Futures are trading in a narrow, mixed range this morning as the market awaits fresh direction. With little new information available, traders are focused on actual harvest data rather than adjusting positions based on crop estimates. Tomorrow marks the first notice day for September contracts, and with a long holiday weekend ahead, participation remains relatively light.

Strong export sales numbers seem to have little bearing on the trade, even though there were some cancellations of old crop, which is normal this time of year as we end out the old crop going into the new crop year. Corn had new exports of 2.09 MMTs while seeing cancellations in the old crop of a net 17,800 tons. Soybean exports were still robust for the new crop at 1.37 MMTs, while the net cancellation of old crop 189,200 tons. Wheat was 539,800 tons, which was at the middle of the range expectations.

Statistics Canada released their crop production numbers this morning. The estimates for the canola crop were 20.3 MMTs, and came in at 19.937, while the All-Wheat crop estimate was 35.9 MMTs with an actual of 35.548. Oats production was put at 3.393 MMTs, with barley at 7.991 MMTs.

Weather conditions across the Corn Belt remain mixed, but more reports of crop stress continue to surface, which is becoming increasingly unsurprising given the recent patterns. Meanwhile, a cool and dry forecast looks to prevail, with the possible chance of rain after September 1 in the Eastern Midwest. Overall, the extended 11-15 day forecast maintains a near to slightly below normal rainfall forecast throughout the Midwest. A finishing rain looks to be a miss unless there is a shift in the modeling over the three-day weekend.

Yesterday, cattle futures continued their spectacular rise with October cattle reaching 242, and feeders near 370 before being hit with a profit-taking setback. Tomorrow is the last trading day of the month, ahead of a three-day weekend, making yesterday’s technical selloff unsurprising. Whether trade sees a recovery and breach of yesterday’s high watermark numbers can be attained before Friday would be questionable. Meanwhile, the cash feeder index rose $1.51 to a record $360.68.

We saw some negotiated cash trade underway yesterday, with Kansas $$2 higher at $242, while Iowa had some trades at $241. Asking prices in the north were quoted at $250, while offers in the South are at $245. Cattle slaughter through midweek was reported at 344,000 head, up 10,000 head from last week but still off 15,000 from year ago. Box beef prices had choice off $1.33 while select slipped $3.05. Over the next two days, we have the expiration of the August feeder and live cattle contracts, which will draw attention towards the cash trade.