Front month corn futures closed the Tuesday session lower by 1 to 2 cents. The national average corn basis from cmdtyView is still at 30 cents under Dec. The national average basis weakened from -19 to -26 cents under Sept during August, but has remained -32 to -30 against Dec for the last two weeks. cmdtyView raised their national corn production forecast 14.76 mbu to 15.13 bbu. The increase came mostly from KS, which was 11.8 mbu higher to 779 mbu, but without yield changes the higher production came via acreage revisions. The average of analyst estimates is for 2.266 bbu of corn stocks on Sept 1. The Grain Stocks report will be out tomorrow. NASS reported 15% of 2020/21 corn was harvested. Iran is tendering for 200k MT of optional origin corn.

--- provided by Brugler Marketing & Management

Soybean futures closed in the red on Tuesday, dropping 3/4 to 3 1/4 cents. Soymeal futures fell back $1 to $5.30/ton on the day with October the weakest. Bean oil closed with 40 to 42 point losses. The national average soybean basis from cmdtyView was 56 cents under Nov for 9/29. USDA announced a private export sale for 100,000 MT of soybeans to Mexico. The new crop bean production forecast from cmdtyView was 1.69 mbu lower in their latest figure. That came from a 1.1 mbu cut to KS production. US soybean harvest progressed 14% week to week with 20% of this year’s crop out of the fields. Condition ratings were a 364 on the Brugler500 index, up 2 points wk/wk. Ahead of tomorrow’s grain stocks report, analysts are expecting 578 mbu of soybean stocks on Sept. 1. Traders are expecting USDA to increase the estimate of last year’s crop, but with offsetting adjustments to residual use. Iran is tendering for 200k MT of optional origin soymeal.

--- provided by Brugler Marketing & Management

Turnaround Tuesday action left domestic wheat futures in the red. HRW futures were the weakest on the day closing down by 6 1/4 to 6 3/4 cents. CBT wheat futures came back from midday lows, but still closed fractionally lower. MGE wheat was 2 1/2 to 5 cents lower on the day. The national cash wheat price from cmdtyView has SRW at $5.19/bu for 9/29. That is 0.58% weaker than yesterday, maintaining basis. The average pre-report estimate for Sept 1 US wheat stocks is 2.24 bbu. Traders also expect USDA to show wheat production at 1.836 bbu, down 2 mbu from the August estimate. Of that, 65% is expected to be winter and 31% spring. Winter wheat was reported 35% planted as of 9/27. That is 2 percentage points faster than average and up from 20% LW. Emergence is at 10%, also up 2 from the 5-yr average. Turkey issued an international wheat tender, seeking 135k MT for Oct/Nov delivery.

--- provided by Brugler Marketing & Management

Front month live cattle futures closed the session up by $0.87 to $1.47. Feeder cattle futures were also up by triple digits, closing $2 to $2.67 higher. The CME Feeder Cattle Index was $142.36 on 9/28, down 25 cents. Cash sales activity for the week has been minimal, but USDA reported a few higher graded cattle sold at $106. FCE’s online cattle auction has 901 head listed so far for tomorrow’s sale. Wholesale boxed beef prices were mixed in the PM update, tightening the Chc/Sel spread to $10.17. Choice boxes were 56 cents lower, and Select boxes were up by 57 cents. Choice rib primals were quoted at $381.45 cwt. and Select was $348.51. Choice loins and briskets were $294.29 and $162.03, with $22.14 and $15.39 premiums over Select respectively. USDA’s estimate for Tuesday’s federally inspected cattle slaughter is 120,000 head. WTD slaughter is 238k, which is down 3k head from last week but 4k head above the same week last year.

--- provided by Brugler Marketing & Management

Lean hog futures closed the Tuesday session with triple digit losses. October was down 32 cents, and June ’21 was down 95 cents. The other front months fell back $1.07 to $2.05 on the day. The CME Lean Hog Index was up 89 cents on 9/25 to $75.42. USDA’s National Average Base Hog price was 2 cents lower in the afternoon, at $64.08. CME announced a pork cutout futures contract. Launching on November 9, the cutout contract will include options, trade the same contract months as lean hog futures, and be cash settled against the pork carcass cutout index on the 10th business day of the expiry month. The CME Pork Cutout index price was up 60 cents to $90.73 for the 5 days ending 9/28. USDA’s National Pork Carcass Cutout value was $1.64 lower to $91.75. Chinese officials noted intentions to produce 95% of consumed pork domestically, leaving 5% for imports. The press release did not specify a target date for the initiative. Federally inspected hog slaughter for Tuesday was estimated at 485,000 head. The week’s slaughter is at 974k head which matches last year’s pace.

--- provided by Brugler Marketing & Management

Tuesday cotton trading left front month futures 26 to 40 points lower. There were 20 deliveries against October futures yesterday. The settlement price was listed at 64.66 cents/lb. Open interest in October cotton futures was just 70 contracts as of Monday, they expire a week from tomorrow. The national average cotton cash price from cmdtyView is 61.69 cents/lb for 9/28. USDA’s Daily Spot Quotations report noted 711 bales sold on 9/29 for an average price of 59.68 cents/lb. Monday sales on The Seam were 1,355 bales for an average price of 53.34 cents/lb. The Cotlook A index was 71.35 c/lb on Sept 28, that was another 60 points higher. ICE certified cotton stocks were 14,518 bales on 9/28. The AWP for cotton is 50.45 cents/lb, the week’s LDP is 1.55 cents.

--- provided by Brugler Marketing & Management