USDA Report:

– Corn comes in at 114m metric tons above USDA estimate
– US winter wheat production raised 17m bushels to 1.295b bushels
– Brazilian soybean production lowered 1m metric tons to 153m metric tons

Market Figures:

– Hog guild born and at 1000, down about 12,000. From live, we could go at this point.
– Daily carcass at 9901 averages, by the average 194.
– Export sales: 42m bu corn, 14m bu soybeans, 3m bu new crop corn
– Cattle at 123k kill (same as last week)
– CME lean hog index down 20 cents, pork cutout down 36 cents
– Hog weights up over last year

Fed Meeting:

– Left rates at 5.25-5.5%
– PPI increase of 1.2% surprised forecasts of 0.1%
– Jobless claims of 147k below 222k forecast
– September rate cut odds increased to 70% from 63%

Fundamentals:

– Corn, soybean acres may be lower and could change by 0.5m acres
– Cattle futures spreads bearish, hog spreads narrowing
– Watch Mexican hog purchases potentially drop from early 2022 levels

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