11/29/24 If you would like to receive more information on the commodity markets, please use the link to join my email list Sign Up Now
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The Cattle Markets were mixed today, as the Hogs dropped lower. February’25 Live Cattle were 2 ½ cents lower today and settled at 188.57 ½. Today’s high was 189.15 and the 1-month high is 190.60. Today’s low was 188.42 ½ and the 1-month low is 184.40. Since 10/29 February’25 Live Cattle are 32 ½ higher or fractionally higher. The Feeders were higher again today. January’25 Feeder Cattle were 42 ½ higher today and settled at 259.20. Today’s high was 260.20 and that is the new 1-month high as well. Today’s low was 258.17 ½. and the 1-month low is 239.50. Since 10/29 January’25 Feeder Cattle are 15.25 higher or more than 6%. The Hogs dropped today. February’25 Lean Hogs were 1.52 ½ lower today and settled at 86.40. Today’s high was 88.32 ½ and the 1-month high is 89.60. Today’s low was 86.15 and the 1-month low is 82.10. Since 10/29 February’25 Lean Hogs are 1.02 ½ higher or more than 1%. The Livestock Markets had an early close today at 12:05 Central Time. Two days ago, on Wednesday afternoon, it sounded like Mexico and the USDA were in talks about protocols moving forward, pertaining to the New World Screwworm. That sounds like a positive development and could shorten any Cattle ban from Mexico. The cash trade is up about 2-dollars from last week, and the 5-area, 5-day weighted average is 188.05. Export sales were awful for last week and were only 4,800 Tonnes. The average for the last 4-weeks is 15,800 Tonnes. Pork exports were down as well, at 17,200 Tonnes last week, and is lower than the 4-week average 18,400 Tonnes. It is also down about 2% year over year. Today was the 10th straight day the Feeders closed higher. It will be interesting when they change course direction.
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The Grains all closed higher today. January’25 Soybeans were 2 cents higher and settled at 990 ¾. Today’s high was 998 and the 1-month high is 1044. Today’s low was 982 3/4 and the 1-month low is 975 ½. Since 10/29. January’25 Soybeans are 11 ¾ cents higher or more than 1%. The Corn Market climbed higher today. March’25 Corn was 5 ¼ cents higher today and settled at 433 ¼. Today’s high was 433 ¾ and the 1-month high is 447 ¾. Today’s low was 427 ¼ and the 1-month low is 423 ¼. Since 10/29 March’25 Corn is 6 ½ cents lower or more than 1 ½ %. The Wheat Market was higher as well today. March’25 Wheat was 1 cent higher today and settled at 549 ½. Today’s high was 553 ¼ and the 1-month high is 599 ½. Today’s low was 543 and that is the new 1-month low as well. Since 10/29 March’25 Wheat is 41 ¼ cents lower or almost 7%. Brazil looks like it will have a massive Soybean Crop this year. After the rains arrived in Brazil this year, plantings started at a fast pace and were quickly ahead of planting averages. The rains have continued, and the growing season there looks perfect, so far. Argentina is also receiving the needed rains at the right time and their crops look great as well. In Brazil, Agro Consult raised their Brazilian Soybean crop estimates to a massive 172.2mt. That would be an 11% increase compared to last year. The USDA has the Brazilian Bean crop estimated to be a record crop as well, at 169mt. Argentina also had their Soybean crop estimates raised to 51.2mt as the USDA has Argentinas Bean crop estimate at 51.0mt. The Corn Market looked strong today, as did the Soybean Oil Market. The Natural Gas Market continued to charge ahead again today. If you would like more information on these markets, or would like to talk about trade recommendations, use this link Sign Up Now Have a great weekend. It will be interesting next week.
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Today’s Brazil Weather Radar Map Below.
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-Bill
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