After the weekend break midday corn futures prices are 3 1/4 to 3 1/2 cents in the red. The average October close for the Harvest Price option for crop insurance was $3.99/bu. That is the highest since 2013, and the first time since 2013 where the fall price was above the spring price. USDA announced a large corn export sale to unknown for 204,000 MT. NOAA’s 5-day QPF shows dryness across most of the CONUS this week, which should accelerate harvest. Trade ideas have US corn harvest about 85% complete through Sunday. USDA’s Export Inspections report showed 721,623 MT of corn shipments for the week ending 10/29. That was up from 680.8k LW and left accumulated exports at 6.87 MMT. EIA data showed 28.419 million barrels of ethanol produced in August. The month’s production was about 12 million gallons below July and still running 11% lower yr/yr. Exports from August were 2.4 million barrels, a 4 month high. Ethanol ending stocks grew 359k barrels from July to August to 20.143 million.
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Dec 20 Corn is at $3.95 1/4, down 3 1/4 cents, |
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Mar 21 Corn is at $4.00, down 3 1/4 cents, |
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May 21 Corn is at $4.02 3/4, down 3 1/4 cents, |
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Jul 21 Corn is at $4.04, down 3 1/4 cents, |
--- provided by Brugler Marketing & Management
Front month soybean futures are down 2 3/4 to 6 1/4 cents, with Nov the weakest. CME reported another 501 deliveries against Nov beans, mostly by CHS Hedging and ADM clients. The average October close for the Harvest Price option for crop insurance was $10.55/bu. That is the highest since 2013. Soy products are also in the red at midday. The weekly Export Inspections data showed 2.083 MMT of soybeans were shipped on the week ending 10/29. That was down from 2.82 MMT LW, but the 5th consecutive week of +2 million. China was the top destination, with 72% of the total. Analysts are looking for 170.9 – 172.0 (171.3 av) million bushels of Sept bean crushings in USDA’s Fats and Oils report. The average of analyst estimates for soy oil stocks is 1.826 billion lbs. EIA data showed 163 million gallons of biodiesel was produced in August. Soybean oil, with 745m lbs, made up 60% of the biodiesel production inputs. The Argentine government halted the strike that began Friday at noon with a back to work order.
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Nov 20 Soybeans are at $10.50 1/4, down 6 1/4 cents, |
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Jan 21 Soybeans are at $10.51 3/4, down 4 1/2 cents, |
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Mar 21 Soybeans are at $10.44 3/4, down 3 1/4 cents, |
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May 21 Soybeans are at $10.41 1/4, down 3 1/2 cents, |
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Dec 20 Soybean Meal is at $376.70, down $1.90 |
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Dec 20 Soybean Oil is at $33.24, down $0.37 |
--- provided by Brugler Marketing & Management
Domestic wheat futures are posting midday gains to start the new month of trading. SRW futures are up 3 1/4 to 6 1/2 with gains shrinking through the back months. KC futures are 6 3/4 to 9 1/2 cents stronger at midday. MPLS wheat is up 1 3/4 to 2 1/2 cents. Wheat exports were 287,059 MT for the week ending 10/29. That was down from 399.6k MT LW, and 2.4% below the same week last year. The top destination was S. Korea with 82,602 MT. China sold 2.699 MMT of wheat from state reserves, citing its competitiveness as a corn feed substitute given historically high corn prices.
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Dec 20 CBOT Wheat is at $6.04 3/4, up 6 1/4 cents, |
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Dec 20 KCBT Wheat is at $5.50 3/4, up 9 1/2 cents, |
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Dec 20 MGEX Wheat is at $5.54 3/4, up 2 1/2 cents, |
--- provided by Brugler Marketing & Management
Monday cattle futures trading has prices 32 to 62 cents weaker. Front month feeder cattle futures are also in the red with $0.30 to $1.05 losses at midday. The CME Feeder Cattle Index for 10/29 was $136.76, back higher by $2.42. On Friday cash sales in NE went for $106, but the bulk of Northern trade was near $103 for the week. In the South the bulk of the cash sales that did take place was $106. USDA’s wholesale boxed beef prices were higher on Monday morning. Choice was up $0.55 to $208.65 cwt. and Select boxes were $1.04 stronger at $192.28. USDA’s estimate for the week’s cattle slaughter through Saturday was 638,000 head.
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Dec 20 Cattle are at $107.675, down $0.625, |
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Feb 21 Cattle are at $109.825, down $0.575, |
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Apr 21 Cattle are at $113.125, down $0.525, |
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Nov 20 Feeder Cattle are at $136.350, down $1.050 |
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Jan 21 Feeder Cattle are at $133.150, down $0.975 |
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Mar 21 Feeder Cattle are at $132.850, down $0.675 |
--- provided by Brugler Marketing & Management
Through midday, lean hog futures are showing triple digit weakness. The Fresh Bacon Index from CME was $188.44. That was a $34.01 drop week to week, the largest plunge in the index since the $88.29 fall in May. The CME Lean Hog Index for the 29th was another buck lower @ $74.49. USDA’s National Average Base Hog price for Monday morning was $60.18, down by 89 cents. The National Pork Carcass Cutout value was $86.03 for Monday morning. That was a $2.23 cwt. increase, led by ribs and hams. USDA estimated the week’s FI hog slaughter at 2.683 million head through Saturday.
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Dec 20 Hogs are at $64.825, down $0.750, |
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Feb 21 Hogs are at $64.450, down $1.100 |
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Apr 21 Hogs are at $67.375, down $1.025 |
--- provided by Brugler Marketing & Management
The cotton futures market has prices firm but lower at midday. Dec futures are down the most with a 9 point loss to 68.83 cents. Cotton spec traders were net buyers on the week ending 10/27. USDA’s weekly Cotton Market Review had the week’s average spot price at 66.19 cents/lb. That was up from 65.72 LW and 4.14 cents better yr/yr. The Cotlook A index for the 30th retreated another 25 points to 76.70 cents/lb. The AWP for cotton is 57.37 for the week.
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Dec 20 Cotton is at 68.83, down 9 points, |
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Mar 21 Cotton is at 69.76, down 2 points |
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May 21 Cotton is at 70.57, down 1 points |
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Jul 21 Cotton is at 71.26, unch |
--- provided by Brugler Marketing & Management