Corn futures are 8 to 11 1/4 cents deep in the red at midday. Increasing coronavirus cases are starting to cause concern about an economic slowdown, potentially hurting fuel use and ethanol. Ethanol futures were 0.20% lower at midday $1.54/gal. EIA data showed 941,000 barrels of ethanol produced per day on the week ending 10/23. That was 28k bpd above the previous week’s production. Ethanol stocks were also reported at 19.601 million barrels, which was a further 120k barrel drop wk/wk. Analysts anticipate corn bookings in tomorrow’s Export Sales update to be between 0.7-1.5 MMT. USDA reported the 207,000 MT optional origin corn purchase from South Korea included U.S. as an origin.
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Dec 20 Corn is at $4.04 3/4, down 11 1/4 cents, |
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Mar 21 Corn is at $4.06 1/4, down 10 1/4 cents, |
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May 21 Corn is at $4.07 1/2, down 9 1/2 cents, |
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Jul 21 Corn is at $4.08 1/2, down 8 3/4 cents, |
--- provided by Brugler Marketing & Management
Front month bean futures are trading with midday losses of 10 to 16 1/2 cents. Nov is down the most, removing some inverted premium. Soymeal futures are down $4.80 to $5.70/ton at midday. So far soybean oil futures are 52 to 59 points weaker. Front month Malaysian palm oil futures added a little more to the upside, closing at 3,237 ringgits on 10/27 – that is still the highest price since February 2017. USDA announced Egyptian importers purchased 110,000 MT of soybeans for 2020/21 delivery. Private exporters also sold 120k MT to unknown destinations. Ahead of the Export Sales report, traders are expecting 1-2 MMT of soybean sales for the week ending 10/22. Soymeal sales are anticipated between 100-450k MT. BO bookings are expected to be between 5-40k MT. Official EU import data shows 4.47 MMT of beans were brought into the trade bloc (plus Britain) from July 1 to October 25. That is a 4% increase from last year’s import pace. Indonesia’s Trade Ministry extended the 3% palm oil export tax through November of 2020 in an anticipated announcement.
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Nov 20 Soybeans are at $10.65 3/4, down 16 1/2 cents, |
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Jan 21 Soybeans are at $10.61 1/4, down 15 1/4 cents, |
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Mar 21 Soybeans are at $10.47 1/4, down 13 1/2 cents, |
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May 21 Soybeans are at $10.41, down 13 cents, |
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Dec 20 Soybean Meal is at $378.80, down $5.20 |
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Dec 20 Soybean Oil is at $33.52, down $0.59 |
--- provided by Brugler Marketing & Management
With spillover weakness in corn and the beneficial weather forecasts, the board is discounting front month wheat futures. NOAA’s 5-day QPF shows rain accumulation from OH to KS, with as much as 4” along the KS/OK boarder. Winter wheat futures are down 5 3/4 to 7 1/4 cents in nearby SRW and 4 1/2 to 5 1/2 cents for nearby HRW. NMY futures are 8+ lower and 5+ lower respectively. Spring wheat futures are 4 1/4 to 8 cents lower at midday, with a dime and a quarter drop in Dec. Analysts are projecting USDA’s Export Sales report to show 200k to 700k MT of wheat sales. South Korea purchased 105,800 MT of wheat, with 77.9k MT U.S. specific and the remaining 27.9k from Canada.
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Dec 20 CBOT Wheat is at $6.08 1/2, down 7 1/4 cents, |
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Dec 20 KCBT Wheat is at $5.43 3/4, down 5 1/2 cents, |
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Dec 20 MGEX Wheat is at $5.51 1/4, down 10 1/4 cents, |
--- provided by Brugler Marketing & Management
Live cattle futures are 7 to 45 cents higher at midday. Feeder cattle futures are trading with triple digit gains at midday. The 10/26 CME Feeder Cattle Index was $133.64, down another 6 cents. Cash trade has yet to establish for the week, the few deals that were reported were $101-$103 in WCB. Due to technical difficulties the Fed Cattle Exchange moved the online auction to tomorrow. There were still 2,012 head listed. USDA’s wholesale boxed beef prices were mixed in the AM update, tightening the spread to $16.12. Choice was 75 cents weaker and Select was up $1.16 cwt. 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 was down 7,000 from last week but up 3,000 yr/yr.
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Dec 20 Cattle are at $104.475, up $0.425, |
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Feb 21 Cattle are at $107.325, up $0.300, |
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Apr 21 Cattle are at $111.050, up $0.325, |
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Nov 20 Feeder Cattle are at $133.500, up $1.200 |
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Jan 21 Feeder Cattle are at $129.625, up $1.200 |
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Mar 21 Feeder Cattle are at $129.150, up $1.100 |
--- provided by Brugler Marketing & Management
Wednesday hog trading has futures $1.27 to $2.12 in the red so far. The 10/26 CME Lean Hog Index fell back another 70 cents to $77.47. USDA’s National Average Morning Base Hog price was $61.44, $1.12 lower. The National Pork Carcass Cutout value was a penny weaker at $88.82. Ribs were down the most with a $12.49 cwt. drop to $134.03. Federally inspected hog slaughter for Tuesday was estimated at 492,000 head. USDA revised Monday’s kill 5k lower, setting the week to date estimate at 979,000. That was still 14,000 above last week, but down 4,000 yr/yr.
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Dec 20 Hogs are at $66.375, down $1.275, |
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Feb 21 Hogs are at $66.150, down $1.900 |
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Apr 21 Hogs are at $68.600, down $1.775 |
--- provided by Brugler Marketing & Management
Front month cotton futures trading has prices 94 to 115 points weaker. Equities are also trading sharply in the red on Wednesday. The dollar index is stronger by 0.48%. 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 27th was 95 points higher at 78.35 cents/lb. The AWP for cotton is 55.71 cents/lb, good through tomorrow.
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Dec 20 Cotton is at 70.88, down 115 points, |
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Mar 21 Cotton is at 71.68, down 105 points |
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May 21 Cotton is at 72.34, down 94 points |
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Jul 21 Cotton is at 72.7, down 95 points |
--- provided by Brugler Marketing & Management