Kirsten Rall updates the markets, current as of 10/15/19 at 11:00 a.m.
Grain futures are coming off highs set on Monday’s session. At midday corn futures seeing 2 cent losses. Soybeans a fraction difference. Wheat contracts seeing 3-5 cent losses.
October 10th data indicated Brazilian farmers had finished planing soybeans on 11% of the estimated planted area. Harvest activity in the U.S. is now starting to pick up.
Livestock futures at midday are trading higher with triple digit gains in the nearby’s. Cattle futures though, are taking a bit of a breather with lower futures at midday.
Chinese pork prices have rose 69.3% compared to a year ago. Indicating China does not yet have a hold on the African Swine Fever that is wiping out the hog population. Traders holding on to optimism of a partial deal agreement with China. Although, today traders seem a bit more skeptical of the deal materializing at all. Yesterday’s hog slaughter numbers hit 491,000 compared to last week’s 484,000.