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Watch This Week's Snapshot

Market recap in a snap, posted every Monday at 2:30 PM CST

This week, we dive into shifting trade focuses as macroeconomic factors take center stage. We’ll cover subtle changes in South American weather, shifts in corn demand, potential production adjustments on the horizon, and the latest winter wheat condition ratings

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Market Movers

Better support again near 410, less outside market influence today, more 8 AM sales expected

It is likely there will be some who missed buying the last pullback and will place their orders slightly higher this time around to not miss out, that’s why better support is expected near 410 rather than 400

October 29, 2024
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Better support again near 410, less outside market influence today, more 8 AM sales expected

It is likely there will be some who missed buying the last pullback and will place their orders slightly higher this time around to not miss out, that’s why better support is expected near 410 rather than 400

Market Movers
October 29, 2024
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Winter wheat ratings post their second lowest start for the year. Corn/soybean harvest remains accelerated.

US corn harvest was estimated by USDA at 81% complete. The trade expected 80%. It remains far over the five year average of 64%.

Quick Studies
October 29, 2024
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South American Rainfall Update October 28th

Near-normal rains were noted for Brazil last week. Argentina saw double the normal rain last week.

Quick Studies
October 28, 2024
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COF put Placements at 98.1, lower than 100 but not as low as analysts expected at 96.0

Funds bought 5K, COF supportive but not as bullish as expected, BB uncertain

Market Movers
October 28, 2024
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Cattle on Feed suggests a smooth and measured supply decline ahead.

USDA's monthly Cattle on Feed was out this afternoon. The feedlot survey found September inflows, placements, -1.9% from one year ago.

Quick Studies
October 25, 2024
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Daily Market Report

Livestock
December live cattle posted a new highest close for this uptrend. Beef continues to move higher. Packer kill cuts may be starting to change. GDP for Q3 is out on Thursday.
Wheat
KC wheat was able to fill its downside gap left from June. Chicago already filled that same point. Russian export estimates for October were upped yet again. Recent rains there have lightly easing new crop planting concerns. Some could also suggest a psychological trade war risk discount. The longer term supportive story, which includes both old and new crop stories, is still on hold. It may be two or three months before Russian old crop exports slow. The second, still a bit too early to panic about, is concern over summer 2025 harvest prospects for the US, Ukraine and Russia.
Soybean
The new week started out with a gap lower open and a moderately lower close. Futures are within 20 cents of the prior major lows. Polling continues to show increasing chances of a Trump presidency. That has added to export concerns. Though near term US soybean export sales are strong, bears can suggest that is simply action before the election. Brazil holds a pricing discount from here on out.
Corn
Corn exports remain strong, with more flash sales this morning. We can suggest some pre buying ahead of potential policy changes. While corn demand for ethanol is ahead of USDA targets, tariffs and large global production are keeping a lid on price recovery, with Friday’s close confirming a fresh downtrend.
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