Front month corn futures are giving back some of last week’s gains with midday prices 5 to 8 3/4 cents weaker. Trader are looking for a 1% drop in good/ex corn conditions in this evenings Crop Progress report. Harvest is estimated to have progressed 6% on the week to 11% complete, with favorable Midwest weather this week. USDA’s weekly Export Inspections report confirmed 755,11 MT of corn shipped on the week ending 9/17. That was 221% above the same week last year, and left MYTD shipments 74% above last year’s pace. China was the top destination for the week’s corn exports, with 18% of the total. Colombia was the second top destination with 134k MT. IHS Markit estimates 2021 US corn planted area will increase 1.7m acres.

--- provided by Brugler Marketing & Management

Front month soybeans are down 9 to 16 cents at midday, giving back some of last week’s gains. Preliminary open interest rose 10,543 contracts on Friday. Soymeal futures are down $2.70 to $2.60 at midday. Bean oil is also lower out of the weekend, with midday losses of 71 to 75 points. USDA announced that both Pakistan and China purchased 132,000 MT of soybeans. A sale for 171,000 MT to unknown was also announced under the daily system. USDA’s Export Inspections report noted 1.311 MMT of beans shipped on the week ending 9/17. That was 384.6k MT above the same week last year. China was the destination for 68% of the week’s total. MYTD soybean exports were at 3.567 MMT, outpacing last year by 1.399 MMT. The trade estimates soy harvest at 5% complete. Bean condition ratings are expected to drop 1% to 63% good/ex. HIS Markit estimates 2021 bean planted area will increase 3.3m acres.

--- provided by Brugler Marketing & Management

The Monday session has futures double digits in the red. Chicago SRW wheat futures are 15 1/2 to 19 cents lower. KC HRW futures are 13 1/2 to 15 1/2 cents lower. MGE HRS wheat losses are 10 1/2 to 16 cents so far. Wheat exports from the week ending September 17 were reported at 469,939 MT. That was down 222k MT wk/wk and 18.7k MT below the same week last year. Japan was the top destination for the week with 95,726 MT, and at number two, Brazil was shipped 63,074 MT. Export Inspections data has MYTD wheat exports at 8.624 MMT, outpacing last MY by 7.6%. Trader expect NASS to show spring wheat harvest at 97% complete in tonight’s Crop Progress report. The average pre-report estimate for winter wheat planting is 22%, up 12% from last week if realized. IHS Markit estimates 2021 wheat planted area will increase 1.1m acres. Taiwan issued a tender for 91,300 MT of U.S. wheat. Pakistan is also seeking 300k MT of optional origin wheat.

--- provided by Brugler Marketing & Management

Monday trading has front month cattle futures down $1.05 to $1.80 at midday. Feeders are also triple digits weaker, save for Sept futures which are down 20 cents ahead of Thursday’s expiration. The CME Feeder Cattle Index for September 17 was $142.18, up 97 cents. Friday cash sales were mostly at $104, but the full week’s range was mostly $103-$105. Dressed sales LW were $163-$164 with some higher grades at $165. The morning update had boxed beef prices back higher. Choice boxes were $1.22 higher, to $216.86 cwt. Select boxes recovered $1.46, for a Chc/Sel spread of $11.46. USDA estimated last week’s FI cattle slaughter at 645k head. That was 16,000 head below the same week last year on a weak Saturday estimate.

--- provided by Brugler Marketing & Management

Lean hog futures are $0.15 to $1.27 lower at midday. The Fresh Bacon Index from CME was the highest since the May spike @ $175.11cwt. The Lean Hog Index from CME was another $1.74 stronger at $69.58 for September 17. German officials have identified 6 additional ASF cases in wild boars – totaling 13 wild boar cases. No farm pig cases have been identified yet. USDA’s National Average Base Hog price for Monday AM was 13 cents lower at $60.86. USDA’s National Pork Carcass Cutout value was $90.62 this morning, up by $3.09 on strength in hams. The primal cuts were mostly lower, but offset by a $14.35 gain in hams. USDA estimates last week’s hog slaughter at 2.587 million head. That was down 14,000 from the same week last year.

--- provided by Brugler Marketing & Management

Cotton futures are down 6 to 14 points at midday, save for the thin Oct contract which is 9 points stronger so far. The CoT report showed managed money’s net long was 3,364 contracts stronger wk/wk on short covering. On 9/15, managed money was 49,828 contracts net long and commercials were 111,896 contracts net short. Last week’s sales on The Seam were 22,393 bales with a wtd ave price of 58.46 cents/lb. The Cotlook A index for Sept 18 was 50 points lower to 71.15 cents/lb. The AWP for cotton is 50.88 cents/lb for the week; with an LDP at 1.12 cents.

--- provided by Brugler Marketing & Management