Futures are trading 4 cents lower this morning. President Trump has tested positive for the coronavirus, prompting a flight to cash ahead of the weekend due to uncertainty about the eventual severity of the disease. USDA reported corn use for ethanol in August was 411.08 mbu. That was down 3.1% from July and down 9.6% yr/yr. The marketing year corn use for ethanol was 4.8525 billion bushels. That is just a smidge below USDA’s Sept WASDE estimate of 4.855 billion. The Export Sales report had corn bookings from the week ending 09/24 of 2.027 MMT. USDA’s daily reporting system had already covered 38% of that with 3 previously announced sales; nonetheless, sales were still well above expectations and 260% above the same week last year. Four of the last 5 weeks have seen more than 2 MMT of 2020/21 corn sales. Total commitments are 969.34 mbu, which is 154% above the same week last year. Brokerage firm StoneX sees a 14.942 bbu corn crop on a 179 bpa average US yield. That is down 0.6 bpa from their previous forecast.
--- provided by Brugler Marketing & Management
The overnight soy market was 9 to 10 cents lower on profit taking after the President and First Lady tested positive for COVID-19 and began quarantining. Yesterday soybeans closed UNCH. Soymeal futures added to gains, whereas BO futures fell back on Thursday. Chinese markets are closed for a holiday. Weekly Export Sales data had soybean bookings from the week ending 9/24 at 2.591 MMT (42% of sales known). That was above trade estimates and 29% above the same week last year. MYTD soybean shipments exports were 4.68 MMT via weekly data. FAS says 536,675 MT of meal was booked on the week, with 97% for 2020/21 delivery. Soy oil weekly sales were 6,815 MT. The monthly Fats and Oils report has official crush data for 2019/20. August crush was on the light side of expectations with 174.7 mbu. That brought the 2019/20 MY crush to 2.164 billion, compared to the Sept WASDE forecast of 2.180 bbu. Soybean oil stocks shrank 165 million lbs from July to August, ending the month at 1.958b lbs. StoneX lowered their national bean crop estimate to 4.351 bbu on a 52.4 bpa yield.
--- provided by Brugler Marketing & Management
Wheat futures open the Friday session 2 to 8 cents lower. On Thursday, CBT wheat was down 5 to 7 cents, KC futures closed 2 3/4 to 3 cents lower, and MGE wheat futures closed 3 3/4 to 6 3/4 cents in the red. The wheat/corn premium strengthened about 6 cents during September. However, yesterday’s action lowered the premium to $1.87 1/2 per bushel for Dec SRW and corn. Export Sales data showed 506,284 MT of wheat sold on the week ending 9/24. That was up 44% wk/wk, up 54% yr/yr and just above the trade average guess. Mexico was the top purchaser. Wheat exports from the weekly update were 13.8% above the same week last year with 646,900 MT. That brought wheat exports to 8.79 MMT (323 mbu) since June 1.
--- provided by Brugler Marketing & Management
Cattle futures closed the Thursday session 52 cents lower to 22 cents higher in the front months. Feeders were lower on Thursday with losses of 42 to 80 cents. The 9/30 CME Feeder Cattle Index was 20 cents lower at $142.38. The wide cash range continued for Thursday, with live sales reported from $104 to $109 and $164 to $169 dressed. The majority of sales have been near $107. October cattle options expire today. Wholesale boxed beef prices were up again this afternoon. Choice boxes were $1.24 higher, and Select boxes were up 8 cents. Federally inspected cattle slaughter for the week through Thursday was 478,000 head. That trails last week’s pace by 4k head, but is up 8,000 from the same week last year.
--- provided by Brugler Marketing & Management
At the closing bell lean hog futures were mixed. October contracts however were up triple digits, trying to keep up with cash prices ahead of expiration on the 14th. The CME Lean Hog Index was $76.54 on 9/29, up another 63 cents and premium to the futures. The weekly Export Sales report had pork sales at 39,544 MT. Mexico was the top purchaser, with 45% of the total. USDA’s National Pork Carcass Cutout value was $4.28 stronger in the PM report to $95.65 cwt. Hams were up $9.88 and bellies were $8.82 higher. USDA estimated the week’s FI hog slaughter at 1.926 million head through Thursday. That is down 2,000 the same week last year.
--- provided by Brugler Marketing & Management
After modest Thursday gains, cotton futures are 56 to 71 points lower this morning. A general flight to cash is underway after the President and First Lady both tested positive for coronavirus. Cotton futures closed 4 to 16 points in the black. August ending stocks were reported at 1,825 running bales from the monthly Cotton Systems report. That was 16.9% above July’s stocks but still down 42% yr/yr. USDA’s weekly Export Sales update had cotton bookings at 233,751 RBs for the week ending 9/24. That was 152% above last week and 51% higher yr/yr. Exports from the week totaled 218,197 RBs, which brought the MY total to 2.2 million. The Cotlook A index was 71.15 c/lb on Sept 29, that was 15 points weaker. The week’s new AWP for cotton is 50.67 cents/lb. That lowered the LDP 22 points to 1.33 cents.
--- provided by Brugler Marketing & Management