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Futures quotes are end of day delayed. Information is provided ‘as is’ and solely for informational purposes, not for trading purposes or advice.

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Quick Studies

Cattle weights +2.8% from last year, hogs +1.4%.

The weekly Actual Slaughter report detailed meat production statistics for the first week of October.

October 17, 2024
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Cattle weights +2.8% from last year, hogs +1.4%.

The weekly Actual Slaughter report detailed meat production statistics for the first week of October.

Quick Studies
October 17, 2024
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Ethanol production holds firm.

Last week's ethanol production, 1.042 million barrels per day, was +0.7% from last year. The prior five weeks were also positive at +2.7%. We are ahead of USDA's goal.

Quick Studies
October 17, 2024
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Charts - US Corn, Soybean and Wheat exports to China.

US Corn, Soybean and Wheat exports to China.

Quick Studies
October 17, 2024
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Brazil now has a cheaper soybean export bid.

For only 2 ½ months the US held the title as the cheapest soybean export bid.

Quick Studies
October 17, 2024
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Crush beats Expectations, What's Next?

The recent crush report is sign of a demand increase now that November has been near or under 1000 but more is needed to halt the recent active selling and even more needed for a bounce

Market Movers
October 17, 2024
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Daily Market Report

Livestock
Retail Sales and jobless claims held their ground today. Wholesale beef continues its October uptrend. The trade is unsure how long this will last. Last week and this week's higher pricing may be due to packer kill reductions rather than new demand. Futures have largely recovered from their prior recession concerns.
Wheat
A higher finish for the day was noted for wheat futures. Traders continue to monitor Middle East news, forecast rains for Russia, and US trade war concerns. It is still far too early to make strong claims over the coming world summer 2025 harvest. For now, there is still a light risk implied. World stocks/use for the current 2024/25 crop are already at 10 year lows.
Soybean
Before the day's higher close was noted, a new low for the short term downtrend was made. South America is set for above normal rains ahead. US exports remain a light concern. Brazil's discount in price has returned, the Mississippi continues to fall and there may be some type of trade war concern.
Corn
Corn export sales are noteworthily this week, with flash sales totaling 858,928 tonnes, a big jump from the five-year average, putting us on track for a strong export report tomorrow. Meanwhile, U.S. Gulf corn remains competitive with Brazilian corn for month two shipments, thanks to a $21 per tonne discount, despite overall narrowing price gaps.
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