CORN

• Dec down 14 @ 5.09
• Corn crop is 41% harvested – USDA raised the crop rating to 60% good to excellent vs 59%
• USDA reported corn inspections at 29.4 mb
• USDA raised corn yield to 176.5 bpa from 176.3 bpa in September
• US corn 21/22 carryout at 1.5 bb vs pre-report estimate of 1.421 bb and 1.408 bb in September
• World corn 21/22 ending stocks at 3.017 mmt vs pre-report estimate of 298.4 mmt and 297.6 mmt in September

SOYBEANS

• Nov down 7 @ 11.91
• Soybean crop is 49% harvested – USDA raised the crop rating to 59% good to excellent vs 58%
• USDA reported soybean inspections at 59.2 mb
• USDA raised soybean yield to 51.5 bpa from 50.6 bpa in September
• US soybean 21/22 carryout at 320 mb vs pre-report estimate of 289 mb and 185 mb in September
• World soybean 21/22 ending stocks at 104.6 mmt vs pre-report estimate of 101 mmt and 98.9 mmt in September

WHEAT

• Dec wheat down 17 @ 7.17, Dec KC down 19 @ 7.21, Dec MNPLS down 5 @ 9.50
• 60% of winter wheat is planted
• USDA reported wheat inspections at 16 mb
• US wheat 21-22 carryout at 580 mb vs pre-report estimate of 581 mb and 615 mb in September
• The 580 mb carryout is the first time in 8 years that ending stocks are below 600
• World wheat 21/22 ending stocks at 277.2 mmt vs pre-report estimate of 280.9 mmt and 283.2 mmt in September

CATTLE

• Oct LC down 0.150 @ 124.875 & Oct FC down 0.350 @ 158.225
• USDA estimated an increase in beef production
• Average cattle price for next year is $128.75
• Choice cuts down 0.05 and select down 2.29
• Cattle slaughter projected at 121K
• CME Feeder Cattle Index for 10/12: up 0.53 @ 154.15

HOGS

• Oct hogs down 0.500 @ 88.575 & Oct pork cutout down 1.600 @ 106.000
• The gap on the charts below current levels is close to getting filled
• Pork production is likely to decline as a result of tighter supply reducing slaughter amounts
• National Direct Afternoon report was up 0.49
• Hog slaughter projected at 477K
• CME Lean Hog Index for 10/13: down 0.66 @ 90.94

Author

Brandon Doherty