GRAINS:
Monday’s USDA September 1 Small Grains Summary and quarterly Grain Stocks report featured lower corn stocks and higher usage than traders had expected, sending December corn above some key resistance levels. Wheat production fell modestly below trader expectations, while soybean stocks were slightly below the average estimate as well. December corn closed up 6 3/4 cents per bushel at $4.24 3/4 and March corn was up 6 1/4 cents at $4.41 1/4. November soybeans closed down 8 3/4 cents at $10.57 0/1 and January soybeans were down 7 3/4 cents at $10.75 1/4. December KC wheat closed up 7 cents at $5.83 3/4, December Chicago wheat was up 4 cents at $5.84 0/1 and December Minneapolis wheat was up 11 cents at $6.19 1/4.
LIVESTOCK:
The livestock complex is off to a mixed start as traders wrap their minds around the market and what could be ahead. New showlists appear mixed, somewhat higher in Texas, higher in Nebraska/Colorado, but lower in Kansas. All in all, the lean hog complex is back to trading mostly higher as traders approach the week with a new attitude. Helping support their desire to advance the futures complex is the midday pork cutout value which is thankfully higher at the week’s start. Any time the market can see stable/supportive interest from consumers is a win for the hog sector.
