***** Corn futures rally 12 3/4 cents across the curve; soybeans end steady; Chicago wheat follows corn to finish 7 to 8 higher. *****
Report day leans bullish for corn and soybeans: corn rallies on a 1.3 bushel cut to the U.S. yield, making the new number 167.5 bushels per acre. Soybean yield rises two-tenths to 46.9 bushels per acre, but futures rebound after making new contract lows.
Few adjustments to demand were made. Feed and residual corn use was knocked back by 20 million bushels. Soybean crush was bumped on expectations for another phenomenal year of meal production. Exports held unchanged for both corn and beans.
World carryout estimates dropped for both corn and soybeans. The USDA did not adjust their 97 million metric ton forecast for Brazilian soybean production.
Soybean exports topped expectations. Weekly sales were 65.77 million bushels versus the trade estimate of 37 to 55. Another 6.6 million bushels were booked early this morning. Corn sales were fully anticipated at 16 million bushels. Wheat sales were light.
December corn stopped just short of technical resistance from its 100-day moving average. Futures still trade within the range opened on report day, August 12th.
Scattered showers may pop up throughout the Eastern Corn Belt on Friday evening, but the weekend is mostly dry for the Midwest. Temperatures are expected to rise again next week.
Russia may lower wheat export taxes after facing pressure from the producers and agribusiness. Russia continues to out-compete U.S. exporters in the world trade market.
Outside markets were choppy on Friday and took a back seat to the crop report as an influence to the grains.
***** Lean hogs futures dropped $0.675 to $1.025 on Friday; live cattle sink $1.70 to $2.425 as feeders finish lower by more than $3. *****
The corn rally placed additional pressure on cattle futures. Wholesale price weakness sparked the selloff.
Slaughter expectations for next week weighed on pork prices and placed further pressure on the futures board.
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