Monday's Closing Grain and Livestock Futures
Dec. corn closed at $4.49 and 1/4, up 6 cents
Nov. soybeans closed at $12.96 and 1/2, up 1 and 1/2 cents
Oct. soybean meal closed at $433.70, up $2.40
Oct. soybean oil closed at 39.65, down 34 points
Dec. wheat closed at $6.94 and 3/4, up 7 and 3/4 cents
Oct. live cattle closed at $127.87, down 17 cents
Oct. lean hogs closed at $91.60, down 25 cents
Nov. crude oil closed at $103.03, down 81 cents
Dec. cotton closed at 84.02, down 316 points
Oct. Class III milk closed at $18.05, down 9 cents
Oct. gold closed at $1,324.80, up $15.10
Dow Jones Industrial Average: 14,936.24, down 136.34 points
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Market News and ReCap
Soybeans were higher on a late technical and commercial bounce. There was harvest delaying weather in the Western Cornbelt over the weekend, with some rain in the forecast for this Eastern Belt through mid-week. Due to the shutdown, there’s no crop progress report this week, but Reuters estimates this year’s harvest at 22% complete as of Sunday. Soybean meal was up and bean oil was down on the adjustment of product spreads. There was no official export inspections report this week, because of the shutdown, but the USDA’s Federal Grain Inspection Service (FGIS) did post to the Grain, Inspection, Packers, & Stockyards Administration (GIPSA) page that soybean export inspections for the week ending October 3 were 30.55 million bushels, compared to 14.288 million the previous week.
Corn was higher on technical buying and short covering. Corn’s digesting any news of damage over the weekend, while looking at the near term harvest weather, with Reuters estimating harvest at 20% complete. Additionally, USDA has confirmed there will be no crop or supply and demand report Friday due to the government shutdown. Ethanol futures were mostly weak. Ukraine’s Ag Ministry reports the exports since the start of the marketing year July 1 are 750,000 tons, out of a total for all grain of 6.3 million tons, an 11.4% increase from a year ago this time. According to the FGIS, corn export inspections were 25.267 million bushels, compared to 21.912 million the week before.
The wheat complex was higher on commercial and fund buying, in addition to the lower dollar. There’s more talk of new export demand, especially from Brazil following the recent crop damage in Argentina. Also, there are more planting delays expected in Ukraine and Russia, with Moscow’s Ag Ministry lowering their planted area projection from 16 million to 13 million hectares. U.S. soft and hard red winter crop areas got rain over the weekend, delaying planting, but helping soil moisture. According to Ukraine’s Ag Ministry, wheat exports since the start of the marketing year July 1 are 3.87 million tons, more than half of the cumulative total, with milling wheat accounting for 2.9 million tons. DTN reports the Philippines bought 45,000 tons of “likely Black Sea origin wheat”, while Jordan’s tendering for 100,000 tons of milling wheat, Algeria’s in the market for 50,000 tons of milling wheat, and Iraq is tendering for 50,000 tons of wheat, all optional origin. FGIS, via the GIPSA webpage, reports wheat export inspections were 29.781 million bushels, compared to 32.973 million the week prior.
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