Russia & the U.S. Plains.

<![if !supportLists]>·         <![endif]>October live cattle are down $1 on profit taking after failing to test contract highs, while the deferred contracts are modestly mixed. Boxed beef movement is good for a Monday at 93 loads and $2+ higher on the day.

<![if !supportLists]>·         <![endif]>September feeder cattle are up near $1 on cheap corn, while gains are more modest for the deferred contracts.

<![if !supportLists]>·         <![endif]>October lean hogs are down $2.25, posting a bearish reversal on ideas the market is too far above the cash, which is steady to $1 higher today. Product is modestly higher.

 

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