Grains were mixed to close the week. Livestock settled higher.

 

Corn

Contract Settlement +/- (cents)
Dec-14 3.6750 -3 3/4
Mar-15 3.8050 -3 1/2
May-15 3.8950 -3 1/4
Jul-15 3.9625 -3 1/2
Sep-15 4.0300 -3 1/2

Market Comments:

In its Crop Progress report released late Monday, the USDA estimates 46% of corn harvested, compared to 31% last week and a 70% five-year average. Seventy-four percent of corn is rated good or excellent, unchanged from last week and better than the 62% at this time last year. As of October 21, managed funds are seen to be net long 87,607 contracts, an increase of 7,655 from the week prior.

 

Soybeans

Contract Settlement +/- (cents)
Nov-14 10.4025 +9 1/4
Jan-15 10.3675 +8 3/4
Mar-15 10.4025 +8
May-15 10.4450 +8
Jul-15 10.4825 +8 3/4
Aug-15 10.4825 +9 3/4
Sep-15 10.3000 +10 1/2

Market Comments:

In its Crop Progress report released late Monday, the USDA estimates 70% of soybeans harvested, compared to a 76% five-year average. As of October 21, managed funds are seen to be net long 22,504 contracts, a decrease of 3,529 from the week prior.

 

Wheat

Contract Settlement +/- (cents)
Dec-14 5.1450 -5 3/4
Mar-15 5.2625 -5 3/4
May-15 5.3400 -5 1/2
Jul-15 5.4025 -5 3/4
Sep-15 5.4925 -6 1/4

Market Comments:

In its Crop Progress report released late Monday, the USDA estimates 94% of spring wheat harvested, compared to a 96% five-year average. Forty-three percent of the winter wheat crop is planted, compared to a 36% five-year-average. As of October 21, CFTC data show managed funds to be net short 61,727 contracts, an increase of 2,349 from the week prior.

 

Cotton

Contract Settlement +/- (points)
Dec-14 64.00 +81
Mar-15 62.70 +42
May-15 63.57 +62
Jul-15 64.33 +54
Oct-15 65.78 +49

Market Comments:

In its Crop Progress report released late Monday, the USDA estimates 42% of cotton harvested, compared to a 41% five-year average. Forty-eight percent of cotton is rated good or excellent, compared to 47% last week and 44% at this time last year. As of October 21, CFTC data show managed funds to be net short 102 contracts, an increase of 579 from the week prior.

 

Rough Rice

Contract Settlement +/- (cents)
Nov-14 11.870 +3
Jan-15 12.115 +2 1/2
Mar-15 12.385 +2 1/2
May-15 12.635 +1 1/2
Jul-15 12.815 +1 1/2
Sep-15 12.180 +1 1/2

Market Comments:

In its crop progress report released late Monday, the USDA estimated 96% of rice harvested, compared to 91% at this time last year. As of October 21, CFTC data show managed funds are net short 965 contracts, an increase of 100 contracts from the week prior.

 

Cattle

Contract Price +/- (cents)
Dec-14 Live 167.025 +167.5
Feb-15 Live 168.350 +180.0
Apr-15 Live 166.850 +100.0
Jun-15 Live 156.500 +7.5
Nov-14 Feeder 238.350 +182.5
Jan-15 Feeder 232.600 +202.5
Mar-15 Feeder 229.850 +155.0
Apr-15 Feeder 230.000 +145.0

Market Comments:

Cattle futures closed higher today. Expectations of steady to higher cash trade this week
seemed to support futures in light volume. Noon dressed beef trade found mixed news with
the choice cut out value higher but select quoted lower. Weekly beef exports reported this
morning remained a bit disappointing with sales 45% below the recent 4 week average.