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AgUpdate - Marketwatch
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CME Group Futures settlements (preliminary) 10/26
  Settle Change High Low

Dec corn

5.43 1/2 +5 1/2 5.47 1/2 5.33

Mar corn

5.52 1/4 +5 1/2 5.55 1/2 5.42

May corn

5.56 1/4 +5 3/4 5.59 1/4 5.46
Nov beans 12.38 +3/4 12.46 1/4 12.30
Jan beans 12.47 1/2 +1/2 12.55 3/4 12.39 1/2
Mar beans 12.56 3/4 +1/2 12.65 12.49 1/4
Dec soy meal 326.9 -0.3 339.4 323.0
Jan soy meal 325.6 -0.2 328.2 322.0
Mar soy meal 326.5 +0.3 329.0 323.1
Dec wheat 7.52 1/4 -7 1/4 7.65 7.47 1/2
Mar wheat 7.65 1/4 -6 1/2 7.77 1/4 7.59 3/4
May wheat 7.68 3/4 -5 3/4 7.80 7.63
Ethanol Futures settlements (preliminary)
  Settle Change High Low
Nov 2.207 UNCH
Dec 2.207 UNCH
Jan 2.137 UNCH
         

Corn sees price support Tuesday

Wheat had wild, two-sided trade today, while corn pushed higher and beans were near unchanged, according to Kevin Stockard of CHS Hedging.

Brazil truckers are on their second day of a strike due to high fuel costs, according to Total Farm Marketing.

Corn

Weekly Crop Progress data from NASS showed corn harvest was 66% complete as of 10/24. That was up from 52% last week, running nearly a week ahead of the 53% average pace, according to Alan Brugler of Barchart.

Once you get past 50% harvest, you begin to see a choppy trading pattern in corn, said Oliver Sloup of Blue Line Futures.

Soybeans

China sales announcements finally showed up this morning and were able to bring soybean futures out of negative territory but not much further, according to Kevin Stockard of CHS Hedging.

USDA reported soybean harvest had progressed to 73% finished as of 10/24. That was up 13% points on the week and remains 3% points ahead of the average pace, according to Alan Brugler of Barchart.

Wheat

Egypt’s GASC is tendering for wheat tomorrow for Dec 1-10 shipment. The country says they have six months’ worth of wheat reserves, according to Kevin Stockard of CHS Hedging.

Wheat futures were on a rollercoaster ride all day. Volatility is expected to continue, according to Oliver Sloup of Blue Line Futures.

Lean Hogs CME — Close 10/26
  Settle Change High Low
Dec 72.575 -1.625 73.825 72.525
Feb 75.150 -1.625 76.425 75.050
Apr 79.125 -1.550 80.450 79.025
Live Cattle CME
  Settle Change High Low
Oct 126.825 +1.800 127.300 124.950
Dec 131.450 +1.925 131.625 129.200
Feb 136.375 +1.625 136.575 134.425
Feeder Cattle CME
  Settle Change High Low
Oct 155.975 +.350 156.050 155.375
Nov 159.775 +1.300 159.975 157.925
Jan 160.600 +2.025 160.750 158.275

Cattle on Feed impact limited

The Cattle on Feed report was somewhat friendly but gains were limited, according to Total Farm Marketing.

Low placements shouldn’t have been a surprise became of cow liquidations over the past two years due to droughts and fires in the West and feedlots moving feeder cattle out of feedlots onto any available land as slaughter facilities were packed due to COVID-19d, said Chris Lehner of ADM Investor Services.

Cattle on Feed impact limited

The Cattle on Feed report was somewhat friendly but gains were limited, according to Total Farm Marketing.

Low placements shouldn’t have been a surprise became of cow liquidations over the past two years due to droughts and fires in the West and feedlots moving feeder cattle out of feedlots onto any available land as slaughter facilities were packed due to COVID-19d, said Chris Lehner of ADM Investor Services.

Lean hogs

In weighted average negotiated prices for barrows and gilts, USDA reported;

  • National carcass base up 15 cents to $63.81/cwt.
  • National live down 89 cents to $50.38/cwt.
  • Iowa-Minnesota carcass base was $65.16/cwt.

USDA reported carcass cutout values this afternoon was down 26 cents to $94.32/cwt.

Russia reported a second case of African Swine Fever found in their largest pork producer, Miratorg, according to Kevin Stockard of CHS Hedging.

Hog futures are struggling to rally despite being oversold, according to Total Farm Marketing.

Cattle

Boxed beef cutout values this afternoon were higher on Choice and lower on Select, the USDA said.

  • Choice rose 1.72to $284.76/cwt.
  • Select fell 65 cents to $262.54/cwt.

In negotiated cash sales in Nebraska, the USDA reported 1,126 head sold live at $126-129 and none sold dressed. In negotiated cash sales in Iowa/Minnesota, the USDA reported none sold live or dressed.

Traders have been looking for a catalyst to get live cattle out of pocket. Last week’s castle on feed report might have been that catalyst, said Oliver Sloup of Blue Line Futures.

Ideas that a turn up in beef prices could spark more aggressive cash cattle bidding from packers helped support, according to The Hightower Report.

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These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Commodity trading involves risks, and you should fully understand those risks before trading.


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