Market recap (changes on week):
- December corn up $.14 at $6.80
- November soybeans down $.37 at $13.74
- October soybean oil up 88 cents at 63.34 cents/lb
- October soybean meal down $12.20 at $405.30/short ton
- December wheat up $.54 at $9.12
- July wheat up $.46 at $9.11
Weekly highlights:
- Ethanol stocks increased nearly 8 million gallons last week despite ethanol production falling 13.5 million gallons from the week before representing week demand.
- Following a rough export sale report last week, export sales were better but not flashy this week. Corn, soybeans, soybean meal, grain sorghum and wheat were all up week over week.
- USDA’s Small Grains Summary was a shock to the market showing 2022 US wheat production down 133 million bushels less than previously reported on a lower yield and fewer acers.
- The September 1 Grain Stocks report showed corn stocks below all pre-report estimates at 1.377 billion bushels, while soybean stocks came in above all pre-report estimates at 0.274 billion bushels. Wheat stocks were as expected but surprising given the large reduction in production.
- Open interest futures and options positions of Chicago wheat were flat on the week, corn future and option positions were down 2% while soybean position were up 3% week over week. Managed money positions decreased across the board down 2,006 positions for Chicago wheats, 10,055 positions for Chicago corn and 9,860 positions for soybeans.
- US weekly export inspections were up week over week for corn, soybeans, and wheat, but down for grain sorghum.
- 75% of the US corn crop is rated mature and 20% harvested so far- just slightly behind normal pace. Corn conditions of good to excellent were steady for the second straight week at 52%, but the composite score of all conditions fell 1 tick to 331.
- 22% of the US soybean crop is harvested- below the average pace of 25%. The national soybean condition rating also held steady last week at 55% good to excellent while the entire composite score fell 2 points to 342.
- 22% of the US cotton crop is harvested- a little ahead of average pace. Cotton conditions held steady at 31% down from 49% for a 3-year average and 64% this time last year.
- 34% of the US grain sorghum crop has been harvested- nearly normal for this time of year. Grain sorghum conditions good to excellent fell 2% to 20% last week- down 35% percentage points from last year.
- On the wheat side- winter wheat plantings is 40% complete down from average for this time of year at 44%.
- USDA’s grain crushing report showed that corn crushed for alcohol and other uses was down 3% from July but up 3% from August 2021.
- Soybeans crushed for crude oil was down 6 million bushels in August from July but up 9 million bushels from August 2021.
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