Corn is voting for price gains this morning, up 1 to 2 cents. Front month corn futures closed the Monday session with 1 to 1 1/2 cent losses. The USDA Crop Progress update said corn harvest was 82% complete through 11/01. The 5-yr average is 69%. IA harvest is still running 24 ppts ahead of the average with 87% of fields picked. Corn harvesting in NE is 86% complete, outpacing the average by 23 ppts. USDA’s Export Inspections report showed 721,623 MT of corn shipments for the week ending 10/29. That brought accumulated exports to 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.
--- provided by Brugler Marketing & Management
Overnight buying interest has the soybean board 8 to 12 cents per bushel higher. Soybean futures settled 1 1/4 to 5 3/4 cents lower on Monday. November was the weakest. CME reported 118 deliveries against Nov beans, with RJO clients stopping all of them. Soy products also closed lower. Meal was down 0.28% to 0.92%, and BO futures were 1.05% to 1.25% weaker. The weekly Crop Progress update showed bean harvest was 87% complete, still running 4% ahead of average pace. NASS reported all NE and North Dakota bean fields are cut, with MN and LA each 99% done as well. USDA’s Fats and Oils report showed September’s bean crush was 171.03 mbu. Bean oil stocks were 1.503b lbs. 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.
--- provided by Brugler Marketing & Management
Wheat markets are trading 2 to 6 cents higher as Election Day gets rolling. KC HRW is the strongest. A number of commodities are higher in a curious “risk on” approach to the US vote. Front month wheat futures ended 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 of 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. 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.
--- 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. 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 develop this week, typical for a 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 Monday, but the other nearbys still closed 25 to 67 cents lower. The Fresh Bacon Index from CME was $188.44. 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
Cotton futures are voting 33 to 48 points higher for Election Day. 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. Cotton harvest in TX is 20 ppts ahead of average with 58% of the crop out. There is still 60% to go in GA fields, compared to the average 50% left at Nov 1. Nationally, NASS saw conditions 37% good/ex for a final Brugler500 score of 305. That is the 3rd 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. 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