CORN
- Dec unchanged @ 5.38
- Corn inspections totaled 21.5 mb
- Rain expected to return to the Corn Belt starting Wednesday
- US corn shipments are down 17% from last year
- January corn on China’s Dalian Exchange is around the equivalent of $10.44 per bushel
- Brazil’s first crop corn is 65% planted
- US corn harvest reported at 66% complete vs 70% last year
SOYBEANS
- Nov down 3 @ 12.34
- Soybean inspections totaled 77.3 mb
- Brazil has 36% of their soybeans planted – estimates are at 144 mmt crop vs 137 mmt last year
- Brazil truckers are on their second day of a strike due to high fuel costs
- Private exporters reported sales of 199,000 mt of soybeans for delivery to China, with additional sales to Mexico
- US soybean harvest is 73% done vs 60% last year
WHEAT
- Dec wheat down 10 @ 7.50, Dec KC down 6 @ 7.72, Dec MNPLS up 5 @ 10.32
- 80% of the US winter wheat crop is planted
- USDA reported winter wheat crop rating at 46% good to excellent vs 41% last year – estimates were as high as 60% GTE
- Matif wheat futures continue to test contract highs
- Russian domestic wheat prices are higher than export prices, limiting farmer selling to export facilities
- Wheat inspections totaled 5.2 mb
CATTLE
- Dec LC up 0.725 @ 130.250 & Apr FC up 0.900 @ 163.900
- Cattle on Feed report was somewhat friendly but gains were limited
- Still a good supply of cattle available to the market
- Choice cuts up 1.22 and select up 0.08
- Cattle slaughter projected at 122K
- CME Feeder Cattle Index for 10/25: up 0.78 @ 155.89
HOGS
- Feb hogs down 1.125 @ 75.650 & Feb pork cutout unchanged @ 90.850
- Hog futures are struggling to rally despite being oversold
- December and February have gaps in the charts above current levels, which may be filled at some point
- National Direct Afternoon report declined 1.97
- Hog slaughter projected at 476K
- CME Lean Hog Index for 10/26: down 0.72 @ 82.98
Author
Brandon Doherty