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AgriVisor Afternoon Marketwatch

 
Thursday, October 22, 2015
***** Corn futures closed 2 to 3 cents lower; soybeans 6-8 lower; Chicago wheat 4-5 lower. ***** 

   # Export sales were better than expected for soybeans, 2.03 mmt., as expected for soymeal, 264,400 tons, as expected for wheat, 357,500 tons, but less than expected for corn, 248,000 tons.  
   # On the daily system, the USDA reported 463,000 tons of soybeans were sold to unknown destination, with a small portion for the ’16 /’17 crop
   # Dollar strength was the key ingredient pulling grain prices lower.  It’s strength came from an indication the European Central Bank may stimulate their economies more.  Brazil’s Real gained against the Dollar after slipping Wednesday on impeachment fears.  
   # Weather is the other big variable.  Our S. Plains are having some showers.  Light showers are occurring in parts of southern Russia and Ukraine, but likely too late to add to winter wheat plantings.  It remains mostly hot, dry in Australia.  And the center/west area of Brazil is mostly hot, dry, impeding early soybean planting, although some light showers are possible early next week.
   # FOB prices for U.S. corn are said to be $16/ton higher than S. American origin, but Brazil’s available quantity has nearly been sold. 

***** Live cattle futures ended $0.60-$1.02 higher; feeder cattle $2.82-$1.50 higher, lean hogs $.47-$.62 lower. ***** 

   # There’s still a standoff in the cash cattle trade with offers at $140-$142 and bids at $136-$137.  Wholesale prices are mixed, but have lacked upward momentum this week.  Beef freezer inventories were deemed a little higher than expected.
   # Wholesale pork prices slipped a little Thursday.  Cash hog prices were steady/lower.  Pork freezer stocks were light, but expected to be so.
 

  SYMBOL IN EVEN SQUARE