Corn futures follow yesterday’s double digit gains with additional 3 to 4 cent gains overnight. NASS data shows the average price move following a quarterly grain stocks report is -4 cents, with futures dropping a penny on average after the Sept report. USDA saw 1.995 bbu of corn stocks on Sept 1. 2019/20 corn production was increased by 2.67 mbu to 13.620 bbu. NASS hiked their implied 3Q use by 205 million bushels from the number they published in June. Average daily ethanol production was 881,000 barrels per day for the week ending 9/25. Ethanol stocks were 19.691 million. Ethanol futures were 2.3 cents higher on Wednesday. Trade ideas for the USDA weekly Export Sales report are running 800,000 to 1.4 MMT.

--- provided by Brugler Marketing & Management

Overnight, soybean prices added 4 to 9 cents to the 30 cent gains from yesterday. Soy products also rallied yesterday, closing the session up $10.50 to $12.40/ton for meal, and 44 to 50 points for bean oil. Traders anticipate USDA’s Export Sales report to show 1.5 to 2.5 MMT of bean bookings for the week ending September 24. Soymeal sales are estimated 100k to 450k MT with MY rolling expected. The analyst estimates for soy oil weekly export sales run 5 to 30,000 MT. Yesterday NASS reported Sept 1 soybean stocks were 523 mbu. That was down 386 mbu yr/yr and below the average trade guess. NASS revised the 2019 bean crop 333,000 bushels lower to 3.552 bbu.

--- provided by Brugler Marketing & Management

Ahead of USDA’s Export Sales report, wheat is trading 1 cent lower to 1 cent higher across the three futures markets. Yesterday wheat futures gained the most of the row crops. HRW closed the midweek session up 5.89% to 7.09%. SRW futures were 3.74% to 5.19% higher, led by a 28 1/2 cent gain in Dec. MGE wheat closed the Wednesday session with 12 1/2 to 15 3/4 cent gains. Traders are looking for USDA to show between 200k and 500k MT of wheat bookings in the Export Sales report. The September Grain Stocks report had Sept 1 wheat stocks at 2.159 bbu. That was tighter than the average pre report estimates, and 17.3% tighter than 2019. The Small Grains Report lowered wheat production by 12 mbu from August with a 1.826 bbu crop. Hard red winter wheat production is 659 vs. the trade guess of 693 mbu. SRW is 266 compared to the expected 276 and white was 233 mbu, 7 above the trade average guess. 2020/21 Other Spring wheat production was 586 mbu, 9 million above pre-report expectations. The Russian Ag Ministry raised their wheat production estimate from 75 MMT to 82 MMT citing better than expected yields.

--- provided by Brugler Marketing & Management

Live cattle futures closed the midweek session with 22 to 77 cent losses in the front months. Feeder cattle futures fell triple digits on higher corn, with 0.77% to 1.2% losses on the day. The CME Feeder Cattle Index was $142.58 on 9/29, back up by 22 cents. USDA reported light cash cattle sales activity on Wednesday from $104 to $107, with dressed at $167. The bulk of activity has been $106-$107. Wholesale boxed beef prices were higher in the PM update. Choice boxes were up 58 cents to $217.74 cwt. Select boxes were 55 cents stronger at $207.54. Federally inspected cattle slaughter for the week through Wednesday was 358,000 head. That trails last week’s pace by 3k head, but is up 5,000 from the same week last year.

--- provided by Brugler Marketing & Management

Front month lean hog futures were $0.42 to $1.12 higher at the closing bell. The CME Lean Hog Index was $75.91 on 9/28, up another 49 cents. USDA’s National Average Afternoon Base Hog price back up by 55 cents, at $64.47. The ECB regional base hog price was quoted at $63.84 compared to $64.98 for WCB hogs. USDA’s National Pork Carcass Cutout value was $91.37 cwt. on Wednesday afternoon, 38 cents weaker. Hams and bellies were weaker, but the other primal cuts were stronger in the PM report. USDA estimated the week’s FI hog slaughter at 1.447 million head through Wednesday. That was down 3,000 from last week and 14,000 head below the same week last year.

--- provided by Brugler Marketing & Management

With the Wednesday rally in the rear view mirror, cotton is trading 11 to 13 points higher as re approach the weekly USDA Export Sales report. Futures were 45 to 51 points in the black at the closing bell on Wednesday. Chinese cotton futures on the ZXE were 12,750 yuan (~ 84.98 cents/lb) for Jan. USDA’s Ag Attaché lowered India’s cotton carryin and reduced 2020/21 harvested acres for a net supply 760,000 bales below WASDE. With the tighter supply, the Ag Attaché sees exports at 4.3 million bales, compared to USDA’s official 5 million estimate. USDA’s Daily Spot Quotations report noted 5,831 bales sold on 9/30 for an average price of 60.15 cents/lb. The online cotton trading platform The Seam reported 1,249 bales sold on Tuesday for 53.25 cents/lb. The Cotlook A index was 71.15 c/lb on Sept 29, that was 15 points weaker. The AWP for cotton is 50.45 cents/lb, the LDP is 1.55 cents. Both will be updated after the close.

--- provided by Brugler Marketing & Management