At Tuesdays closing bell, corn futures were 1 to 2 ¼ cents weaker. Chinese corn futures on the Dalian Grain Exchange were 2,544 yuan/MT (~ $9.635/bu) on 10/26. US corn is still very competitive into China if it can be shipped. US export capacity is being taxed for November and December by the strong export sales. Taiwan purchased 65,000 MT of U.S. corn in their tender. South Korea purchased 268,000 MT of feed corn after issuing a 69,000 MT optional origin tender. Iran is also tendering for 200,000 MT of optional origin corn.
Dec 20 Corn closed at $4.16, down 1 3/4 cents, |
Mar 21 Corn closed at $4.16 1/2, down 2 cents, |
May 21 Corn closed at $4.17, down 2 1/4 cents, |
Jul 21 Corn closed at $4.17 1/4, down 2 cents, |
--- provided by Brugler Marketing & Management
After Tuesday trading, soybeans ended 5 1/2 to 8 1/4 cents in the red. The front month soybean basis has remained near minus 50 cents, at -0.52 from cmdtyView, which is about a dime stronger than the same date last year. Soymeal futures closed down by as much as $5.60/ton in the front months on Turnaround Tuesday profit taking. BO futures retreated 29 to 35 points. Front month Malaysian palm oil futures closed at 3,224 ringgits on 10/26 – that was the highest price since February 2017. Brazilian soybean planting reached 23% complete through 10/22.
Nov 20 Soybeans closed at $10.82 1/4, down 5 1/2 cents, |
Jan 21 Soybeans closed at $10.76 1/2, down 7 cents, |
Mar 21 Soybeans closed at $10.60 3/4, down 8 1/4 cents, |
May 21 Soybeans closed at $10.54, down 7 1/2 cents, |
Dec 20 Soybean Meal closed at $384.00, down $5.60 |
Dec 20 Soybean Oil closed at $34.11, down $0.35 |
--- provided by Brugler Marketing & Management
The wheat complex fell back on Tuesday. CBT futures were down 2 1/2 to 4 1/2 cents at the close. The national SRW cash price from cmdtyView was reported at $5.85/bushel on 10/27. That was down 4 1/4, maintaining basis, but up from $4.94 at this time last year. HRW futures closed 2 3/4 to 3 1/4 cents weaker on the day. Spring wheat futures ended the session down by 3/4 to 3 1/2 cents. Initial winter wheat condition ratings from NASS last night were the lowest on record for the first reporting week, with a Brugler500 score of 322. Russia’s SovEcon stated 94% of intended winter grains were planted on 18m HA.
Dec 20 CBOT Wheat closed at $6.15 3/4, down 4 1/4 cents, |
Dec 20 KCBT Wheat closed at $5.49 1/4, down 2 3/4 cents, |
Dec 20 MGEX Wheat closed at $5.61 1/2, down 3 1/2 cents, |
--- provided by Brugler Marketing & Management
At the closing bell front month live cattle futures were $0.62 to $1.25 higher. October gained $0.87 on the day, to close at $104.85. Through 10/26, deliveries against October live cattle futures remained at 9. Feeder cattle futures gave back some of the early gains but still ended $1.60 to $1.72 higher. October feeders are 66 cents above the day lagged index (@$134.30) with two trade days left before expiration. The 10/26 CME Feeder Cattle Index was $133.64, down another 6 cents. USDA reported cash trades have yet to establish a trend for the week through Tuesday. Tomorrow’s weekly sale on the FCE has 2,012 head of cattle listed. USDA reported wholesale boxed beef prices at $206.70 cwt. and $188.67 cwt. for Choice and Select respectively. That tightened the spread $1.31 by way of a $1.13 drop in Choice and an 18 cent bump to Select. Tuesday’s FI cattle slaughter was at 117,000 head. After revising Monday 3k lower, the WTD slaughter is estimated at 232,000 head. That is down 7,000 from last week but up 3,000 yr/yr.
Dec 20 Cattle closed at $104.050, up $0.650, |
Feb 21 Cattle closed at $107.025, up $0.625, |
Apr 21 Cattle closed at $110.725, up $1.225, |
Nov 20 Feeder Cattle closed at $132.300, up $1.725 |
Jan 21 Feeder Cattle closed at $128.425, up $1.650 |
Mar 21 Feeder Cattle closed at $128.050, up $1.600 |
--- provided by Brugler Marketing & Management
Front month lean hog futures ended the day with 17 to 40 cent gains. Dec hogs were a dime weaker on the day, adding carry back into the market from Dec to Feb. The 10/23 CME Lean Hog Index was down by 37 cents to $78.17. The IA/MN base hog price was quoted 87 cents higher at $63.42. USDA’s National Average Afternoon Base Hog price was $62.56, back up by $2.05. The National Pork Carcass Cutout value was $88.83, down $3.03 and the lowest since September 22. Hams were down the most with a $10.86 drop to $80.41 cwt. Federally inspected hog slaughter for Tuesday was estimated at 492,000 head. USDA revised Monday’s kill 5k lower, setting the week’s estimate at 979,000. That is still 14,000 above last week, but down 4,000 yr/yr.
Dec 20 Hogs closed at $67.650, down $0.100, |
Feb 21 Hogs closed at $68.050, up $0.400 |
Apr 21 Hogs closed at $70.375, up $0.300 |
--- provided by Brugler Marketing & Management
Cotton futures were mixed but mostly higher at the close on Tuesday. Dec futures climbed back 8 points from midday’s lows but still closed in the red. The other front months ended firm but higher, recovering from the light midday losses. USDA’s Spot Cotton Quotations report showed 6,005 bales were sold at an average gross price of 67.28 cents/lb for 10/27. The Cotlook A index for the 26th was down 35 points to 77.40 cents/lb. The AWP for cotton is 55.71 cents/lb, good through Thursday.
Dec 20 Cotton closed at 72.03, down 8 points, |
Mar 21 Cotton closed at 72.73, up 1 points |
May 21 Cotton closed at 73.28, up 6 points |
Jul 21 Cotton closed at 73.65, up 7 points |
--- provided by Brugler Marketing & Management