Closing Markets for Wednesday, October 30, 2024

 

GRAINS:

Grain markets were mixed Wednesday as month-end position-squaring and technical recovery had soybeans posting double-digit gains after setting new lows for the move Tuesday. Wheat is the only grain with meaningful current fundamental news, as poor winter wheat conditions in the U.S. and continued question marks regarding Russia’s production and export book continue to provide support. Corn posted a very quiet midweek session Wednesday, wedged between technical support and resistance and waiting for fundamental fuel to drive the next leg of price action. December corn closed down 2 1/4 cents and March corn was down 1 1/2 cents. January soybeans closed up 12 1/4 cents and March soybeans were up 12 cents. December KC wheat closed up 1 1/2 cents, December Chicago wheat was up 2 3/4 cents and December Minneapolis wheat was up 1 cent.

 

LIVESTOCK:

The live cattle complex continued to trade lower as traders are liquidating some market positions as they worry about the complex being overbought. I expect that some of this pressure will ease after the end of the month and money managers move some of their positions around, especially if market fundamentals continue to remain strong. Yes, boxed beef prices are seeing a little bit of pushback this week, but slaughter speeds are expected to remain aggressive and it’s unlikely that feedlot managers let cattle trade for anything less than steady this week as their showlists are current which gives them leverage. Once again, the lean hog complex is rocking and rolling as the day traded into Wednesday’s close. Continuing to be driven higher by excellent consumer demand, the nearby lean hog contracts are aggressively reaching new contract highs almost daily. If Thursday’s export report isn’t fruitful, the market could regress and trade slightly lower, but the market’s morale is expected to be strong into Thursday’s open.