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Corn futures are currently 4 to 5 cents higher following this morning’s USDA report. A private export sale of 120,000 MT of corn to Mexico for 17/18 delivery was announced this morning. US corn production was increased 96 mbu in the USDA supply and demand table to 14.280 bbu. That was mainly from an adjustment in yield (+1.9 bpa) at 171.8 bpa, as harvested acreage was down 400,000 acres to 83.1 million acres. US ending stocks for 17/18 were increased 5 mbu to 2.34 bbu, as world ending stocks fell 1.51 MMT to 200.96 MMT. The weekly EIA showed ethanol production at just 967,000 barrels per day for the week of October 6, down 43,000 bpd from the previous week. That is the lowest production number since the first week of October in 2016. Stocks of ethanol shrunk 22,000 barrels to 21.523 million barrels.

Dec 17 Corn is at $3.52 3/4, up 6 3/4 cents,

Mar 18 Corn is at $3.66 1/2, up 7 cents,

May 18 Corn is at $3.75, up 7 cents

Jul 18 Corn is at $3.82 3/4, up 7 cents

Soybean futures are showing sharp gains of 15 to 20 cents in most contracts at midday but jerking around. Oct soy meal is up $13/ton, with nearby bean oil 7 points higher. The USDA reduced the national average soybean yield 0.4 bpa to 49.5 bpa. That left 2017 US soybean production unchanged at 4.431 mbu, as harvested acreage increased nearly 800,000 acres to 89.5 million acres. The US ending stocks number was lowered 35 mbu, due to a drop in carry over from 16/17. Ending stocks on the world side were tightened 1.48 MMT to 96.05 MMT.

Nov 17 Soybeans are at $9.93, up 27 3/4 cents,

Jan 18 Soybeans are at $10.03 1/2, up 27 1/2 cents,

Mar 18 Soybeans are at $10.13, up 27 1/2 cents,

May 18 Soybeans are at $10.21 1/4, up 26 1/4 cents,

Oct 17 Soybean Meal is at $324.20, up $13.00

Oct 17 Soybean Oil is at $32.98, up $0.07

Wheat futures are trading steady to 3 cents in the green in most CBT and KC contracts post-report, as MPLS is down 2 to 5 cents in the nearby contracts. This morning’s monthly USDA report did not have very good news for wheat, as 17/18 US ending stocks rose 27 mbu to 960 mbu. Carryover from 16/17 was lowered 3 mbu to 1.181 bbu, and the 17/18 feed and residual number fell 30 mbu. World wheat ending stocks jumped a steep 4.99 MMT to 268.13 MMT, as production in India, Russia and the EU jumped a combined 5.55 MMT. Japan purchased 106,045 MT of wheat from Australia, Canada, and the US, as 34,175 MT came from the US.

Dec 17 CBOT Wheat is at $4.34 3/4, up 1 1/2 cents,

Dec 17 KCBT Wheat is at $4.30 1/2, up 2 1/4 cents,

Dec 17 MGEX Wheat is at $6.15 1/2, down 3 1/2 cents

Live cattle futures are mostly 2.5 to 32.5 cents lower on Thursday. Feeder cattle futures are mixed at midday, with nearby Oct up 20 cents. The CME feeder cattle index was 5 cents higher at $155.22 on October 10.Wholesale beef prices were higher in the Thursday morning report. Choice was up 63 cents at $196.95, while select boxes were 51 cents higher at $189.27. Week to date FI cattle slaughter was estimated at 351,000 head through Wednesday, about 9,000 larger than the previous week and 8,000 head above the same week last year. Cash trade has yet to develop this week, as there are currently bids of $108 across the plains. The USDA lowered fourth quarter beef production for 2017 10 million pounds to 7.115 billion pounds. Projected first and second quarter production for 2018 was lowered 35 million pounds each.

Oct 17 Cattle are at $113.450, down $0.325,

Dec 17 Cattle are at $118.500, down $0.025,

Feb 18 Cattle are at $122.125, down $0.050,

Oct 17 Feeder Cattle are at $154.350, up $0.200

Nov 17 Feeder Cattle are at $155.525, down $0.150

Jan 18 Feeder Cattle are at $153.700, down $0.550

Lean hogs futures are mostly 12.5 to 42.5 cents lower on Thursday. The CME Lean Hog Index for 10/10 was $1.21 higher than the previous day at $58.32. The USDA pork carcass cutout value was 47 cents higher at $74.14 in the Thursday morning report. The butt and rib were the only cuts reported lower. The national base hog carcass price was up 41 cents in the AM report at $56.24. Estimated weekly FI hog slaughter was 1,389,000 head through Wednesday, 22,000 head ahead of last week and 216,000 larger than the same week in 2016. The two new plants continue to ramp up production. Third quarter production was decreased 25 million pounds, while fourth quarter was increased 10 million pounds in this morning’s USDA report.

Oct 17 Hogs are at $60.825, down $0.425,

Dec 17 Hogs are at $62.375, down $0.125

Feb 18 Hogs are at $67.425, down $0.350

Cotton futures are currently 27 to 44 points higher at midday, with the help of this morning’s USDA report. Following the recent hurricanes in the south, the USDA cut the US cotton yield 19 pounds to 889 pounds per acre in this month’s WASDE. That lowered production 0.64 million bales to 21.12 million bales, as exports also fell to 14.5 million bales. US ending stocks were down just 0.2 to 5.8 million bales. World ending stocks were lowered just 0.16 to 92.38 million bales. The Cotlook A index for October 11 was again UNCH from the previous day at 78.80 cents/lb. The Export Sales report will be delayed until Friday morning due to the Monday federal holiday.

Dec 17 Cotton is at 68.29, down 44 points,

Mar 18 Cotton is at 67.91, down 39 points

May 18 Cotton is at 68.61, down 39 points

Jul 18 Cotton is at 69.210, down 27 points

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