USDA Day Market Recap: Grain & Livestock

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Blue Line Futures & CME Group Daily Grain Commentary

Corn and soybean futures were lower following today’s USDA report while wheat showed signs of strength for the first time in the last four sessions.  At the close December corn futures were 9 ¼ cents lower to settle at 476 1/2., the lowest close since August 15th.  November soybeans broke and closed below the 50 day moving average for the first time since August 16th,  finishing  the day 22 ¼ cents lower to settle at 1346 ½.  Wheat futures made new lows at 570 at the release of the report but managed to recover and finish the day 3 cents higher to 587 ½.

The USDA showed a US Corn yield at 173.8 bushels per acre, down 1.3 bushels from last month’s report but 3/10ths of a bushel more than expected.  We saw an increase in harvested acres, which translated to a production number of 15.13 billion bushels, about 125 million bushels more than expected.  The national average soybean yield was reported at 50.1 bushels per acre, 8/10ths of a bushel less than last month but in line with estimates.  Production was reported at 4.146 billion bushels which was also inline with estimates.

New crop corn ending stocks came in at 2.221 billion bushels, above the average estimate of 2.14.  New crop soybean ending stocks were reported at 220 million bushels, above the average analyst estimate.

Be sure to check out tomorrow’s Grain Express for an updated look at the technical landscape!

Below is a look at the headline numbers from today’s USDA report.


Blue Line Futures & CME Group Daily Livestock Summary

It was a mixed day in the cattle complex while lean hogs continued to show strength.  At the close October live cattle futures were 7 cents lower, while the December contract managed to finish 17 cents higher.  With less than a month until first notice day for October futures, we will likely continue to see volume shift to December.  October feeder cattle finished the day 20 cents lower to 261.25, while the next most active contract, November, finished the day 15 cents higher.  On the snout side, October futures were able to rally $2.72 to settle at 85.27, the highest closing price since August 1st.

Yesterday afternoon’s wholesale boxed beef report was weaker for both choice and select cuts.  This morning’s report was more mixed with choice cuts 24 cents higher to 310.35 while select cuts lost $1.72 to 283.72.  Yesterday’s 5-area average price for live steers was reported at 182.28 with dressed steers coming in at 289.48, fairly steady with what we’ve seen in recent reports. Yesterday’s slaughter was estimated at 125,000 head, just 1,000 head less than the same day last year.

Demand continues to be something many analysts continue to watch closely.  Through the year the historically high beef prices have not been a major deterrent for consumers, but with summer winding down and Grilling season moving behind us, some analysts caution that demand may slow.


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Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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