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Grain Market Recap
Grains were lower across the board today. December corn futures settle 6 ¼ cents lower to 415 ¼. For the week, that was still 10 ½ cents higher. November soybeans settled 8 ½ cents lower to 987 ¾, that trimmed gains for the week to 17 ¾ cents. December Chicago wheat futures settled 12 ½ lower to settle at 569, putting them 3 ¾ cents lower for the week.Â
We’ve seen a flurry of flash sales for corn and beans through the week, and saw another one of each this morning. This morning the USDA announced that private exporters reported a sale of 116k metric tons of soybeans for delivery to China. They also reported 136k metric tons of corn for delivery to Mexico.Â
The recent surge in demand for corn was evident in yesterday’s weekly report which showed weekly corn exports at 3,602,600 MT, that was up 62% from the previous week and up noticeably from the prior 4-week average. It was the largest corn export report since 2021(illustrated in the chart below). Mexico was the primary buyer accounting for nearly half of the total, Mexico has been a constant for US corn demand.
Livestock Market RecapÂ
 Cattle on Feed SummaryÂ
United States Cattle on Feed Down SlightlyÂ
Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.6 million head on October 1, 2024. The inventory was slightly below October 1, 2023. The inventory included 7.00 million steers and steer calves, up 1 percent from the previous year. This group accounted for 60 percent of the total inventory. Heifers and heifer calves accounted for 4.60 million head, down 1 percent from 2023.
Placements in feedlots during September totaled 2.16 million head, 2 percent below 2023. Net placements were 2.10 million head. During September, placements of cattle and calves weighing less than 600 pounds were 430,000 head, 600-699 pounds were 330,000 head, 700-799 pounds were 465,000 head, 800-899 pounds were 526,000 head, 900-999 pounds were 305,000 head, and 1,000 pounds and greater were 100,000 head.
Marketings of fed cattle during September totaled 1.70 million head, 2 percent above 2023.
Other disappearance totaled 56,000 head during September, 2 percent below 2023.
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Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.
On the date of publication, Oliver Sloup 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 Policy here.
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