That’s a wrap! Here’s how things finished up in the grain and livestock markets.
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Grain Market Recap
Grains were lower across the board today. December corn futures settle 6 ¼ cents lower to 415 ¼. For the week, that was still 10 ½ cents higher. November soybeans settled 8 ½ cents lower to 987 ¾, that trimmed gains for the week to 17 ¾ cents. December Chicago wheat futures settled 12 ½ lower to settle at 569, putting them 3 ¾ cents lower for the week.
We’ve seen a flurry of flash sales for corn and beans through the week, and saw another one of each this morning. This morning the USDA announced that private exporters reported a sale of 116k metric tons of soybeans for delivery to China. They also reported 136k metric tons of corn for delivery to Mexico.
The recent surge in demand for corn was evident in yesterday’s weekly report which showed weekly corn exports at 3,602,600 MT, that was up 62% from the previous week and up noticeably from the prior 4-week average. It was the largest corn export report since 2021(illustrated in the chart below). Mexico was the primary buyer accounting for nearly half of the total, Mexico has been a constant for US corn demand.
Livestock Market Recap
Cattle on Feed Summary
United States Cattle on Feed Down Slightly
Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.6 million head on October 1, 2024. The inventory was slightly below October 1, 2023. The inventory included 7.00 million steers and steer calves, up 1 percent from the previous year. This group accounted for 60 percent of the total inventory. Heifers and heifer calves accounted for 4.60 million head, down 1 percent from 2023.
Placements in feedlots during September totaled 2.16 million head, 2 percent below 2023. Net placements were 2.10 million head. During September, placements of cattle and calves weighing less than 600 pounds were 430,000 head, 600-699 pounds were 330,000 head, 700-799 pounds were 465,000 head, 800-899 pounds were 526,000 head, 900-999 pounds were 305,000 head, and 1,000 pounds and greater were 100,000 head.
Marketings of fed cattle during September totaled 1.70 million head, 2 percent above 2023.
Other disappearance totaled 56,000 head during September, 2 percent below 2023.