U.S. EXPORT SALES: Beef sales of 13,900 MT for 2024 were down 17 percent from the previous week and from the prior 4-week average. Corn sales of 2,341,700 MT for 2024/2025 were down 35 percent from the previous week, but up 7 percent from the prior 4-week average.
Market Update
CME GRAINS: Corn: $4.145 (+0.0375); Wheat: $5.68 (-0.025); Soybeans: $9.825 (+0.00); Soybean Meal: $295.30 (-4.20) (VIEW COMMODITY QUOTES)
National Corn Wire
ENERGY PRICES: Crude Oil: $69.42 (+0.16); Ethanol: $1.57 (+0.0125); Natural Gas: $2.664 (-0.043) (Crude Prices Supported by Middle East Tensions)
Market Update
STOCK UPDATE: Dow 30: 42,052.19 (+288.73); Nasdaq: 18,239.92 (+144.77); S&P 500: 5,728.80 (+23.35) (Stocks Supported by Strong Amazon and Intel Earnings)
Market Update
CLARA: The largest sale on Thursday was at Stockmen's in Dickinson, ND, with 3,917 head. Steers in the 5-weight category made up 55% of the receipts, averaging $306.16, slightly down from $308.39 the previous week. The top 5-weight sale was 28 steers at 504 lbs bringing $330.00. Meanwhile, 4-weights accounted for 26% of receipts, averaging $349.33, nearly steady with last week’s $349.22
CLARA (Cattle Livestock Analytics and Reporting AI)
Short-Range Weather Forecast: Strong to severe thunderstorms capable of producing large hail, a few tornadoes and damaging winds are forecast to develop by mid-morning Wednesday and continue into the night from the middle Missouri Valley area southward to North Texas
Weather
Gas prices down 5 cents this week to $3.10, down $0.38 from last year. Diesel prices up 2 cents this week to $3.57, down $0.88 from last year
Cash Prices
CORN PROGRESS: 81% of the corn in the United States had been harvested by Oct 27th, compared to 65% last week and 68% last year. Corn harvest in Iowa at 84%; Illinois at 87%
Market Update
PASTURE CONDITIONS: 19% of the pasture in the United States is rated as good or excellent, compared to 23% last week and 33% last year. Texas at 63% poor to very poor; Montana at 61%
US Cattle Report by National Beef Wire
CLARA: Corn exports saw a significant increase in net sales, reaching 3,602,600 MT, up 62% from the previous week and considerably higher than the 4-week average, with Mexico being the largest buyer. Beef exports also posted positive movement, with net sales of 16,700 MT, up 19% from last week, primarily driven by demand from South Korea and China. Meanwhile, pork sales dropped sharply, down 42%, with Mexico and China remaining the primary buyers despite the overall decrease.
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: Currently, 64% of the U.S. corn crop is rated as good to excellent, up from 53% last year. Missouri leads with 84% rated good to excellent, followed by Iowa at 76% and Nebraska at 67%. On the lower end, North Carolina has the worst conditions with 77% rated poor to very poor, followed by Colorado at 37%.
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: The USDA’s October report projects 2024/25 corn production at 15.2 billion bushels, driven by stable harvested acreage and a slight increase in yield to 183.6 bushels per acre. Despite a 51.3-million-bushel reduction in beginning stocks, the total prospective corn supply stands at 17 billion bushels. If realized, this would mark a record U.S. corn supply
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: Currently, 64% of the winter wheat crop has been planted in the U.S., up from 51% last week but just below 65% last year. Kansas and Montana are both at 68%, Oklahoma at 43%, Texas at 61%, Colorado at 91%, and South Dakota at 85%. Nebraska leads the nation with 96% of its winter wheat planted, while North Carolina trails at 9%
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: Corn production is forecast at 15.2 billion bushels this year, showing significant growth over the decades. Compared to 9.9 billion bushels in 2000, this represents a 53.5% increase. From 6.06 billion in 1980, production has grown by 150.7%, and from 3.9 billion in 1960, it’s an impressive 289.7% increase. The U.S. first produced 10 billion bushels in 1994, and 15 billion was achieved for the first time in 2016
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: Funds have significantly increased their net long position in Live Cattle futures, adding 13.6K contracts to reach 77.0K—the highest level this year, surpassing the July 30th peak of 75.7K. This marks the third consecutive week of large position increases, each over 11K contracts. In total, funds have added 38.7K contracts over the past three weeks, doubling their position from 38.3K on September 16th (COT/CFTC)
CLARA (Cattle Livestock Analytics and Reporting AI)
USDA CROP PRODUCTION: Corn production for grain is forecast at 15.2 billion bushels, up less than 1 percent from the previous forecast but down 1 percent from 2023. Based on conditions as of October 1, yields are expected to average 183.8 bushels per harvested acre, up 0.2 bushel from the previous forecast and up 6.5 bushels from last year
WASDE
CLARA: Corn yields in Iowa are projected at a record 214 bushels per acre in 2024, up 10 bushels from the previous high in 2021. Iowa has exceeded 200 bushels six times, with the first 200-bushel yield recorded in 2016 and the first 100-bushel yield back in 1971. In 1953, Iowa’s corn yield was just 53 bushels per acre, making the 2024 forecast more than four times larger.
CLARA (Cattle Livestock Analytics and Reporting AI)
CLARA: Corn production is forecast at 15.2 billion bushels, slightly below last year's record of 15.34 billion. This marks only the fourth time production has exceeded 15 billion bushels. As of October 1, the yield is expected to reach a record high of 183.8 bushels per acre, with several states, including Illinois and Iowa, forecast to achieve record yields.
CLARA (Cattle Livestock Analytics and Reporting AI)