Ag Futures Whipsaw as Soybeans Retreat, Wheat Trades Mixed, Corn Eases and Cattle Slide

Overview

• Soybean futures fell 15 to 17 cents Tuesday after strong Monday gains, with open interest previously up 9,867 contracts and November delivery notices totaling 1,088 for the month.
• USDA export inspections showed 965,063 metric tons of soybeans shipped for the week ended Oct. 30, down 16.8% from the prior week and 58.3% below a year ago, with Egypt the top destination.
• Wheat was mixed Tuesday as soft red contracts edged higher and hard red softened; weekly wheat shipments reached 350,293 metric tons, up 30% week over week and 61% year over year, alongside Bloomberg reporting Chinese interest in U.S. wheat.
• Corn futures eased 3 to 4 cents after Monday gains, with weekly corn exports at 1.669 million metric tons, up 34% from the prior week and more than double last year’s pace, and StoneX pegging U.S. yield at 186 bpa.
• Cattle reversed Monday’s rebound with live contracts down $4.35 to $4.65 at midday Tuesday, even as boxed beef prices firmed and Monday’s federally inspected slaughter totaled 109,000 head.