Provided by Stewart-Peterson Inc.
CORN
- Dec corn up 2 @ 6.95
- USDA reduced the corn export estimate by 125 mb
- Navigation on the Mississippi river is still a big concern
- Economic concerns continue to weigh on commodity and financial markets
- CPI data came in at 8.2% (higher than expected)
SOYBEANS
- Nov soybeans up 3 @ 13.99
- USDA increased their estimate of Brazil’s soybean crop to 152.0 mmt (from 149.0 mmt)
- USDA lowered the soybean crop to 4.313 bb and lowered the yield to 49.8 bpa
- US carryout at 200 mb is the lowest number in 7 years
- China is reportedly increasing covid lockdowns again, raising worry about their demand
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WHEAT
- Dec wheat up 21 @ 9.03, Dec KC up 23 @ 9.93, & Dec MNPLS up 19 @ 9.86
- US wheat export estimate is the lowest in 51 years
- US wheat ending stocks at 576 mb are the lowest in 15 years
- Russia continues their attacks on Ukraine with missiles reportedly fired at 40 cities
CATTLE
- Oct LC up 0.750 @ 146.925 & Oct FC up 0.050 @ 175.550
- Feedlots may be holding out for higher prices
- Cattle numbers are tightening due to drought, as well as strong slaughter and high feed prices
- Demand has been holding up, but remains a concern due to the economy
- Choice cuts down 0.09 and select up 1.41
- Cattle slaughter projected at 127K
- CME Feeder Cattle Index for 10/12: up 0.40 @ 175.04
HOGS
- Oct hogs up 0.400 @ 93.500 & Oct pork cutout down 0.100 @ 102.325
- October hogs expire tomorrow
- The December contract remains at a large discount to cash
- USDA reduced exports on the WASDE report which was unfriendly to hogs
- National Direct Afternoon report increased 2.41
- Hog slaughter projected at 488K
- CME Lean Hog Index for 10/13: down 0.46 @ 92.49
Author
Amanda Brill