Market recap (changes on week):
- December corn down $.12 at $6.66
- November soybeans down $.50 at $14.11
- October soybean oil up 95 cents at 66.11 cents/lb
- October soybean meal down $5.60 at $432.60/short ton
- December wheat up $.28 at $8.58
- July wheat up $.15 at $8.65
Weekly highlights:
- US weekly ethanol production was down for the second straight week- falling 18 million gallons.
- It was a rough week for US agricultural sales last week- corn, soybeans, soybean meal, soybean oil and wheat all came in below the most bearish pre-report estimates.
- The Federal Reserve Increased short term interest rates three- quarters of a percent for the third consecutive time to a base of 3.25.
- Open interest futures and options positions of Chicago wheat were flat on the week, corn and soybeans were up 1% and 2%, respectively. Managed money positions decreased 3,761 positions for Chicago wheat and 7,436 positions for soybeans but increased 7,266 positions for corn.
- Cattle on feed for market as of September 1 is estimated to be 11.3 million head- 45,000 more head than a year ago and second highest total for September.
- US weekly export inspections were down for corn, soybeans, and wheat, but up ever so slightly for grain sorghum. Reported inspections were below even the most bearish estimates for corn and soybeans.
- 58% of the US corn crop is rated mature and 12% harvested so far- just slightly behind normal pace. Corn conditions of good to excellent were steady on the week at 52%, but the composite score of all conditions fell 1 tick to 332.
- 8% of the US soybean crop is harvested- below the average pace of 13%. The national soybean condition rating also held steady last week at 55% good to excellent.
- 15% of the US cotton crop is harvested- a little ahead of average pace. Cotton conditions fell two percent to 31% down from 49% for a 3-year average and 62% this time last year.
- 27% of the US grain sorghum crop has been harvested- a little behind normal for this time of year. Grain sorghum conditions are rated as 22% good to excellent- down 24% percentage points from last year.
- On the wheat side- 96% of the spring wheat crop is harvested right pace with normal and winter wheat plantings have started with 31% completed.
Find more agriculture news at: brownfieldagnews.com
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.