Rusty Halvorson provides a market update as of 10/01/2020 at 2:30 p.m. Central Time.
Outside Markets: U.S. stocks faltered a bit in late trading on Thursday to begin the month of October.
Although investors don’t see a repeat of the spring lockdowns due to coronavirus, there is concern about cold weather on the horizon and the upcoming flu season.
We visited with Arlan Suderman, Chief Commodities Economist with StoneX, and asked the question — are we in a new bull market environment?
Livestock: Cattle and hog futures closed mixed on the day..
Cash cattle activity was noted on Thursday in Texas and Kansas at $107/cwt, steady with Wednesday’s limited trade and higher than a week ago.
Choice boxed beef at midday was up $.84 and select up $.89.
National Direct Hogs were $1.10 lower at midday, with a weighted average of $63.60.
Grains: Wheat prices closed lower on the day, with corn trending a bit higher, soybeans unchanged in nearby contracts.
Soybean oil futures took a hit, as WTI crude oil was trending lower. We visited with Arlan Suderman, Chief Commodities Economist with StoneX, about the relationship between vegetable oil price movement and the relationship with crude oil markets.
U.S. export sales exceeded many trade expectations, driven largely by sales to China, Mexico and unknown destinations.
Dry soils are being noted in Argentina and Brazil, which could be viewed as potentially bullish for U.S. crop prices if large crop expectations for those countries are diminished.