Front month corn futures closed the Monday session with 1 to 1 1/2 cent losses. The 2021 crop contracts ended fractionally higher. 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 2012 where the fall price was above the spring price. Corn harvest from the Crop Progress update was 82% complete through 11/01. The 5-yr average is 69%. USDA announced a large corn export sale to unknown for 204,000 MT under the daily system. 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. September’s corn grind for ethanol was 400.869 mbu. That was down 2.5% from Sept and still 1.19% lower yr/yr. EIA data showed 28.419 million barrels of ethanol produced in August. August production was about 288k barrels 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.

--- provided by Brugler Marketing & Management

Soybean futures trading left the front months 1 1/4 to 5 3/4 cents lower. November was 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 also closed lower. Meal was down 0.28% to 0.92%, and BO futures were 1.05% to 1.25% weaker. USDA’s Fats and Oils report showed September’s bean crush was 171.03 mbu. That was in line with estimates and the largest September crush on record. Implied yields were lower, with 11.5 lbs of oil/bu and 43.9 lbs of meal/bu. Bean oil stocks were 1.503b lbs. The weekly Crop Progress update showed bean harvest was 87% complete, still running 4% ahead of average pace. 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. China was the top destination, with 72% of the total.

--- provided by Brugler Marketing & Management

Front month wheat futures closed the first trade day of the new month with gains led by HRW. KC futures ended the Monday session with gains of 9 to 11 3/4 cents. CBT futures were 6 to 9 cents stronger. MPLS HRS wheat futures closed with 3 3/4 to 4 1/2 cent gains. Planting 2021/22 winter wheat advanced 4% on the week to 89%. That is 3% ahead of the average planting pace through November 1. NE and SD are fully planted for new crop. The Crop Progress report also showed emergence was 1% above average with 71% emerged. NASS had condition ratings at 43% good/ex for a Brugler500 score of 324. 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, mostly for feed use.

--- provided by Brugler Marketing & Management

Afternoon fat cattle trading brought futures back to the plus side of UNCH as futures closed 12 to 25 cents higher for the front months. Feeder futures also bounced off of midday lows, but ended the session mixed. The CME Feeder Cattle Index for 10/30 was 22 cents lower @ $136.48. Cash trade has yet to pick up for the week through Monday. USDA’s wholesale boxed beef prices were higher on Monday, with USDA quoting Choice @ $208.65 and Select at $192.62. That is up 55 cents and $1.38 cwt. respectively. USDA’s estimate for the start to this week’s cattle slaughter is 119,000 head. Last Monday’s kill was 115k and 116k for the same Monday LY.

--- provided by Brugler Marketing & Management

After flashing triple digit losses at midday, front month lean hog futures rallied back in the afternoon. The late session push left Dec contracts 37 cents higher on the day, but the other nearbys still closed 25 to 67 cents lower. 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 was $1.11 weaker at $59.96. The National Pork Carcass Cutout value was 34 cents higher in the PM update, @ $84.14 cwt. Federally inspected hog slaughter was 493,000 head on Monday. That compares to 487,000 last week and 492,000 from the same Monday last year.

--- provided by Brugler Marketing & Management

Monday cotton trading left futures 4 to 19 points lower on the board. The weekly Crop Progress report from NASS showed harvest progressed 10 ppts on the week ending November 1. Nationally, 52% of the 2020/21 crop has been picked, which is 3% more than average. The crop’s final condition ratings were a 37% good/ex for a Brugler500 score of 305. That is the 3^rd worst final ratings of the past two decades behind ’11 (269) and ’18 (286). USDA’s Cotton System’s report showed 1,049 running bales used domestically in September. That was the lowest September consumption on record. Cotton stocks fell 476 RBs to 1,349 running bales. USDA’s Monday update from the Spot Cotton Quotations report showed 2,930 bales sold for an average price of 64.02 cents/lb. 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.

--- provided by Brugler Marketing & Management