So far Turnaround Tuesday is clinging to fractionally higher advances. USDA’s mandatory sales reporting system noted large sales to China and Unknown this morning. Private exporters sold 140,000 MT of corn to China, and 320,000 MT of corn to Unknown destinations, both with 2020/21 delivery. January corn futures on the Dalian Grains Exchange set a new contract high yesterday up 21 yuan/MT to 2,496 (~ $9.27/bu). DDGS prices in China were quoted at 2,160 yuan/MT fresh out of the plant, with most sales 2,200-2,400 yuan/MT (~ $325-354/MT). NASS reported corn harvest progressed by 3% on the week to 8%. The 5-yr av is for 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.

--- provided by Brugler Marketing & Management

After yesterday’s drops, beans are fractionally higher to 2 cents lower in the front months. Meal futures are trading $2.4 to $3.40 higher at midday. BO futures are adding 24 to 26 points to the downside. USDA’s mandatory sales reporting system noted large sales to China and Unknown this morning. The new crop bean sale to China was for 266,000 MT and the sale to unknown was for 264,000 MT with 2020/21 delivery as well. Jan No.1 soybean futures on the Dalian were down 19 yuan/MT to 4,592 (~ $18.43/bu) on Sept 21. Nov No.2 bean futures closed 12 yuan/MT higher at 3,766 (~ $15.12/bu). The nearby Malaysian palm oil futures’ high yesterday was 11 ringgits off from the Jan high, but ultimately closed down on the day (October closed @ 3,040 ringgits). 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.

--- provided by Brugler Marketing & Management

Tuesday wheat has the domestic futures market recovering some of yesterday’s double digit drops. SRW futures are 3 to 6 1/2 cents higher so far. KC HRW futures are trading with 6 1/4 to 7 1/4 cent gains. HRS futures are recovering 3 3/4 cents to 6 cents at midday. 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%. Taiwan issued a tender for 91,300 MT of U.S. wheat with results expected tomorrow. France, Ukraine, and Russia all made offers for the Egyptian GASC wheat tender, Russia has the lowest offer as of now with a purchase announcement expected later today.

--- provided by Brugler Marketing & Management

Tuesday cattle trading has futures adding to yesterday’s drops, with 25 to 85 cent losses so far. Feeders cattle futures are trading down by triple digits. Sept futures have three trade days left before Thursday’s expiration and need to converge with the Index – they’re up 82 cents on the day so far. The CME Feeder Cattle Index was a $1.12 premium to Sept futures, at $142.19 for September 17. USDA reported no cash sales yet for the week. Tomorrow’s FCE online cattle auction has 683 head listed so far. Trade estimates ahead of Friday’s CoF report are for 11.355 million head of cattle on feed on Sept 1. August marketings are estimated 4.3% to 2.5% below ’19, on one less marketing day. The average of analyst estimates has placements at 5.9% above 2019, with 1.995m head placed in August (DLR). Wholesale boxed beef prices were mixed in the AM report, tightening the spread to $8.68 cwt. Choice boxes fell back 92 cents, and Select boxes were 80 cents stronger. 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 are pushing the $3 limit for Oct and Dec futures. The CME Lean Hog Index for 9/18 was $71.29, up another $1.71. USDA’s National Average Base Hog price from this morning’s update was $2.16 higher to $62.15. USDA’s National Pork Carcass Cutout value was another $4.17 higher to $94.26. the primal cuts were all higher by more than $1/cwt., led by Loins which were $6.30 higher. 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

Thin October cotton futures are 18 points in the red at midday, but the other front months are up as much as 22 points. Chinese cotton futures were 12,570 yuan (~$0.8333/lb) on Sept 21. Carry on the ZXE was approximately widened to 2.09 cents Nov-Jan and 3.38 cents for Jan-Mar. After the Monday 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. Cotton condition ratings on the Brugler500 index fell by 1 point to 319. USDA reported 2,584 bales were sold at spot, for an average price of 59.63 cents/lb. The Cotlook A index for Sept 21 was 70.95 c/lb, down by an additional 20 points. The AWP for cotton is 50.88 cents/lb for the week; with an LDP at 1.12 cents.

--- provided by Brugler Marketing & Management