Rusty Halvorson provides a market update as of 10/22/2020 at 7:00 a.m. Central Time.
Grains: Minneapolis wheat, corn and soybeans were trending higher in overnight trading, while Chicago and Kansas City wheat ended the day lower.
Forecasts still look favorable for South America. Brazil’s rainy season has been delayed, but prospects for soybean planting may be improving.
We visited with Ryan Moe, Risk Management Consultant with StoneX.
Ethanol production in the U.S. fell 24,000 barrels per day from last week to 913,000 barrels per day, according to the EIA. That’s the lowest since late September.
Ryan Moe, Risk Management Consultant with StoneX.
Soybeans ended higher, with traders keeping a close eye on South American weather forecasts.
Livestock: Cattle and hog futures are being called mixed in Thursday trade.
Lean hog futures lost ground as day wore on Wednesday, ending lower on the day. Live Cattle ended lower, while most active feeder cattle contracts rallied.
Another round of cash cattle trade took place yesterday at mostly $164 on a dressed basis, $3 lower than the prior week.
Scattered live deals in the south were marked at mostly $106, steady with this week’s prior trade, down $2 from a week ago.
IA/MN Direct hogs Thursday afternoon were $.59 higher, with a weighted average of $65.60.
Outside Markets: U.S. benchmark oil prices were trending higher early Thursday.
Global stocks and U.S. futures mostly declined in overnight trade as investors look for clues on whether political leaders in Washington will be able to agree on a fresh economic stimulus plan.
Copper prices have eased lower from the 28 month high they hit on Wednesday as traders ease off a rally that took prices above $7,000 a metric ton.