CORN
- Dec up 11 @ 5.68
- USDA reported an increase of 35.1 mb of corn export sales
- Along with the US, Europe and Brazil are talking about lower corn acres in 2022 due to rising fertilizer prices
- Dec corn yesterday closed above its 100-day moving average for the first time since mid-August
- CONAB reported 35% of Brazil’s first corn crop is planted
- January corn on China’s Dalian Exchange is around the equivalent of $10.28 per bushel
SOYBEANS
- Nov up 5 @ 12.44
- USDA reported an increase of 43.5 mb of soybean export sales
- Canadian canola futures are making all-time highs
- USDA’s estimate for this year’s US soybean crop is record high at 4.448 bb
- CONAB reported 37% of Brazil’s soybeans are planted
- January soybeans on China’s Dalian Exchange are around the equivalent of $18.13 per bushel
WHEAT
- Dec wheat up 16 @ 7.76, Dec KC up 8 @ 7.91, Dec MNPLS up 14 @ 10.36
- USDA reported an increase of 9.9 mb of wheat export sales
- Yesterday Egypt bought wheat at around $360 per ton from Romania, Russia, and Ukraine, which was a higher price than their previous purchases
- For the month of October, KC wheat has rallied about 50-60 cents
- Rains today will delay SRW wheat plantings in the eastern Midwest
- Paris milling wheat futures remain near all-time highs
CATTLE
- Dec LC down 0.700 @ 130.875 & Apr FC down 1.200 @ 162.175
- Cash cattle have traded higher this week
- The overall expectation is for an ample supply of cattle, which may limit upward price movement
- Choice cuts down 1.13 and select down 0.85
- Cattle slaughter projected at 120K
- CME Feeder Cattle Index for 10/27: up 0.53 @ 156.03
HOGS
- Feb hogs up 1.525 @ 75.850 & Feb pork cutout @ 88.500
- December and February have gaps in the charts above current levels, which may be filled at some point
- Hog futures are still oversold technically and some indicators are showing buy signals at the time of writing – this could indicate the beginning of a correction
- National Direct Afternoon report declined 0.62
- Hog slaughter projected at 478K
- CME Lean Hog Index for 10/28: down 0.99 @ 81.67