Grain Market Recap
Grain markets were mostly higher in today’s trade. At the close December corn futures were 2 cents higher to 418 ½. January soybeans gained 4 ½ cents to settle at 1001 ¾. December Chicago wheat settled 3 ¾ cents higher to 572 ½.
StoneX released their customer-based yield survey yesterday afternoon. They show the US corn yield at 183.7, down from 184.0 in October. Coincidently, the average analyst estimates for Friday’s WASDE report corn yield is at 183.7 too. Stonex reported that the soybean yield dropped to 52.6 bushels per acre, down from 53.5 last month. The average estimate for Friday’s WASDE report is at 52.8. Staying on the topic of Friday’s WASDE report, the average estimate for US corn ending stocks is at 1.946 billion bushels. The average estimate for soybean ending stocks comes in at 532 million bushels.
There were two flash sales of corn reported yesterday morning and another one this morning. This morning’s flash sale was for 124,000 metric tons (4,881,663 bushels) for delivery to unknown destinations during the 2024/2025 marketing year. Yesterday’s weekly export inspections report for corn came in at 779k MT, that was about 60k less than the previous week but within the range of expectations.
Livestock Market Recap
It was a bit of a mixed bag in the livestock markets today. Front month December live cattle futures were down 30 cents to 184.775. February, April, and June futures posted small gains. The first two months of feeder cattle were lower while the next two higher. January is still the most actively traded contract, that was down 7 cents to 242.35. On the snout side, December futures saw a wave of selling pressure settling 2.1 lower to 81.12.
This morning’s whole sale boxed beef report was mixed with choice cuts 1.77 higher to 318.68 and select cuts down 44 cents to 286.72. Monday’s 5-area average price for live steers was reported at 189.82, steady with the end of last week. Monday’s slaughter was reported at 120k head, 1k less than the previous week and 2k less than the same day last year.
Friday’s Commitment of Traders report showed funds were net buyers of about 7.7k futures and options contracts of live cattle, expanding their net long position to 100,516 contracts. That registers as the largest net long position since September of 2023. For feeder cattle, that report showed funds were net sellers of about 500 contracts which snapped a 6 week buying streak. That shrinks the net long position to about 7,700 contracts.
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