Afternoon Market Highlights


Highlights

  • Hurricane Michael developed into a category 4 and takes course on the panhandle of Florida today. The storm is expected to travel up the northeastern coast and have a detrimental outcome.
  • Sources say, Sonny Perdue is expecting to readjust the second stream of farm aid. This is due to the passing of the trilateral trade agreement, which should give more market access for farmers.
  • As of 2:30pm, the Dow is trading at 25,861, down 2.15% as a fear of higher interest rates.
  • As of 1:55pm, the U.S $ is trading lower, Argentine Peso is up .87% at 37.17 and the Brazil Real is up 1.02% at 3.75.
  • The Crop Production and USDA Supply and Demand report comes out tomorrow at 11:00am CDT. 

Corn

  • Corn prices had its third consecutive down day. Anticipation of an increase in tomorrow’s supply estimate pushed the markets down.
  • Weather continues to stay wet across the Midwest. The two-week outlook has a dry forecast, which should pick up harvest progression.
  • December corn closed down 1¾c at $3.62¾, July closed down 1¼c at $3.87¾ and December 2019 closed down 1c at $3.96¾.
  • Spreads: Z/H 12c carry, Z/K 19c carry, Z/N 24½c carry.

 Oilseeds

  • The soybean market continues a downward trend as concerns of a large harvest and yield increase from the USDA report tomorrow. November beans closed below the 50-day moving average for the first time in 6 days.
  • November soybeans closed down 10¾c at $8.52¼, July closed down 10½c at $9.03½ and November 2019 closed down 12½c at $9.18¼.
  • Spreads: X/F 13¾c carry, X/K 39½c carry, X/H 26¼c carry, X/N 51c carry. 

Wheat

  • The wheat market fell across the board. Winter wheat is 57% planted compared to 43% last week.
  • Reports indicated that Russia’s wheat harvest will increase roughly 4 million tons to 68-69 million tons for 2018.
  • December Chicago wheat fell 4½c at $5.10½, Minneapolis December wheat decreased 1¾c at $5.91¾, and Kansas December wheat settled down 3¼c at $5.16¼.
  • Spreads: MWE Z/H 11½c carry, KW Z/H 23¾c carry, CW Z/H 20¼c carry. 

Livestock

  • Hog prices fell on the day. October hog prices ranged from a low of $68.40 to a high of $69.25.
  • October lean hogs fell 27½c at $68.47½ and December 18 fell 62½c at $55.95.
  • Live and feeder cattle prices lost some ground.
  • October live cattle closed down $1.00 at $112.07½, while October feeder cattle closed down $1.05 at $155.90.
  • Today’s estimated hog and cattle slaughter are 457,000 and 116,000 respectively.