| 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 |
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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 |
— |
— |
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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.
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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.
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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.
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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.
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| 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 |
|
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.
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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.
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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.
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National Weather Service maps Midwest Regional Climate Center
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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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