Front month corn futures are up 2 1/2 to 3 1/2 cents at midday following Monday losses. Corn futures on the Dalian Grains exchange were 2,548 yuan/MT in Nov contracts. With the latest exchange rate that is $10.53/bu. Futures are down from the 2,610 yuan/MT high on 10/19, but still the highest since 2014. Carry to Jan is 32 yuan, or about 13 1/4 cents/bushel. The national average US cash corn price is $3.78 according to cmdtyView. The ECB/WCB premium was 6 cents as of midday. CmdtyView raised their national corn yield for November by a half bushel to 180.38/acre. NE corn fields are forecasted the highest at 200.42 with 119.32 bushels/acre as the low in CO. That increased cmdtyView’s production forecast to 15.24 billion. StoneX went the other way, dropping it to 178.9 bpa and a 14.762 billion bushel crop.
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Dec 20 Corn is at $4.01, up 3 1/2 cents, |
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Mar 21 Corn is at $4.05 1/4, up 3 1/2 cents, |
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May 21 Corn is at $4.07 1/2, up 3 cents, |
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Jul 21 Corn is at $4.08 3/4, up 2 1/2 cents, |
--- provided by Brugler Marketing & Management
Turnaround Tuesday soybean trading has futures up 8 to 12 1/2 cents in the front months. CME reported 118 deliveries against Nov beans, with RJO clients stopping all of them. Soy products are also recovering with $0.20 to $1.50/ton gains in meal and 41 to 52 point gains in oil. January No.1 soybean futures on the Dalian Grains Exchange were a life of contract high 5,093 yuan/MT ($22.54/bu). That is below the July highs, of near 6,307 yuan/MT, but otherwise the highest since July of ’08. CmdtyView lowered their national bean yield for November by 4/10 of a bushel to 50.14/acre. NE bean yields are forecasted the highest at 61.67 with 33.10 bushels/acre as the low in ND. That cut cmdtyView’s production forecast to 4.157 billion. Ag Rural said Brazilian soybean planting advanced 19% on the week to 42% complete as of 10/29. That is equivalent to planting 1 million hectares per day. The average was to be 44% planted.
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Nov 20 Soybeans are at $10.62 1/4, up 11 1/2 cents, |
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Jan 21 Soybeans are at $10.64 3/4, up 12 1/2 cents, |
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Mar 21 Soybeans are at $10.57 1/4, up 12 cents, |
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May 21 Soybeans are at $10.53, up 10 1/4 cents, |
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Dec 20 Soybean Meal is at $375.30, up $0.20 |
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Dec 20 Soybean Oil is at $33.60, up $0.41 |
--- provided by Brugler Marketing & Management
Election Day trading has front month wheat futures mostly in the black. SRW wheat is currently up 1 3/4 to 3 cents. HRW futures are trading with midday moves of plus 4 to 5 1/4 cents. HRS futures are fractionally mixed, save for a penny gain for May. A number of commodities are higher in a curious “risk on” approach to the US vote. The national average SRW spot price from cmdtyView was $5.71 3/4 per bushel at midday. That was down 3 cents from 11/2. China announced an import ban for Australian sourced wheat.
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Dec 20 CBOT Wheat is at $6.09 1/2, up 2 cents, |
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Dec 20 KCBT Wheat is at $5.58 1/4, up 5 1/4 cents, |
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Dec 20 MGEX Wheat is at $5.55 3/4, down 1/4 cent, |
--- provided by Brugler Marketing & Management
Midday cattle futures pricing has front month contracts 15 to 40 cents in the red. Feeder cattle futures are down 40 to 85 cents at midday. The CME Feeder Cattle Index for 10/30 was 22 cents lower @ $136.48. Cash trade has yet to develop this week, typical for the early week. The FCE online auction has 634 head of cattle listed so far. USDA’s wholesale boxed beef prices were higher on Tuesday, with USDA quoting Choice @ $210.18, up $1.53, and Select @ $195.46, up $2.48. 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.
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Dec 20 Cattle are at $108.350, down $0.200, |
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Feb 21 Cattle are at $110.375, down $0.150, |
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Apr 21 Cattle are at $113.500, down $0.325, |
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Nov 20 Feeder Cattle are at $136.575, down $0.400 |
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Jan 21 Feeder Cattle are at $133.300, down $0.750 |
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Mar 21 Feeder Cattle are at $133.100, down $0.725 |
--- provided by Brugler Marketing & Management
Lean hog futures are trading with 42 to 85 cent gains on Turnaround Tuesday at midday. The CME Lean Hog Index for 10/30 was down another $1.01 to $73.48. USDA’s National Average Base Hog price for Tuesday AM was a dime weaker at $59.86. The National Pork Carcass Cutout value was $4.44 higher in the AM update, @ $88.58 cwt. The primals were mostly higher, save for a 24 cent drop in picnics, led by loins and bellies – up $6.46 cwt. and $10.49 cwt. respectively. 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.
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Dec 20 Hogs are at $66.475, up $0.525, |
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Feb 21 Hogs are at $66.150, up $0.850 |
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Apr 21 Hogs are at $68.650, up $0.675 |
--- provided by Brugler Marketing & Management
Cotton futures are voting for gains with midday prices 80 to 103 points higher. Front month cotton futures in China closed Nov 2nd at 13,790 yuan/MT. That is down from the 10/20 high of 15,245 yuan, but still a near 30 cent premium to U.S. board prices at 93.71 cents/lb. The weekly Crop Progress report from NASS showed harvest at 52% complete. Cotton harvest in TX is 58% over, with 60% to go in GA fields. Nationally, NASS saw conditions 37% good/ex for a final Brugler500 score of 305. The Cotlook A index for the 11/02 was 75.75 cents/lb, down another 95 points. The AWP for cotton is 57.37 through Thursday.
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Dec 20 Cotton is at 69.76, up 103 points, |
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Mar 21 Cotton is at 70.71, up 99 points |
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May 21 Cotton is at 71.48, up 96 points |
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Jul 21 Cotton is at 72.12, up 90 points |
--- provided by Brugler Marketing & Management