SEPT CORN

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Sept Corn continues to grind lower as benign weather & a lack of substantive trade deals feed the bear mkt! The good-to-excellent crop ratings Monday came in at 73% the highest since 2016! Private estimators have recently pegged yields at 186-188 BPA – over the recent USDA at 181! A recent sharp drop in the US Dollar due to lower than expected US Unemployment data from last Friday – non-farm payroll at 73,000 (100,000) & solid exports sales & inspections Thur & Mon have failed to offset the nearly perfect crop weather! Next Tues 8-12, the USDA issues their Aug Supply & Demand Report – followed by a slew of private crop tours – including the Pro Farmer tour Aug 19-22!

SEPT BEANS

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Beans have followed corn lower – exacerbated also by excellent growing weather & a continuing delay in the US/China trade deal talks & resolution! Good-to-excellent ratings came in at 68% – down 1%! Stone X came in at 53.6 bpa & S & P Global at 53.5 – just over the USDA’s 52.51. Trumps Russian Sanctions threats briefly rallied beans as higher crude oil bumped up soyoil – which pushed beans higher! The mkt is awaiting the August USDA Report & the subsequent crop tours next week!

SEPT WHT

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Sept Wht has followed Sept Corn & Beans lower – as the path of least resistance! There is no redeeming BULL STORY in the grains currently as very benign weather & a lack of trade deals & ongoing tariffs have weighed heavily on the CBOT! However, the mkt is severely overbought but needs a bullish spark from somewhere!

OCT CAT

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The amazingly resilient Oct Cat mkt – after having rallied $40 (190-230) since early April – has once again recovered from a sharp $7.00 correction to within $1.00 of contract highs off Brazilian import fears, a tight fed cattle mkt & a strong cash mkt! Demand keeps showing up at these record levels as the Grilling Season winds down going into Labor Day W/E!

OCT HOGS

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Oct Hogs have closed higher 5 consecutive days (88-93) off a strong pork cut-out – closing the gap with its high-flying neighbor Oct Cat! Demand has improved as we move into the Labor Day W/E holiday – and the cheaper meat in the supermarkets is garnering plenty of attention from shoppers! Plus trade deals may limit the pork imports going forward!

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