Stewart-Peterson Market Commentary

Closing Commentary - August 09, 2018

Top Farmer Midday Update 8-9-18


CORN: Corn futures are drifting lower this morning, with Dec down 2-3/4 cents to 3.82-1/4. Ethanol production for the week ending August 3 averaged 1.1 million barrels a day, 3.4% higher than the previous week and 8.7% greater than the same week last year. Supplies were up 4.4% from a week ago and up 7.4% from a year ago. Corn use for the week was 114.7 million bushels vs 110.9 million bushels last week and 72.6 million bushels needed to meet USDA projections. Export sales data released this morning came in within expectations, with 21.8 million bushels sold for old crop and 25.9 million bushels sold for new crop. Much of today's trade is position taking ahead of tomorrow's USDA Supply/Demand report, with the average market estimate at 176.2 bushels per acre pushing U.S. corn stocks to 1.636 billion bushels and world corn stocks to 152.59 million metric tons.

SOYBEANS: Soybean futures are trading lower this morning, having trouble holding prices above the 50-day moving average level. The Nov contract is down a nickel to 9.05-1/2 as prices consolidate around the 38% retracement of the early summer selloff. This morning, the USDA announced a sale of 135,000 metric tons of soybean cake and meal for delivery to the Philippines. Export sales data released this morning was supportive, with 19.56 million bushels of new crop reported sold and 15.5 million bushels of old crop reported sold. The average market estimate for U.S. soybean yield on tomorrow's USDA Supply/Demand report is currently at 49.6 bushels per acre. This would increase U.S. soybean stocks to 638 million bushels and world soybean ending stocks to 99.33 million metric tons.

WHEAT: Wheat markets are off today, consolidating around recent highs. Chi futures are down 4 to 5, KC down 5 to 6, and spring wheat down 3 to 6. The USDA is expected to show large world production draw downs tomorrow with weather problems in Europe and the Black Sea region. In addition, traders are growing nervous over brewing problems in India and Australia. Just this morning, Strategie Grains lowered European soft wheat production to 127.7 million metric tons vs 130 million metric tons in a late July update and 132.4 million metric tons estimated just a month ago. If realized, this would be a 10% draw down in production compared with last year. All U.S. wheat production tomorrow is expected to be lowered to 1.85 billion bushels, contracting U.S. wheat ending stocks to 961 million bushels. World wheat ending stocks are expected to drop 4.46 million metric tons to 256.42.

CATTLE: Cattle markets are lower this morning, unable to hold onto the stabilizing price action from yesterday's session. Live cattle contracts are down over 1.00 with Oct trading at 109.77 and feeder cattle futures are down 75 cents to 1.00 with Sep trading at 148.97. The Oct live cattle contract has fallen below its 20-day moving average support level. Oct cattle have not closed below that since the middle of July. Fundamental concerns continue, particularly on the supply side of the equation with cattle numbers and talk that the U.S. may begin to import Australian beef at an increasing rate. Technical selling is also prevalent today as traders unwind long cattle/short hog spreads.

HOGS: Hog futures are sharply higher today, with Oct futures currently 2.57 higher to 50.97. Traders are focusing on unwinding livestock spreads, covering shorts in the hog markets. Technical studies are showing prices are greatly oversold, also contributing to short covering. If prices can close near these levels, today's sessions would show bullish key reversals and closes above some significant moving average resistance levels. Given the current record number of speculative shorts, the wave of short covering action could give futures a nice bounce. However, it is still tough to be too bullish cattle considering the fundamental supply and demand outlook.





Tama-Benton Cooperative Locations and Office Hours 


Dysart- 319-476-3666

Office Hours

Monday-Friday 8:00-4:30


Vinton 319-472-4791

Office Hours

Monday-Friday 8:00-4:30pm


Clutier 319-479-2242

Office Hours

Monday-Friday 8:00am-4:30pm 


All Grain Settlements are now completed at the Dysart Office. For your convenience Grain Checks and Contracts may be printed at the Vinton or Clutier locations. 


Wed Aug 10th

ADM  5am-2pm


STARCH  7am-3pm





Please report Direct Shipment Loads Promptly to the Dysart Office in Order to Maintain Delivery Schedules and to Final Price Contract Overfills and Underfills. Thank You 







Market Snapshot
Quotes retrieved on August 15, 2018, 12:12:35 AM CDT
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