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Midday Update

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Midday Update

<![if !supportLists]>·         <![endif]>Overnight models shifted cooler for next weekend, raising the frost risk somewhat.

<![if !supportLists]>·         <![endif]>Commodity Weather Group sees a “worst case scenario” of corn & soybean losses equal to 1 to 2% of the national crop.

<![if !supportLists]>·         <![endif]>Traders adding a bit of risk premium ahead of the weekend, just in case forecasts turn colder over the weekend, following big losses the past couple of days.

<![if !supportLists]>·         <![endif]>Export sales for the week ending August 28 were disappointing at 20.4 million bushels of corn, 4.4 million bushels of grain sorghum, 28.7 million bushels of soybeans and 6.2 million bushels of wheat.

<![if !supportLists]>·         <![endif]>A few cash cattle traded at $158 to $160 per cwt on a live basis in Nebraska late Thursday, up $1 to $5 on the week. Bids are up to $161 this morning, with little movement. This week’s boxed beef movement has again been very strong.

<![if !supportLists]>·         <![endif]>Corn futures are up 5 cents on the above, but have not yet taken out Thursday’s high.

<![if !supportLists]>·         <![endif]>Soybean futures are up 9 cents on the above.

<![if !supportLists]>·         <![endif]>Wheat is up 5 in Chicago, 9 in Kansas City and 6 cents in Minneapolis.

<![if !supportLists]>·         <![endif]>October live cattle are up $2.55 per cwt to $159.60, while December and February are up $1.60 and $1.90 respectively.

<![if !supportLists]>·         <![endif]>Feeder cattle are generally $1.15 to $1.85 higher on strength in the fat cattle market.

<![if !supportLists]>·         <![endif]>Lean hogs are up $2.85 on short covering in the October contract, while gains in the deferred are less. Product prices were again soft on weak movement.

 

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