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Prices continued higher through the afternoon session, and the front month futures closed within 1/4 of the highs. The first three contracts added a nickel to Tuesday prices, but gains shrank to 2 3/4 cents for the deferred months. The cmdtyView national average corn yield estimate is now 178.23 bpa. Ethanol futures were $1.306/gal on Wednesday. U.S. Grains Council reported FOB ethanol prices at $1.515/gal out of the Gulf. That was down 0.9% wk/wk, and widened the discount to Brazil to 9 cents. EIA data showed average daily ethanol production was 926k barrels for the week ending 9/11. That was 15k bpd lower wk/wk, but ethanol stocks also tightened another 195,000 barrels to 19.798 million. EIA data also showed 36,000 barrels of ethanol imports to the West Coast. Ahead of USDA’s weekly Export Sales report update, traders anticipate between 0.8 and 1.9 MMT of corn bookings from the week ending 9/10.

Dec 20 Corn closed at $3.71 3/4, up 5 3/4 cents,

Mar 21 Corn closed at $3.81, up 5 1/4 cents,

May 21 Corn closed at $3.86 1/4, up 5 cents,

Jul 21 Corn closed at $3.89 3/4, up 4 3/4 cents,

--- provided by Brugler Marketing & Management



Soybeans gained 1.55% to 1.99% on the day closing with double digit gains. Soymeal was up 1.93% to 2.07% on the day with $6+ gains. Bean oil futures closed 69 to 86 points higher, leading the complex with 2.02% to 2.52% gains. Malaysian palm oil prices for November futures was up 48 ringgits to 2,969 – a life of contract high. Canola oil futures posted life of contract highs on the ICE Exchange as well, with Nov up 1.79% to 530.2 CDN$/MT. Canadian canola harvest was reported at 54% complete, down 15 percentage points from the 3-yr average. USDA announced another flash sale this morning for 327,000 MT of new crop beans to China. The cmdtyView national average yield forecast has declined to 50.50 bpa, with the production estimate at 4.191 billion bushels. Brazil has imported 400k MT of beans in 2020 from Jan to July. Brazil’s domestic bean markets are facing a shortage as the nation saw record exports from Jan through July. Estimates ahead of the weekly Export Sales report have US bean bookings from 1.5 to 2.8 MMT from the week ending 9/10. Meal and oil sales are estimated 225k to 550k MT and 0-40k MT respectively.

Nov 20 Soybeans closed at $10.11 1/4, up 19 3/4 cents,

Jan 21 Soybeans closed at $10.15 1/4, up 19 1/2 cents,

Mar 21 Soybeans closed at $10.14 1/4, up 18 1/4 cents,

May 21 Soybeans closed at $10.14 1/4, up 16 1/4 cents,

Oct 20 Soybean Meal closed at $320.80, up $6.50

Oct 20 Soybean Oil closed at $34.94, up $0.86

--- provided by Brugler Marketing & Management



Wednesday wheat trading pushed futures back higher. KC HRW futures were the strongest on the day with gains of 6 1/4 to 7 cents/bu. MGE HRS futures were also up on the day with gains of 4 3/4 to 7 1/4 cents. CBT SRW futures closed the midweek session with gains of 3 1/2 to 4 cents. Analyst estimates for wheat export bookings from the week ending September 10 are 300k to 700k MT. Egypt purchased 235,000 MT of wheat from their tender for November shipment. That was 175k MT of Russian and 60k MT of Polish sourced wheat. Japan’s MOA issued a wheat tender, seeking 105k MT – with 56,765 MT U.S. specific. Results are expected tomorrow.

Dec 20 CBOT Wheat closed at $5.42, up 3 3/4 cents,

Dec 20 KCBT Wheat closed at $4.75, up 7 cents,

Dec 20 MGEX Wheat closed at $5.31 1/2, up 7 1/4 cents,

--- provided by Brugler Marketing & Management



At the closing bell for the midweek session, fat cattle futures were 15 to 37 cents higher after October; while October contracts ended 37 cents in the red. Feeder cattle futures closed the day down by $0.32 to $1.27 on higher feed costs. The CME Feeder Cattle Index for September 15 was $140.60 back up by 8 cents. Wednesday cash trade was sparse. Trades in TX ranged from $102-$103, and KS sales were @ $103. There were no sales on the FCE this morning. Wholesale boxed beef prices were lower on again in the AM update. Choice boxes fell back another $0.71 to $215.38, while Select boxes were down $1.77 to $204.51. FI cattle slaughter was estimated at 360k head for the week through Wednesday, which is 4,000 head above the same week last year.

Oct 20 Cattle closed at $106.725, down $0.375,

Dec 20 Cattle closed at $111.950, up $0.375,

Feb 21 Cattle closed at $116.250, up $0.225,

Sep 20 Feeder Cattle closed at $140.500, down $1.175

Oct 20 Feeder Cattle closed at $142.425, down $1.275

Nov 20 Feeder Cattle closed at $143.525, down $0.600

--- provided by Brugler Marketing & Management



The midweek session ended with lean hogs down $0.12 to $1.07. Cash prices continued rising, strengthening basis. The CME Lean Hog Index for September 14 was another $0.80 higher to $65.35. USDA’s National Average Afternoon Base Hog price for Wednesday was $1.91 higher to $60.88. In the ECB, USDA reported the regional base hog price at $62.23, compared to $59.01 in WCB. USDA’s National Pork Carcass Cutout value was quoted at $83.14, which was a $1.12 drop. The primal cuts were mostly lower, save for an 18 cent bump in bellies. USDA estimates WTD hog slaughter is at 1.4566 million head, down 13,000 head from the same week last year.

Oct 20 Hogs closed at $65.225, down $0.475,

Dec 20 Hogs closed at $61.975, down $1.075

Feb 21 Hogs closed at $67.750, down $0.950

--- provided by Brugler Marketing & Management



Front month cotton futures closed the Wednesday session with 4 to 7 point losses. October futures, with just 97 contracts open as of 9/15 ended 42 points lower. Slow moving Hurricane Sally is expected to dump significant rain as it moves eastward through AL, GA and to coastal SC by late Friday. From USDA’s Daily Spot Cotton Quotations update, 4,400 bales went for an average 59.76 cents/lb. WTD sales through Tuesday on the online cotton trading platform The Seam are 10,591 bales with a wtd ave price of 60.27 cents/lb. The Cotlook A index for Sept 15 bounced 1.6 cents to 72.10 cents/lb. The AWP for cotton is 49.77 cents/lb, through Thursday. The LDP is 2.23 cents.

Oct 20 Cotton closed at 64.97, down 42 points,

Dec 20 Cotton closed at 66.37, down 7 points

Mar 21 Cotton closed at 67.18, down 6 points

May 21 Cotton closed at 67.8, down 4 points

--- provided by Brugler Marketing & Management



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