Top Farmer Midday Update 8-10-18
Stewart-Peterson Commentary - SPC - Fri Aug 10, 11:51AM CDT

CORN: Corn futures are trading with losses of 5 to 10 cents post-USDA report, in which yield was bumped higher than expected at 178.4 bushels an acre vs the average estimate of 176.3. Yet, ending stocks were not changed significantly as the 2017-18 stocks come in at 2.027 billion with the average estimate of 2.016, while next year's came in at 1.684 vs an average estimate of 1.630. World projected carryout, however, was larger than anticipated at 193.3 million metric tons vs an average estimate of 191.

SOYBEANS: Soybean futures are trading with sharp losses of 25 to 35 cents. Yield came in much larger than expected at 51.6 bushels an acre vs an average estimate of 49.8. The July estimate was 48.5. Projected carryout is now 785 million for the 2018-19 season vs an average estimate of 641. An increase in demand dropped 2017-18 carryout to 430 million from an average estimate of 461 million and July estimate of 65 million.

WHEAT: Wheat futures are trading with losses of 6 to 7 cents factoring in sharp losses in corn and beans. World projected carryout was larger than expected at 258.96 million metric tons vs an average estimate at 255.6. The world number was still below the July estimate of 260.8 million.

CATTLE: After sliding yesterday, futures prices are holding today with cash prices trading near $111. At midday, Aug cattle are down 25 at 108.00.

HOGS: Hog futures are trading mixed with futures consolidating after strong gains yesterday. Prices, however, are well off the highs as Oct, at midday, is trading at 51.22, down 17 as compared to the daily high of 54.07. Volatility remains very high which is suggesting the market is trying to find the bottom.

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