Following the Monday drops, prices are another 1 to 2 cents lower to start the Tuesday session. Corn lost a nickel to 8 3/4 cents on Monday. After the close, NASS reported corn maturity progressed 18% to 59%. Harvest also progressed by 3% on the week to 8% cut – 5-yr av @ 10%. Harvest in TX was 69% complete, compared with their average of 10%. In NE, 10% of new crop was cut by Sept 20, compared to the average of 4%. Conditions from the Crop Progress report were 61% good/ex for a Brugler500 score of 356. USDA’s weekly Export Inspections report confirmed 755,11 MT of corn shipped on the week ending 9/17. Milo exports were 71k MT, almost exclusively to China (save for 49 tonnes to Italy).

--- provided by Brugler Marketing & Management

Soybeans were on both sides of UNCH overnight but are steady to 1 3/4 lower this morning. The soy futures complex started the week with 2-3% corrections. Soybeans closed with 10 1/2 to 21 cent losses. Bean oil was the weakest on the day, falling 95 points. Soymeal futures closed the day down by $4/ton. The weekly Crop Progress report had 59% of soybeans dropping leaves, 9 points ahead of average. Soybean harvest was 6% complete as of Sept 20. In IA, 7% of soybeans were cut, compared to the 2% average. IL and IN were 3 ppts and 1 ppt behind the average harvest pace respectively. Bean conditions were UNCH on the Brugler500 index @ 362. USDA’s weekly Export Inspections report noted 1.311 MMT of beans shipped on the week ending 9/17. Marketing year to date soybean exports are 3.567 MMT, outpacing last year by 1.399 MMT.

--- provided by Brugler Marketing & Management

Tuesday wheat trading follows yesterday’s profit taking with some Turnaround Tuesday buying. Futures are 3 to 4 cents higher in all three US markets this morning. Wheat trading starts the week with double digit weakness. Chicago SRW futures were the weakest 2.7% to 3.6% losses on the day. KC HRW futures fell back 14 1/4 to 17 cents. Spring wheat futures closed the day with 13 1/4 to 16 1/2 cent losses. The weekly Crop Progress report showed spring wheat harvest was 96% complete, with 5% still to go for MT, and ND and 6% left in WA. Planting for 21/22 winter wheat is 20% complete. That was 1% ahead of average, but 2% behind the pre-report expectations. NASS also reported winter wheat emergence at 3%. Wheat exports from the week ending September 17 were reported at 469,939 MT. Of the week’s exports, 72% were hard reds, with 173k MT HRW and 165k MT HRS. Export Inspections since June 1 total 8.624 MMT, outpacing last MY by 7.6%. Taiwan issued a tender for 91,300 MT of U.S. wheat. Egypt’s GASC issued an international wheat tender, with results expected later today.

--- provided by Brugler Marketing & Management

Live cattle futures traded lower on Monday in a broad sell off day. Futures ended the session $0.65 to $1.25 lower. Feeders Closed the day mixed with 20 cent gains for Sept and Nov respectively. Sept futures have three trade days left before Thursday’s expiration and need to converge with the Index. The CME Feeder Cattle Index was a $1.12 premium to Sept futures, at $142.19 for September 17. USDA reported no cash sales on Monday. USDA reported wholesale boxed beef prices averaged $216.22 and $205.82 cwt. for Choice and Select boxes respectively. That was a 58 cent bump for Choice and a $1.88 gain for Select. USDA estimated FI cattle slaughter at 120k head for Monday. Slaughter from the same Monday last year was 115,000 head.

--- provided by Brugler Marketing & Management

Lean hog futures end the Monday session with losses ranging 7 cents to $1.97 across the front months. The Lean Hog Index from CME was another $1.74 stronger at $69.58 for September 17. USDA’s National Average Base Hog price for Monday PM was 13 cents higher at $61.12. USDA’s National Pork Carcass Cutout value was $90.09 this afternoon, up by $2.56 on strength in hams. USDA estimated Monday’s FI hog slaughter at 485,000 head. That was down 1,000 from last Monday, but up 41k yr/yr. USDA will issue their monthly Cold Storage report for pork stocks this afternoon, with the quarterly Hogs & Pigs report also due later this week.

--- provided by Brugler Marketing & Management

Overnight cotton trading has futures steady to 57 points higher to start the Tuesday session. Cotton futures ended the first trade day of the week down by 24 to 42 points. After the close, NASS reported 57% of new crop cotton had open bolls, that’s 2% points ahead of the 5-yr average. Harvest was 11% complete, up from 6% LW and 1% point ahead of the average. Harvest in TX was 4% ahead of average with 20% cut. Cotton condition ratings on the Brugler500 index fell by 1 point to 319. Certified stocks were up 879 bales to 6,987 from September 18. USDA reported 2,584 bales were sold at spot, for an average price of 59.63 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