Closing Markets for Friday, November 1, 2024

 

GRAINS:

It was another mostly quiet day of position-squaring in the grain markets as soybeans closed up but slightly off their highs. Corn acted early like it wanted to follow soybeans lead but was dragged slightly lower by wheat. Wheat remains the most volatile grain in recent sessions, as the weather trade is in full swing with most of the winter wheat growing areas receiving precipitation over the past 24-48 hours with more in the 10- to 15-day forecast moving forward. December corn closed down 3/4 cents and March corn was up 1/2 cents. January soybeans closed up 3 1/4 cents and March soybeans were up 4 cents. December KC wheat closed down 6 1/2 cents, December Chicago wheat was down 2 3/4 cents and December Minneapolis wheat was down 4 cents.

For the month:

October, December corn prices fell 12 3/4 cents. November soybeans fell 73 1/2 cents while January soybeans fell 78 3/4 cents. December Kansas City wheat fell 13 1/4 cents, December Chicago wheat fell 13 1/2 cents, and December Minneapolis wheat fell 13 1/4 cents.

LIVESTOCK:

The live cattle complex again traded mixed into Friday’s close as the nearby contracts remain cautious while the deferred contracts continue to rally mildly.
Although the live cattle complex is continuing to fumble along, the feeder cattle market found some late-week support as its market is traded fully higher into session close. With the help of continued support from consumers, the lean hog complex, yet again, displayed a rally into the day’s close and maintained the efforts in advancing the complex. Yet again the market is reaching new contract highs in most of the nearby contracts as support remains incredible. Pork cutout values were higher on the morning report, but that’s largely because of a $5.90 price jump in the belly.