Chicago soybeans and corn also climbed after month-end positioning pushed futures lower much of the week and traders watched for any updates on U.S. crop conditions before harvest begins.

The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 6-1/2 cents to $5.95-1/2. For the week, CBOT wheat dipped 4.22 per cent, its second consecutive weekly decline.

Soybeans ended 1/2 cent higher at $13.69-1/4 a bushel, but closed the week down 1.33 per cent. Corn firmed 3-1/4 cents to $4.81-1/2 a bushel but lost 1.33 per cent on the week.

Russian President Vladimir Putin is due to hold talks with Turkish President Tayyip Erdogan on Monday in the Russian Black Sea resort of Sochi, the Kremlin said.

Russia’s IKAR agriculture consultancy said Russia could export 49.5 million metric tonnes of wheat in the 2023-24 season, two million more than it previously forecast, based on a revised estimate for the country’s wheat crop to 91 million tonnes from an earlier 89.5 million.

But several top-producing nations have noted production issues, including Argentina, where the Buenos Aires grains exchange said the 2023-24 wheat crop had taken a hit from extreme weather.

“We are at a nine-year low on stocks to use globally for the wheat. And I think at some point the market’s gonna have to redress that, especially if we continue with these weather extremes in some key countries,” said Mike Zuzolo, president of Global Commodity Analytics.

In the soybeans market, concern that dry weather harmed U.S. beans at a key development stage fuelled a price rally last month, but momentum faded this week, and harvest could bring additional pressure, especially if low water on the Mississippi river continues to hamper export channels.

“It’s just a matter of time, before that supply starts to hit the market,” said Andrew Jackson, Southeast cash grain trader at Action Ag. “River levels aren’t great. It’s not gonna take much to pressure basis this year.”

Recent export activity has offered some support. The U.S. Department of Agriculture (USDA) confirmed private sales of 198,000 tonnes of U.S. new-crop soybeans to unknown destinations, marking six consecutive trading days of daily soybean sales notices.

USDA is due to release new crop estimates next week after data on Monday showed that both soybeans and corn were coping better with the weather than feared.

— Reporting for Reuters by Christopher Walljasper in Chicago; additional reporting by Peter Hobson.

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“The market’s basically saying — we’ve got stable trade right now for a couple months,” said Rich Nelson, chief strategist at Allendale Inc. “We’re all waiting for the next drop off in supply which is not gonna be lined up until the fourth quarter, or into the first half of next year.”

The most-active October live cattle eased 0.675 cents to 180.15 cents/lb., while October feeder cattle lost 1.375 cents, to 254.65 cents/lb. (all figures US$).

For the week, October live cattle eased 0.57 per cent, while October feeder cattle added 0.27 per cent.

Cash cattle traded $2 lower in the northern Plains, around $182/cwt, while the southern Plains was steady to $1 lower at $178-$179/cwt.

Beef packers are set to slaughter 629,000 head this week, 13,000 fewer than the same period a year ago, the U.S. Department of Agriculture said.

Boxed beef prices firmed, with choice cuts adding 70 cents, to $314.49/cwt, while select cuts gained $1.04, to $290.29/cwt, USDA said.

Meanwhile CME lean hog futures added, as traders watch for signs of increased demand, while a seasonal increase in hog supplies added pressure.

“October is National Pork Month and procurement for that starts really in the first week of September,” said Nelson. “We’re still consistent on the lower downtrend for cash markets, so we have not yet seen that procurement start.”

The most-active October lean hog futures inched up 0.5 cent, to 83.05 cents/lb.

For the week, October hogs gained 4.04 per cent.

Pork processors were on track to slaughter 2.39 million head, up 18,000 from the same period last year, USDA said.

The CME’s Lean Hog Index, a two-day weighted average of cash prices, last fell to 89.26 cents/lb., its lowest since June 19.

Wholesale pork carcass cutout added $1.48, to $93.70/cwt.

— Christopher Walljasper reports on agriculture and ag commodities for Reuters from Chicago.

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“There was some light trade today, slightly lower than last week,” said Doug Houghton, technical analyst at Brock Capital Management. “I don’t know how much they’re gonna be buying.”

The most-active October live cattle added 0.775 cents to 180.825 cents/lb., while October feeder cattle gained 0.8 cents to 256.025 cents/lb. (all figures US$).

Beef packers slaughtered 124,000 head, down 1,000 head from the same period a year ago, the U.S. Department of Agriculture said.

Boxed beef prices eased, with choice cuts falling $1.32, to $313.79/cwt, while select cuts dipped 28 cents, to $289.25/cwt, USDA said.

Meanwhile CME lean hog futures stepped back after strong gains the day prior, as the cash index continues lower.

“It’s just plunging seasonally,” said Houghton. “On the other hand, we do have continued liquidation of the hog herd and hog slaughter has run probably above expectations.”

The most-active October lean hog futures lost 1.05 cents, to 82.55 cents/lb.

Pork processors slaughtered 469,000 head, up 4,000 from a week earlier but 15,000 lower than the same period last year, USDA said.

The CME’s Lean Hog Index, a two-day weighted average of cash prices, last fell to 93.89 cents/lb.

Wholesale pork carcass cutout added 10 cents by midday, to $92.22/cwt.

— Christopher Walljasper reports on agriculture and ag commodities for Reuters from Chicago.

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Wheat ended lower after trading both sides of even, pressured by plentiful global supplies.

Corn ended the day and the month lower after well-timed rains earlier in the season aided U.S. crops.

The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 18 cents, to $13.68-3/4 a bushel, the biggest daily decline since Aug. 15 (all figures US$). For the month, the most-active soybean contract added 2.68 per cent, its biggest monthly gain since June 2023.

CBOT wheat lost five cents to $6.02 a bushel after falling to $5.93-1/2, the lowest for a most-active contract since June 1. For the month, the most-active wheat contract fell 9.69 per cent, its biggest monthly decline since November 2022.

CBOT corn dropped 2-1/2 cents to $4.78-1/4 a bushel, falling 6.58 per cent for the month, the biggest decline since June 2023.

Ample supplies of Russian wheat have weighed on U.S. wheat futures, though Black Sea wheat exports have been stifled by the war in Ukraine. Russia denies its export issues have contributed to food shortages in Africa.

Russia’s foreign ministry said the Russian and Turkish foreign ministers would discuss a Russian proposal for an alternative to the Black Sea grain deal this week.

“The long-term fundamental story in wheat is actually not terrible,” said Joe Vaclavik, president of Standard Grain. “Global supplies, compared to demand, it’s a fairly tight situation.”

Recent soybean exports, combined with hot, dry weather in the U.S. pushed soybean futures to a one-month high of $14.10 on Monday.

But headwinds remain. U.S. government data on Monday showed that soybeans had suffered less damage from recent hot, dry conditions than feared, while low water levels on the Mississippi River have hampered export enthusiasm.

“This last week we’ve seen some selling pressure,” said Dan Hussey, senior market strategist at Zaner Group. “But I think there is still an underlying uptrend in the soybeans that hasn’t been invalidated.”

Soybean losses have been muted by five consecutive trading days of daily soybean sales notices from the U.S. Department of Agriculture (USDA). The agency confirmed private sales of 132,000 metric tons of U.S. new-crop soybeans to China on Thursday.

For the week ended Aug. 24, soybean export sales of 1.073 million metric tons were in line with trade expectations.

Corn export sales of 1.063 million metric tonnes and wheat export sales of 344,100 tonnes were also in line with trade expectations.

— Reporting by Christopher Walljasper in Chicago; additional reporting by Naveen Thukral, Peter Hobson and Sybille de La Hamaide.

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“We still have an index that’s higher than the October. It usually doesn’t close the gap until we get into September a week or two,” said Scott Varilek, broker at Kooima Kooima Varilek Trading Inc. “I think we’ve got some supply coming to the fourth quarter that’s gonna give it a little negative tone.”

Most-active October lean hog futures gained 2.875 cents, to 83.6 cents/lb. (all figures US$).

Wholesale pork carcass cutout eased 26 cents by midday, to $92.59/cwt.

Pork processors slaughtered 468,000 head, down 10,000 from the same period last year, the USDA said.

The CME’s Lean Hog Index, a two-day weighted average of cash prices, last eased to 93.89 cents/lb.

Meanwhile, CME live cattle futures slipped lower, though fundamentals remain supportive, Varilek said.

“I’m still a little long term friendly, due to tight supplies. We have not seen heifer retention yet,” he said, referring to producers keeping heifers from slaughter to breed more calves.

The most-active October live cattle dipped 1.425 cents, to 180.05 cents/lb., while October feeder cattle fell 1.525 cents, to 255.225 cents/lb.

Packers have not been aggressively courting producers for market-ready cattle, Varilek said, as the upcoming Labour Day holiday weekend will mean smaller slaughter numbers.

Beef packers slaughtered 125,000 head, down 2,000 head from the same period a year ago, the U.S. Department of Agriculture said.

Boxed beef prices were mixed, with choice cuts gaining 75 cents, to $315.11/cwt., while select cuts fell 15 cents, to $289.53/cwt, USDA said.

— Christopher Walljasper reports on agriculture and ag commodities for Reuters from Chicago.

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Wheat traded higher, supported by global demand and concerns about Canada’s crop.

Corn was near even as traders wait for the harvest to assess yields.

The most-active soybean contract on the Chicago Board of Trade (CBOT) lost 5-3/4 cents to $13.86-3/4 a bushel (all figures US$).

CBOT wheat gained 6-1/2 cents, to $6.07 a bushel, while corn ended six cents lower at $4.80-3/4 a bushel.

Recent export activity pushed soybean futures to one-month highs on Monday as U.S. stockpiles tightened, though global supplies remain ample.

“When you look at the soy complex, the tightness is only in the United States. The rest of the world is well supplied on soybeans,” said Karl Setzer, commodity risk analyst at Agrivisor. “Plus it’s seasonal. We’re going to start soybean harvest in the United States within a couple weeks.”

The U.S. Department of Agriculture confirmed private sales of 266,000 metric tonnes of U.S. new-crop soybeans to unknown destinations.

Soybeans are trading at their highest levels relative to corn since late 2016, which could lead to overproduction of U.S. soybeans in the coming years, moderating prices.

Corn eased as meagre demand was further stifled by low water levels on the Mississippi River which could slow movement of grain to the Gulf of Mexico.

Wheat was buoyed after falling to two-week lows, as the U.S. crop becomes more affordable versus bigger global suppliers. Still, ample supplies from bigger exporters like Russia and the European Union remain more competitive.

“There’s still enough wheat. We’re not going to be in the market yet,” said Mark Schultz, chief analyst at Northstar Commodity.

Egypt’s state grains buyer, the General Authority for Supply Commodities (GASC), has bought 240,000 tonnes of wheat in an international tender, comprised of half French wheat and half Romanian wheat.

Damages to durum wheat crops from drought in Canada, combined with adverse weather in Europe, are likely to lead to higher pasta prices, producers said.

Wheat production in Canada fell by 14.2 per cent in 2023 compared to 2022, a Statistics Canada survey showed on Tuesday.

Data showed that soft wheat exports from the European Union were down nearly 30 per cent so far in the 2023-24 season.

— Reporting for Reuters by Christopher Walljasper in Chicago; additional reporting by Naveen Thukral, Peter Hobson and Sybille de La Hamaide.

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Wheat hit a two-week low as sluggish demand for U.S. supplies and competition from cheap Russian grain limited the upside in prices.

The most active soybean contract on the Chicago Board of Trade (CBOT) lost 13-1/2 cents to $13.92-1/2 a bushel (all figures US$).

Corn dipped 9-1/2 cents to $4.86-3/4 a bushel, while wheat slid 16-1/2 cents to end at $6.00-1/2 a bushel, after reaching its lowest since Aug. 15.

The U.S. Department of Agriculture (USDA) in a weekly crop progress report on Monday rated 58 per cent of the soybean crop as good to excellent, down a percentage point from 59 per cent last week. Thirteen analysts surveyed by Reuters had on average expected a three percentage point decline.

USDA rated 56 per cent of the corn crop as good to excellent, down two percentage points from 58 per cent a week ago versus a three-point decline predicted by analysts.

The muted decline has some crop watchers predicting further cuts in coming weeks, while others think the crop may have weathered the extreme heat better than expected.

“I think those crop conditions that we saw yesterday are going to create a very divisive line between your bulls and your bears,” said Ted Seifried, vice president of Zaner Group. “You can look at it either way.”

For spring wheat, USDA rated 37 per cent of the crop as good to excellent, down one percentage point and matching the average analyst estimate.

Soybean losses were pared after USDA confirmed private sales of 246,100 metric tonnes of U.S. new-crop soybeans and 105,000 tons of U.S. new-crop soymeal, all to unknown destinations.

Wheat fell despite supportive news from Statistics Canada, projecting Canada’s 2023 all-wheat crop at 29.472 million metric tonnes, down 14.2 per cent from the prior year and below an average of trade expectations for 30.4 million.

“The Stats Canada numbers were friendly,” said Ed Duggan, senior risk management specialist at Top Third Ag Marketing. “Wheat just can’t find anything to get excited about.”

Black Sea supplies continue weighing on U.S. wheat.

Ukrainian farmers are not expected to reduce the area of winter wheat they sow for the 2024 harvest despite higher logistics costs during wartime, a senior farming official told Reuters.

— Reporting for Reuters by Christopher Walljasper in Chicago; additional reporting by Naveen Thukral, Peter Hobson and Sybille de La Hamaide.

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“I think we’ve been sideways for cattle now for over a month and, I guess until we see a change on the product side or on the cash side, I don’t see why this market is gonna go one way or another,” said Altin Kalo, economist at Steiner Consulting Group.

The most-active October live cattle eased 0.075 cents, to 181.475 cents/lb., while October feeder cattle lost 0.275 cents to 256.75 cents/lb.

Boxed beef prices stepped back, with choice cuts falling $2.68, to $314.36/cwt, while select cuts dropped $2.41, to $289.68/cwt.

Cattle processors slaughtered 125,000 head, down 3,000 head from the same period a year ago, USDA said.

Meanwhile, CME lean hog futures eased as the market anticipates a seasonal influx of market-ready hogs.

“Bigger numbers are coming, heavier weights are coming,” Kalo said. “I think there’s certainly some nervousness out there for later in the fall.”

The most-active October futures trimmed 1.125 cents, to 80.725 cents/lb.

Wholesale pork carcass cutout eased $3.20, to $92.85/cwt, lead by declines in pork bellies.

Pork processors slaughtered 470,000 head, down 10,000 from the same period last year, USDA said.

The CME’s Lean Hog Index, a two-day weighted average of cash prices, held steady at 95 cents/lb.

— Christopher Walljasper reports on agriculture and ag commodities for Reuters from Chicago.

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“I think we probably did get a little help here from retail movement over the last week,” said Alan Brugler, president of Brugler Marketing, noting the Labour Day holiday is traditionally the last big barbecue weekend of the summer.

Most-active October feeder cattle jumped 3.05 cents, to 257.025 cents/lb., while October live cattle inched up 0.375 cents, to 181.55 cents/lb. (all figures US$).

Boxed beef prices eased after strong gains last week, with choice cuts drifting 86 cents lower to $317.04/cwt, while select cuts slipped 58 cents, to $292.09/cwt.

Cash cattle trade was steady in the northern Plains at $185/cwt, while the southern Plains were steady at $179/cwt, according to the U.S. Department of Agriculture.

Cattle processors slaughtered 125,000 head, up 8.7 per cent from the same period a year ago, USDA said.

Meanwhile, CME lean hog futures gained for a fourth consecutive session, supported by consumer demand ahead of the Labour Day holiday, Brugler said.

“(Pork) bellies were back up today,” he said. “They got hammered on Friday.”

The most-active October futures firmed 2.025 cents, to 81.85 cents/lb.

Wholesale pork carcass cutout added $2.63, to $96.05/cwt.

Pork processors slaughtered 476,000 head, up 5,000 from the same day last week but down 1.24 per cent versus the same period last year, USDA said.

The CME’s Lean Hog Index, a two-day weighted average of cash prices, last fell to 95 cents/lb.

— Christopher Walljasper reports on agriculture and ag commodities for Reuters from Chicago.

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Wheat dipped on weak demand for U.S. crops, coupled with competition from cheap Russian supplies.

Chicago Board of Trade most-active soybeans gained 18 cents, to $14.05-3/4 a bushel, after reaching $14.09-1/2, its highest since July 27 (all figures US$).

CBOT corn added 8-1/4 cents, to $4.96-1/4 a bushel, while CBOT wheat eased 4-3/4 cents to end at $6.17 a bushel.

U.S. 2023 soybean production could total 4.11 billion bushels, advisory service Pro Farmer said after Friday’s market close, below the 4.205 billion bushels forecast by the U.S. Department of Agriculture (USDA).

“I don’t think people were expecting to see that friendly of a number,” said Kristi Van Ahn-Kjeseth, chief operating officer at consulting firm Van Ahn and Company. “You were seeing some yields that were better than anticipated through the states.”

Pro Farmer predicted the U.S. corn crop to be 14.96 billion bushels, below USDA’s most recent estimate of 15.111 billion bushels.

Hot, dry conditions have eroded yield potential, with USDA reporting the U.S. soybean crop as 58 per cent good-to-excellent as of Aug. 27, down one percentage point from a week earlier but above the average 56 per cent predicted in a Reuters survey of analysts.

Corn conditions dropped two percentage points to 56 per cent good-to-excellent versus analysts average of 55 per cent, while spring wheat dropped to 37 per cent good-to-excellent, matching average analyst predictions.

Corn futures have been weighed down by muted export demand, despite recent daily sales notices.

Corn export inspections for the week ended Aug. 24 reached 597,144 metric tonnes, 16.96 per cent higher than the week prior, but down 14.67 per cent from the same week in 2022.

Soybean export inspections reached 322,149 tonnes, down 36.81 per cent from the same week last year, while wheat export inspections of 390,364 tonnes were down 38.17 per cent year over year.

Wheat’s decline could encourage export activity, but amid strong global supplies, U.S. wheat has struggled to attract buyers.

“We’re just looking at a very weak wheat export program,” said Brian Basting, commodity research analyst at Advance Trading. “We are on the outside looking in, as far as exports.”

Russia is estimated to export 5.1 million tonnes of wheat in August, up from 3.5 million a year earlier, Sovecon agriculture consultancy said.

— Reporting for Reuters by Christopher Walljasper in Chicago; additional reporting by Michael Hogan.

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