Grains:
– Soybeans lost approx 80 cents over 6 consecutive trading days
– Speculative traders are said to have sold 10,000 corn, 11,500 soybeans, 5,000 soy products, and 3,000 wheat
– Speculative short position in soybeans expected to be over 200,000 contracts
– Soybean crush margins down 3 cents to 155.5 cents
– Soybean oil product value over 40% of bean value
– USDA raised soybean yields in August 7 times in the past decade, with the final yield below the August forecast 4 out of the last 7 times
– New crop soybean export commitments at 166 million bushels, down 51% from last year
– Corn support at $3.72 1/2 and resistance at $3.93
– Wheat ranges: Chicago $5.25-$5.50, Kansas City $5.35-$5.675, Minneapolis $5.75-$6.00

Cattle:
– Cattle slaughter 122,000 in the first 2 days, down 7,000 from a week ago and 10,000 from a year ago
– Choice beef up $1.10, Select up 44 cents, but total beef movement only 138 loads
– CME cattle index down 9 cents
– Cattle weights 36.4 lbs above a year ago, grading percent 83.2% vs 81% a year ago
– Carcass average 901.4 lbs vs 865 lbs a year ago

Other:
– July CPI up 2% annualized, 2.9% actual vs 3% expected
– Core CPI up 0.2% monthly, 3.2% annualized
– Euro area industrial production down 0.1% in June vs +0.5% expected
– UK July inflation less than expected
– Fed September rate hike probability now 57% for 25 bps, 43% for 50 bps
– Brazilian Center South sugar production 3.61 million tons in 2H July vs 3.6 million expected
– API crude oil stocks down 5.2 million barrels last week
– EIA expected to report gasoline stocks down 1.1 million barrels, distillates down 1.8 million barrels
– Refinery utilization expected up 0.7% to 90.5%
– Natural gas storage expected to change between -3 BCF to +26 BCF

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