Midday Report 10/24


Corn: Crop traders may be taking profits before the weekend. The grain and soy markets have performed well this week despite generally bearish fundamentals. That latter fact is probably the underlying reason for today’s CBOT slippage, with bullish corn traders taking profits on long positions ahead of the weekend. December corn futures dipped 4.5 cents to $3.5525/bushel late Friday morning, while May lost 4.5 to $3.775.

                                    Cash Prices       
                             Oct 23  
Central Illinois             3.20    
Omaha, NE                    3.22
                                

Soybeans: The soy complex is now leading the other crops lower. Thursday soy surge was very impressive, especially in the way the nearby November bean contract leapt above its 40-day moving average. However, the advance was also affected by option expiration, which may have exaggerated the rise. News of improved rainfall prospects for Brazilian bean areas may also be undercutting bulls. November soybean futures tumbled 8.0 cents to $9.8525/bushel around midsession Friday, while December soyoil slid 0.25 cents to 32.42 cents/pound, and December soymeal slumped $3.6 to $348.8/ton.

                                    Cash Prices       
                             Oct 23  
Central Ill.                 9.69    
Memphis, TN                  10.28
                                

Wheat: The wheat markets are mixed to lower. Prospective rainfall over the southern Plains seems to be weighing on KC wheat today, with the Chicago market following lower. Minneapolis prices have sustained a portion of overnight gains. December CBOT wheat sagged 2.5 cents at $5.2425/bushel as the lunch hour loomed Friday, while December KC wheat sank 5.0 cents to $6.0025/bushel, and December MWE wheat edged down 0.5 to $5.705.

                                    Cash Prices       
                             Oct 23  
K.C. - HRW                   5.80    
STL - SRW                    4.43    
Mnpls. 14%                   8.08    
NE MT - durum                14.50
                                

Cattle: Cattle futures are fluctuating rather wildly. Despite news that beef packers paid $170/cwt (cents/pound) for southern Plains cattle Wednesday afternoon, CME cattle futures dipped in overnight action. They subsequently bounced, but are now mostly lower. One has to suspect Thursday’s big wholesale losses persuaded traders that further losses are looming. December live cattle futures slipped 0.15 cents to 168.95 cents/pound shortly before lunchtime Friday, while April futures slid 0.55 to 166.50. Meanwhile, November feeder cattle futures skidded 0.20 cents to 236.50 cents/pound, whereas January feeders gained 0.17 cents to 231.15.

                                    Cash Prices       
                             Oct 23  
700-800 Steers (OK City)     238.91  
500-550 Steers (OK City)     280.36  
Fed Steers - Neb             --      
Cutout Values                        
Choice                       249.43  
Select                       233.54
                                

Hogs: Talk of cash weakness is likely depressing CME hogs. Cash hog prices continued their seasonal decline Thursday and were called weaker again this morning. Bottom picking/bull spread may be occurring this morning, since deferred futures are losing ground to nearby December futures. Whether that will last is quite uncertain. December hog futures stumbled 0.22 cents to 88.50 cents/pound in late Friday morning action, while April hogs dropped 0.82 to 87.72.

                                    Cash Prices       
                             Oct 23  
National Avg. Carcass        91.38   
Sioux Fall Pigs (50-60lbs)   87.60
                                


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