TFM Midday Update 10-26-2021

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 @ 7.72Dec 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

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