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Corn
It was another mute day in the corn market with the first three contracts (December, March, and May) all trading 1 ¾ cents lower. December, the most actively contract settled at 480 ½ after trading in a 6 ½ cent range. Corn volatility is at it’s lowest level since the spring which may make them more attractive either as a hedge, hedge against futures, or just an outright position.
This morning’s weekly export sales report was a bit disappointing. Net sales of 753,300 MT (29,656,102 bushels) for 2023/2024. Within the range of expectations but below last week’s 949,747 metric tons.
Soybeans
Soybeans were higher on the day with the November contract leading the way. At the close November futures were 10 ¾ cents higher to settle at 1360 ½. Soybean meal also posted strong gains with the December contract finishing 4.6 higher to 399.4. December soybean oil finished the day unchanged at 61.72.
This morning’s weekly export sales report showed net sales of 703,900 MT for 2023/2024 (25,863,890 bushels) for 2023/2024. Within the range of expectations but below last week’s 949,747 metric tons. This was towards the lower end of expectations and well below the 1,783,106 we saw last week.
Wheat
Wheat futures were lower across the board with the December Chicago contract finishing the day 3 ½ cents lower to 593 ¾. December Kansas City wheat saw more pressure, settling 8 ¼ lower to 736 ½. December Minneapolis wheat closed 4 cents lower to 783 ½.
Weekly export sales came in at 437,900 MT (16,090,066 bushels) for 2023/2024 were up 18 percent from the previous week and 20 percent from the prior 4-week average. This was within the range of expectations and about 70,000 metric tons more than last week.
Cattle
Cattle futures saw impressive gains on strong volume. October live cattle posted new contract highs before finishing the day 2.32 higher to settle at 185.47. December futures were only about 65 contracts behind October in terms of volume. December futures were 2.50 higher to settle at 190.35. October feeder cattle futures finished the day 2.82 cents higher, settling at 261.87.
Lean Hogs
On the snout side, it was a weaker tone. At the close October lean hogs were 62 cents lower to settle at 83.35. December futures saw more pressure, closing 1.25 lower to 75.10.
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