Cattle Falls on Wednesday with Beef Weakness

The wheat complex got some later day weakness but held gains across all three exchanges on Wednesday. Chicago SRW futures were up 2 3/4 to 9 cents on the day. KC HRW contracts were 1 1/4 to 4 cents higher across most contracts. MPLS spring wheat posted 2 ½ to 3 ¼ cent gains on the midweek session.

Ahead of the weekly Export Sales report from FAS, the trade is estimating 2024/25 sales totaling between 300,000 and 600,000 MT. Sales for 2025/26 are expected to total 0 to 75,000 MT.

Russian wheat exports are expected to be 45.9 MMT for the 2024/25 marketing year, down from the 1.7 MMT in the previous estimate from SovEcon.

Dec 24 CBOT Wheat closed at $5.73 1/4, up 2 3/4 cents,

Mar 25 CBOT Wheat closed at $5.93 1/2, up 3 cents,

Dec 24 KCBT Wheat closed at $5.75 3/4, up 1 1/2 cents,

Mar 25 KCBT Wheat closed at $5.89 3/4, up 1 1/4 cents,

Dec 24 MGEX Wheat closed at $6.09, up 2 1/2 cents,

Mar 25 MGEX Wheat closed at $6.32 3/4, up 2 3/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

Cotton futures were met with weakness on Wednesday, with contracts down 10 to 64 points across most contracts. The outside markets were supportive factors, with crude oil up $1.84/barrel and the US dollar index 186 points lower.

The Seam reported 1,355 bales of online sales on October 29 at an average price of 68.03 cents/lb. ICE cotton stocks were unchanged on Tuesday, leaving 174 bales of certified stocks. The Cotlook A Index was down another 25 points on October 29 at 82.30 cents/lb. The USDA Adjusted World Price (AWP) was back up 4 points to 59.28 cents/lb last Thursday.

Mar 25 Cotton closed at 72.2, down 54 points,

May 25 Cotton closed at 73.85, down 43 points,

Jul 25 Cotton closed at 75.06, down 33 points

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

Cotton futures were met with weakness on Wednesday, with contracts down 10 to 64 points across most contracts. The outside markets were supportive factors, with crude oil up $1.84/barrel and the US dollar index 186 points lower.

The Seam reported 1,355 bales of online sales on October 29 at an average price of 68.03 cents/lb. ICE cotton stocks were unchanged on Tuesday, leaving 174 bales of certified stocks. The Cotlook A Index was down another 25 points on October 29 at 82.30 cents/lb. The USDA Adjusted World Price (AWP) was back up 4 points to 59.28 cents/lb last Thursday.

Mar 25 Cotton closed at 72.2, down 54 points,

May 25 Cotton closed at 73.85, down 43 points,

Jul 25 Cotton closed at 75.06, down 33 points

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

Lean hog futures posted steady to $1.55 higher trade at the Wednesday close. The national average base hog price was reported at $84.80 on Wednesday afternoon, up $2.76 from the previous day. The CME Lean Hog Index was reported at $85.73 on October 28, up 18 cents from the day prior.

The USDA earlier today confirmed a case of H5N1 bird flu in a backyard swine herd in Oregon.

USDA’s FOB plant pork cutout value was back up 41 cents from the day prior in the Wednesday PM report at $101.48 per cwt. All primals were reported lower, with the belly the exception, up $5.42. USDA estimated Wednesday’s FI hog slaughter at 488,000 head, with the week to date total at 1.464 million head. That is 1,000 head below the previous week but 25,030 head above than the same week last year.

Dec 24 Hogs closed at $84.375, up $1.550,

Feb 25 Hogs closed at $85.700, up $0.325

Apr 25 Hogs closed at $88.050, up $0.275,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

Lean hog futures posted steady to $1.55 higher trade at the Wednesday close. The national average base hog price was reported at $84.80 on Wednesday afternoon, up $2.76 from the previous day. The CME Lean Hog Index was reported at $85.73 on October 28, up 18 cents from the day prior.

The USDA earlier today confirmed a case of H5N1 bird flu in a backyard swine herd in Oregon.

USDA’s FOB plant pork cutout value was back up 41 cents from the day prior in the Wednesday PM report at $101.48 per cwt. All primals were reported lower, with the belly the exception, up $5.42. USDA estimated Wednesday’s FI hog slaughter at 488,000 head, with the week to date total at 1.464 million head. That is 1,000 head below the previous week but 25,030 head above than the same week last year.

Dec 24 Hogs closed at $84.375, up $1.550,

Feb 25 Hogs closed at $85.700, up $0.325

Apr 25 Hogs closed at $88.050, up $0.275,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.

Corn futures ended the Wednesday session with contracts mixed across the board, but nearbys leading the weakness, down ½ to 2 ¼ cents. The average close for December corn futures so far in October has been $4.16. That is 50 cents below the February base insurance price. The national average Cash Corn price from cmdtyView was down 2 cents at $3.80 ¾ per bu.

USDA reported private export sales of 273,048 MT during the ‘reporting period’ this morning, all to unknown destinations for 2024/25 shipment.

EIA data from this morning showed ethanol production improving by 1,000 barrels per day in the week of 10/25 to 1.082 million bpd. Stocks of ethanol saw a draw of 452,000 barrels to 21.771 million barrels, which was the lowest in 11 months. Ethanol exports were down 46,000 bpd from the week prior at 60,000 bpd, with refiner inputs rising 7,000 bpd to 922,000 bpd.

Export Sales data is expected to total 1.8 to 3.5 MMT for 2024/25 sales in the week that ended on October 24. Sales for 2025/26 are seen in a range of 0-500,000 MT.

Dec 24 Corn closed at $4.11 1/2, down 2 1/4 cents,

Nearby Cash was $3.80 3/4, down 2 cents,

Mar 25 Corn closed at $4.25 1/2, down 1 1/2 cents,

May 25 Corn closed at $4.33 3/4, down 1 1/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.