Overview
- USDA export inspections for the week ended Oct. 30 showed strong corn shipments at 1.669 MMT and wheat at 350,293 MT, while soybean shipments fell to 965,063 MT with steep year-over-year declines.
- Soybean futures reversed after Monday’s surge, finishing Tuesday down roughly 10–13 cents, as Brazilian FOB offers turned more competitive and U.S. deliveries continued to build.
- Wheat closed mixed Tuesday with CBOT and KC contracts higher and spring wheat softer, with traders noting Bloomberg-reported Chinese interest in U.S. wheat that remains unconfirmed by official sales data.
- Live cattle futures tumbled $4.35 to $5.03 at the close, feeder cattle fell more than $7, and boxed beef prices were mixed, with last week’s federally inspected cattle slaughter reported at 559,000 head.
- Lean hog futures fell up to $1.30 as USDA’s pork carcass cutout slid to $99.17 per cwt, and market participants leaned on inspections and private estimates as export sales and other reports faced delays.