Provided by Stewart-Peterson Inc.
CORN
- Dec corn up 5 @ 6.86
- Weekly corn inspections at 18.5 mb, with total 22/23 inspections now at 148 mb
- Corn harvest is 61% complete (vs 52% average)
- December corn has been stuck in a sideways pattern since the beginning of September
- Corn export commitments are down 52% from last year
- Backups in the Mississippi river are preventing grain from getting to the Gulf
SOYBEANS
- Nov soybeans up 13 @ 13.85
- Weekly soybean inspections at 106.1 mb, with total 22/23 inspections now at 279 mb
- 80 mb of that weekly total were destined for China
- Soybean harvest is 80% complete (vs 67% average)
- The Chinese Yuan is at a 15 year low following the reinstatement of president Xi Jinping
- Storms from Oklahoma to Illinois will delay harvest activity
- Brazil weather is favorable with rains on the forecast
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WHEAT
- Dec wheat down 5 @ 8.34, Dec KC down 8 @ 9.30, & Dec MNPLS down 8 @ 9.50
- Weekly wheat inspections at 4.6 mb, with total 22/23 inspections now at 349 mb
- Winter wheat is 79% planted (vs 78% average)
- 49% of winter wheat is emerged (vs 56% average)
- Most HRW areas remain dry, despite recent rains in Kansas and Oklahoma
- The Turkish president is leaning towards the Ukraine export deal being renewed, but Russia may require more compromises before allowing this
- Ag Attaché in Australia estimates their wheat crop at 34 mmt (up 1 mmt vs the USDA)
CATTLE
- Dec LC down 0.800 @ 153.325 & Nov FC down 0.350 @ 178.800
- Oct-Feb live cattle futures made new contract highs
- Packers will need to remain aggressive in the cash market to maintain chain speeds
- Cattle futures are technically overbought which could mean a top is near
- Beef in cold storage totaled 522.9 million pounds
- Choice cuts up 4.21 and select up 1.25
- Cattle slaughter projected at 127K
- CME Feeder Cattle Index for 10/24: up 0.68 @ 173.62
HOGS
- Dec hogs up 0.575 @ 88.500 & Dec pork cutout up 0.075 @ 97.825
- Futures took a breather yesterday after a strong run up
- Packers expected to be aggressive today to acquire supply for the week
- Hog futures have become overbought and may be due for a correction
- Pork in cold storage totaled 537.9 million pounds
- National Direct Afternoon report increased 0.29
- Hog slaughter projected at 490K
- CME Lean Hog Index for 10/25: up 0.62 @ 94.67