Market recap (changes on week):
December corn up $.14 at $6.80
November soybeans down $.37 at $13.74
October soybean oil up 88 cents at 63.34 cents/lb
October soybean meal down $12.20 at $405.30/short ton
December wheat up $.54 at $9.12
July wheat up $.46 at $9.11
Weekly highlights:
Ethanol stocks increased nearly 8 million gallons last week despite ethanol production falling 13.5 million gallons from the week before representing week demand.
Following a rough export sale report last week, export sales were better but not flashy this week. Corn, soybeans, soybean meal, grain sorghum and wheat were all up week over week.
USDA’s Small Grains Summary was a shock to the market showing 2022 US wheat production down 133 million bushels less than previously reported on a lower yield and fewer acers.
The September 1 Grain Stocks report showed corn stocks below all pre-report estimates at 1.377 billion bushels, while soybean stocks came in above all pre-report estimates at 0.274 billion bushels. Wheat stocks were as expected but surprising given the large reduction in production.
Open interest futures and options positions of Chicago wheat were flat on the week, corn future and option positions were down 2% while soybean position were up 3% week over week. Managed money positions decreased across the board down 2,006 positions for Chicago wheats, 10,055 positions for Chicago corn and 9,860 positions for soybeans.
US weekly export inspections were up week over week for corn, soybeans, and wheat, but down for grain sorghum.
75% of the US corn crop is rated mature and 20% harvested so far- just slightly behind normal pace. Corn conditions of good to excellent were steady for the second straight week at 52%, but the composite score of all conditions fell 1 tick to 331.
22% of the US soybean crop is harvested- below the average pace of 25%. The national soybean condition rating also held steady last week at 55% good to excellent while the entire composite score fell 2 points to 342.
22% of the US cotton crop is harvested- a little ahead of average pace. Cotton conditions held steady at 31% down from 49% for a 3-year average and 64% this time last year.
34% of the US grain sorghum crop has been harvested- nearly normal for this time of year. Grain sorghum conditions good to excellent fell 2% to 20% last week- down 35% percentage points from last year.
On the wheat side- winter wheat plantings is 40% complete down from average for this time of year at 44%.
USDA’s grain crushing report showed that corn crushed for alcohol and other uses was down 3% from July but up 3% from August 2021.
Soybeans crushed for crude oil was down 6 million bushels in August from July but up 9 million bushels from August 2021.
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