Afternoon Comments 10/30

Corn: Thursday’s corn export data was rather disappointing. Corn futures rose slightly Thursday morning despite the soy setback from Wednesday’s late highs. Yellow grain prices later followed beans lower, due in part to likely trader disappointment with the results of the weekly USDA Export Sales report. December corn futures sagged 1.25 cents to $3.74/bushel at their Thursday settlement; May also lost 1.25 to $3.9575.

                                    Cash Prices       
                             Oct 29  
Central Illinois             3.33    
Omaha, NE                    3.31

Soybeans: Soy market bulls reportedly took profits Thursday. The tight supply situation for soybeans and meal apparently continued supporting those markets Wednesday night. But futures turned decidedly lower this morning despite an unsurprising result on the weekly Export Sales report and daily news of a sizeable sale to China. It was rather clear that bulls were taking profits after the overnight loss of upward momentum. November soybean futures dove 18.75 cents to $10.2425/bushel as the CBOT pit session ended, but December soyoil sustained a 0.13-cents rise to 34.31 cents/pound, while December soymeal tumbled $17.2 to $380.0/ton.

                                    Cash Prices       
                             Oct 29  
Central Ill.                 10.15   
Memphis, TN                  10.73

Wheat: The wheat markets were also dragged lower. Concerns about the production potential of Australian and the Black Sea wheat probably offered continued support for wheat futures Thursday. However, today’s soy weakness apparently undercut golden grain prices despite a strong result on the Export Sales report. December CBOT wheat slid 2.25 cents to $5.36/bushel in late Thursday trading, while December KC wheat stumbled 4.5 to $6.02/bushel, and December MWE wheat sank 4.75 to $5.7775.

                                    Cash Prices       
                             Oct 29  
K.C. - HRW                   5.81    
STL - SRW                    4.55    
Mnpls. 14%                   8.42    
NE MT - durum                14.50

Cattle: Cattle futures staged an impressive Thursday afternoon rally. Cattle futures staggered around early this week as traders worried about seasonal weakness. Midday beef slippage didn’t help. Nevertheless, futures closed very strongly, which probably reflected optimism about late-week cash trading. December live cattle futures ended Thursday’s pit session having rallied 0.57 cents to 167.32 cents/pound, while April futures climbed 0.62 to 166.17. Meanwhile, November feeder cattle futures leapt 1.17 cents to 234.22 cents/pound, and January feeders gained 0.52 cents to 228.47.

                                    Cash Prices       
                             Oct 9   
700-800 Steers (OK City)     236.84  
500-550 Steers (OK City)     292.83  
Fed Steers - Neb             --      
Cutout Values                        
Choice                       253.63  
Select                       239.77

Hogs: Fresh spot market losses again depressed hog futures. Pork prices bounced Wednesday, thereby encouraging bullish hog traders. Unfortunately for bulls and producers, today’s early cash and wholesale quotes proved quite weak once again, which apparently sparked fresh Chicago selling. December hog futures plunged 1.40 cents to 87.20 cents/pound late Thursday afternoon, while April hogs dropped 1.05 to 88.05.

                                    Cash Prices       
                             Oct 29  
National Avg. Carcass        85.51   
Sioux Fall Pigs (50-60lbs)   81.75

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