Grain Market Recap 

Grain futures had an impressive day with corn, soybeans, and wheat all posting gains.  At the close December corn futures were 7 cents higher to 416 ½.  November soybeans were 10 ¾ cents higher to 991 ¾.  It is important to note that this Friday is November options expiration, which means first notice day is around the corner and volume will continue to shift into the January contract.   On the wheat side, December Chicago wheat was able to finish 3 ¾ cents higher to 576. 

We saw a flurry of flash sales on Monday morning for corn and soybeans, this morning we saw another one reported for corn.  This one to the tune of 359,500 metric tons, or about 14 million bushels for delivery to Mexico for the 2024/2025 marketing year.   Monday’s weekly export inspections for corn came in just shy of 1 million metric tons, that was within the range of expectations.

Yesterday’s weekly crop progress report showed 65% of the US crop is harvested, that is 2% ahead of expectations and well ahead of the average pace.  Soybean harvest has reached 81% complete, that was inline with expectations and well ahead of the average pace of 67%.  Lack of rainfall across the Midwest has aided in the speedy harvest as there have been few weather delays.

Livestock Market Recap

Livestock futures resumed the uptrend in today’s trade with live cattle, feeder cattle, and lean hogs all posting gains.  At the close December live cattle were 1.30 higher to settle at 188.125.  January feeder cattle gained 1.80 to settle at 246.05.  And on the snout side it was the front month December contract leading the way higher, setting at 79.12, up .85 for the day. 

This morning’s wholesale boxed beef report was mixed with choice cuts gaining 1.24 to 324.10 and select cuts losing 2.60 to 293.61. Yesterday’s 5-area average price for live steers was reported at 187.61 which we’d call steady to with the end of last week.   Monday’s slaughter was reported at 120k head, in line with the previous week but about 5k less than last year. 

CME Live cattle CVOL index was down again today, finishing the session at 12.59, near the lowest levels since April.  As the market has shown signs of stabilization, fund participation has picked up with the recent Commitment of Traders report showing the Managed Money net long position at about 88k futures and options contracts, that was up about 10k from the previous week which extends the net position to the largest since October of 2023.  Last week was the fourth straight week of fund buying.

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