Closing Markets for Tuesday, October 29, 2024

 

GRAINS:

It was an overall quiet and mixed session for grains Tuesday. Wheat futures led the way higher and provided support for corn. Unfortunately, soybeans were unable to sustain early support and closed lower. Crude oil slipped slightly again but seems to have stabilized itself from its sharp move lower Monday. Corn and soybean planting paces advanced to near predicted levels, with beans lagging a touch in the past week but not enough to be a concern. Winter wheat had a jolt of fresh fundamental news Tuesday as Monday afternoon’s first crop ratings came in below expectations on wheat rated good to excellent. December corn closed up 3 cents and March corn was up 2 1/4 cents. January soybeans closed down 7 cents and March soybeans were down 4 3/4 cents. December KC wheat closed up 12 3/4 cents, December Chicago wheat was up 11 3/4 cents and December Minneapolis wheat was up 11 1/4 cents.

LIVESTOCK:

The livestock complex traded mixed into Tuesday’s close, as cattle trade is drifting lower seeming to wait to see what develops fundamentally this week, but the lean hog complex continued to charge higher. It’s not likely that any developments will surface in the cash cattle market until Thursday or later and at this point no asking prices or bids have been posted. Boxed beef prices are lower: choice down $0.35 ($323.15) and select down $1.82 ($290.36). The projected lean hog index for 10/28/2024 is up $0.18 at $85.73 and the actual index for 10/25/2024 is up $0.12 at $85.55.