CHICAGO, IL – Agricultural futures fell sharply across several major markets in October, with corn, wheat, soybeans and lean hogs leading declines in the CME Group Agriculture Index.
The index dropped 6.08% during the month but remained 6.19% higher year to date. Corn futures fell 10.58%, Chicago wheat 10.69%, Kansas City wheat 12.11%, soybeans 5.76%, soybean meal 9.05% and lean hogs 15.20%.
CME says USDA’s October crop reports added pressure after larger-than-expected corn and wheat supplies weakened prices. Low Mississippi River levels also hurt cash basis and raised barge costs in export-dependent grain regions.
Rice provided one of the few major gains, rising 7.94%, while feeder cattle gained 1.25%. Live cattle slipped 0.79% as weaker boxed beef prices and softer cash fundamentals offset tight cattle supplies.
Producers will be watching whether November supply revisions, export demand and post-harvest marketing conditions can stabilize grain and livestock markets after October erased much of the late-summer rally.
Farm-Level Takeaway: October’s broad futures decline increased marketing pressure across major grain and livestock markets despite the agricultural index remaining higher for the year.