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Corn futures closed the Thursday session with most contracts 2 to 3 3/4 cents higher following this morning’s USDA report. 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, while 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. Analysts are expecting 0.8-1.1 MMT in 17/18 export sales during the week of October 5. The USDA report will be out in the morning.

Dec 17 Corn closed at $3.49, up 3 cents,

Mar 18 Corn closed at $3.62 3/4, up 3 1/4 cents,

May 18 Corn closed at $3.71 3/4, up 3 3/4 cents

Jul 18 Corn closed at $3.79 1/4, up 3 1/2 cents

Soybean futures were able to hold most early post-report gains on Thursday, as nearby Nov was up 26 3/4 cents. Oct soy meal was up $11.50/ton, with nearby bean oil 16 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 740,000 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. The USDA weekly export sales report is expected to show 17/18 soybean sales at 0.9-1.2 MMT tomorrow morning. Both soy meal and oil are projected to see a net reduction for 16/17 sales, as 17/18 is seen at 100,000-300,000 for meal and 5,000-22,000 MT for oil.

Nov 17 Soybeans closed at $9.92, up 26 3/4 cents,

Jan 18 Soybeans closed at $10.02 1/2, up 26 1/2 cents,

Mar 18 Soybeans closed at $10.12, up 26 1/2 cents,

Jul 18 Soybeans closed at $10.29 1/2, up 25 3/4 cents,

Oct 17 Soybean Meal closed at $322.70, up $11.50,

Oct 17 Soybean Oil closed at $33.07, up $0.16

Wheat futures settled Thursday trade with most KC and CBT contracts 1-3 cents lower, as MPLS was 5-8 cents in the red. 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. Friday’s USDA Export Sales report is expected to show 17/18 all wheat sales for the week of Oct 5 in the range of 300,000-500,000 MT. 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 closed at $4.30 1/2, down 2 3/4 cents,

Dec 17 KCBT Wheat closed at $4.26 1/4, down 2 cents,

Dec 17 MGEX Wheat closed at $6.11 1/4, down 7 3/4 cents

Live cattle futures saw losses of 62.5 cents to $1.425 on Thursday, with feeder cattle futures 37.5 cents to $2.425 lower. The CME feeder cattle index was 8 cents lower at $155.14 on October 11.Wholesale beef prices were higher in the Thursday afternoon report. Choice was up $1.12 at $197.44, while select boxes were 69 cents higher at $189.45. Week to date FI cattle slaughter was estimated at 469,000 head through Thursday, about 10,000 larger than the previous week and 15,000 head above the same week last year. There were cash sales of $111 reported on Thursday, with a few dressed basis at $175. The USDA lowered its fourth quarter beef production for 2017 10 million pounds to 7.115 billion pounds. Projected first and second quarter production for 2018 was reduced 35 million pounds each.

Oct 17 Cattle closed at $112.350, down $1.425,

Dec 17 Cattle closed at $117.275, down $1.250,

Feb 18 Cattle closed at $121.200, down $0.975,

Oct 17 Feeder Cattle closed at $153.550, down $0.600

Nov 17 Feeder Cattle closed at $154.550, down $1.125

Jan 18 Feeder Cattle closed at $152.250, down $2.000

Lean hogs futures ended Thursday with most contracts 2.5 to 95 cents in the red. 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 15 cents higher at $73.82 in the Thursday afternoon report. The ham was UNCH, with the belly $2.47 higher. The national base hog carcass price was up 75 cents in the PM report at $56.58. Estimated weekly FI hog slaughter was 1,852,000 head through Thursday, 24,000 head ahead of last week and 263,000 larger than the same week in 2016. The two new plants continue to ramp up processing. Estimated third quarter US pork production was decreased 25 million pounds, while fourth quarter was increased 10 million pounds in this morning’s USDA report.

Oct 17 Hogs closed at $60.700, down $0.550,

Dec 17 Hogs closed at $61.625, down $0.875

Feb 18 Hogs closed at $66.825, down $0.950

Cotton futures finished the day with losses of 78 to 93 points. The USDA cut the US cotton yield 19 pounds to 889 pounds per acre. That lowered production 0.64 million bales to 21.12 million bales, as expected exports also fell to 14.5 million bales. Projected US ending stocks were trimmed 200,000 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. All upland cotton prevent plant acres were reported at 115,472 acres as of October, slightly ahead of last year.

Dec 17 Cotton closed at 67.840, down 89 points,

Mar 18 Cotton closed at 67.370, down 93 points

Jul 18 Cotton closed at 68.680, down 80 points

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